What you delegate to artificial intelligence depends on your authority matrix; automating many tasks is certainly not impossible. And if AI makes a wrong decision, we can eventually “lay it off”—after all, these are models; you can discard one and bring in another. For me, the critical point is evaluating technological progress together with human-centric capabilities. As AI becomes an increasingly powerful tool, I believe the importance of uniquely human qualities—leadership, intuition, culture, and intellectual depth—continues to grow.

Yahya Ülker
Yıldız Holding
Yönetim Kurulu Başkan Vekili

One of the most notable representatives of the new-generation leadership style in Turkey’s business world, Yahya Ülker shares bold yet realistic insights ranging from technology investments and the role of AI in corporate management to the impact of younger generations on organizational transformation, the future of the FMCG sector, and expectations for the Turkish economy in 2026.

We spoke with Yahya Ülker, the young and dynamic heir of Yıldız Holding, about the new perspectives brought by the accelerating generational shift within the company, the investment philosophy of Yildiz Ventures, and the growing influence of artificial intelligence on both corporate leadership and investment decisions.

Generational clashes never really end in large corporate structures—especially in holdings. While the X generation is still trying to adapt to and accept technology, the Y— and now the incoming Z generation—are trying to explain new things to them and convince them. Institutions are undergoing a major transformation. In Turkey in particular, do family businesses become sluggish within these corporate structures, or can the new generation infuse them with fresh energy? How do you see it?

There are, of course, differences between generations, and these differences are widening. There are roughly 40–50 years between the X and Y generations, while the transition from Y to Z is around 20 years, and may soon shrink to 10 or even 5. This naturally affects institutions, because companies must keep up with this pace of change. Otherwise, this very transformation becomes an obstacle in front of them.

It is crucial for organizations to renew themselves. Most new hires are from the Y and Z generations. Senior management, however, is largely composed of X and Y. Therefore, companies need to understand the expectations of younger generations and create environments that unlock their potential. Entrepreneurship is key here—whether through internal intrapreneurship or partnerships with external startups.

As Yıldız Holding, we took this step in 2018. With my entry into the company, we established Yıldız Ventures.

I graduated in 2016, completed my mandatory work experience outside the family business, and returned—similar to the compulsory military service that many of us go through. Then I joined the family company.

When you founded Yıldız Ventures in 2018, was it difficult to convince the family, the CEOs, CFOs, and other senior executives? Or was there already strong motivation around the idea that embedding entrepreneurial thinking into the company would generate long-term value?

Actually, when I arrived, Yıldız Holding was already a highly entrepreneurial organization. Our first venture was launched by my father, Murat Ülker, who was then Chairman of the Board. I was the one thinking, “This is risky—should we really do it?” His entrepreneurial spirit even motivated me.

Let’s talk about the founding of Yıldız Ventures. After it was established, what did you focus on? What types of investments did you make, and how did the startup ecosystem contribute to your companies?

Our initial purpose in founding Yıldız Ventures was not external investment but supporting internal ventures. Yet we quickly faced both the advantages and disadvantages of corporate structures. For example, while building our first venture, İsteGelsin, we needed to hire a third employee and were asked to submit a PIF—Personnel Information Form. We were two people trying to build a startup; if we spent all our time on forms, we would have no time left for entrepreneurship.

When we looked at how other corporates were handling this, we saw “corporate venture capital” models. So we immediately pivoted and shaped Yıldız Ventures accordingly. This allowed us to support internal ventures and also expand outward.

İsteGelsin emerged at exactly the right time. We began developing the app two years before the pandemic and launched it on both sides of Istanbul. When the pandemic hit, growth skyrocketed. But operational entrepreneurship is not as easy as it looks from behind a desk—there are many challenges in the field.

Let’s shift to entrepreneurship in Turkey. Gaming, technology, artificial intelligence, IoT—these concepts sound impressive. But is Turkey truly strong in these fields? What are the pros and cons?

