Reforms can boost the field for startups

In the next five years Greece could become a field of growth for 2,100 startups, which could lead to the creation of 20,000 new jobs and reverse brain drain, according to the Hellenic Federation of Enterprises (SEV), provided that the country implements specific reform policies and introduces incentives for the development of ecosystems for new enterprises.

Although over 250 million euros was invested in Greek startups between 2012 and 2016 and more than 10 business incubators and venture capital funds were set up, SEV argues that the emerging ecosystem for new-generation enterprises in Greece presents considerable challenges, with the ratio of 4.5 innovative businesses per 100,000 inhabitants in 2017 significantly lagging that of most other European countries.

The biggest obstacles to the penetration of innovation in Greece, according to SEV, are the limited cooperation between universities and enterprises, the low investment in innovation and technological development, as well as the low rate of innovation among newly founded Greek enterprises.