Turkey is particularly strong in gaming. There are clear examples of this. There are virtually no barriers preventing software and gaming exports—you can serve customers in the U.S. or Asia equally from Istanbul. Because globalization barriers are low, we succeed in software and gaming. Our people are also highly creative and entrepreneurial. The gaming sector requires both high creativity and high risk tolerance. Some gaming startups spend 50–60% of their total funding in a single night when launching a game. It’s extremely risky.

How does Yıldız Ventures approach investments? Which verticals do you look at, and at what stages do you invest?

We first consolidated internal projects under Yıldız Ventures. Then we began investing in VC funds to closely track global trends. We became LPs in Turkish funds first, then invested in a total of around 28–30 VC funds across the U.S., Europe, and Asia. Afterwards, we created our own VC under Gözde Private Equity. We focus mainly on Series A and beyond—startups with a ready product, already invoicing, and with established product–market fit.

Some companies in Turkey say, “Let’s build our own startup or find one and invest.” But VC expertise is very valuable. We first engaged in entrepreneurship, then studied good VC practices, and finally built our own VC. Establishing the right value chain is essential.

What is Yahya Ülker personally interested in within entrepreneurship? What does he focus on? As the world is talking about these topics, we would love to hear your thoughts.

In the early stage—what we call angel investing—we look primarily at the entrepreneur. Because the entrepreneur determines the work, the direction, the vision. Excel sheets and business plans change many times; as things progress, they may evolve completely. So identifying the right entrepreneur is essential. Resilience, perseverance, excitement, passion, and true belief in their idea—these traits are decisive. An entrepreneur with these qualities will succeed anywhere. At this stage, we are essentially investing in the individual.

Regarding the AI trend… In the past, people insisted that learning to code was essential. Now we hear “AI will write the code,” “AI will generate the proposal,” “AI will plan our days.” Everything is shifting, and this deeply affects jobs, professions, and people. AI answers our questions today, but we still define what we want. If we ask the wrong question, we get the wrong answer. In the future, we may reach a point where AI defines meaning, asks its own questions, and answers them itself. We may find ourselves living inside a simulation. Therefore, we must preserve our human abilities by enhancing our capacity to understand and communicate with AI. The path to this lies in literature, philosophy, and history.

Can corporate management really be delegated to AI? There’s a recent trend of sending CEOs on vacation and letting AI run the company. Is this a surreal concept, or is it feasible?

It depends on what you delegate to AI according to the authority matrix; many things can indeed be automated. During the pandemic, Murat Bey sailed across the Atlantic for ten days, and because they had bought the wrong satellite phone, we couldn’t reach him at all. Nothing happened during those ten days. There was no AI then—but if it had been forty days, I don’t know what would have happened. And if AI makes the wrong decision, we can always “fire” it—these are just models; you discard one and bring another.

For me, the key is evaluating technological progress together with human-centric capabilities. As AI becomes a more powerful tool, I believe that leadership, intuition, cultural depth, and intellectual accumulation—traits unique to humans—will become even more important.

Does Yahya Ülker like chocolate wafers?

He does—but that’s not his favorite product. My favorite is “Ülker Pistachio Square Chocolate.” I even like it more than Godiva. People love what they grow up with; that’s why I never got used to Marmite, the jam–biscuit–like spread popular in England.

Let’s talk about the FMCG side, the fast-moving consumer goods sector. How do you see consumption trends and the speed of consumption? And here’s the question in my mind: Interest rates are high, inflation is high, every sector is struggling—yet people continue to consume, to eat and drink. How do you explain this?

After the pandemic, this was defined in an article as “doomsday spending.” When people face death or feel close to it, they adopt the mindset of “life is short, enjoy it now.” This psychology still shapes consumption.

Economic Expectations for Turkey in 2026

How do you think 2026 will unfold? What do you expect for companies and holdings?

It won’t be easier than previous years. It’s difficult to do business with these interest rates, yet inflation isn’t coming down either. So we must reduce inflation through what we call a bitter pill. We need to make our spending more deliberate and planned. Only then can we become an investable country again.

Source: FinansZone