Page 16 - COMPASS - COMPETITIVENESS REPORT 2022 - COUNCIL OF COMPETITIVENESS IN GREECE

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• Investment interest by foreign companies and investors • Tech and/or industry ecosystems and clusters must be
in our country is high. Given that 20% of investments developed, modelled on those in advanced countries
globally are in life sciences and health, fintech, and (see Mittelstand in Germany), to make it possible for
artificial intelligence, targeted steps must be deter- knowledge, resources, and supply chains to be shared
mined to attract investments based on Greece’s specific and talent and capital to be attracted, thus creating a
competitive advantages and priorities. Nonetheless, the virtuous circle to reinforce prior good performance.
legal framework must be further expanded to enable
• Due to the small size of the domestic economy, which is
innovative entrepreneurship and accelerate startup
based on fragmented business arrangements, incentives
innovation.
must be provided to encourage Greek startups as well
• Technology, beyond the relevant sector activities, must as established SMEs to rapidly scale up and internation-
also be embraced as a horizontal driver of modernisa- alise. A priority must be made of encouraging risk-tak-
tion and competitiveness for companies. Innovation and ing in the investment community and among inno-
technological transformation are the only way forward vators, and of enhancing the role of private equity, in
for the survival and further recovery of industries and the form of risk capital or venture capital, in early- and
the economy. Greek universities and research cen- growth-stage startups. Public financing tools can serve
tres remain excellent producers of knowledge, chiefly to mitigate risk and increase the visibility of business
through publications. Nevertheless, the conversion of opportunities.
research results into business ventures must be ap-
proached with prudence; establishing channels of col- • Greek funds (angel investors, VCs, private equity, etc.)
laboration between universities in Greece and between are maturing and are now capable of proceeding to
Greek universities and their counterparts abroad will the next stage, strengthened both in terms of capital
contribute towards this by increasing students’ interdis- managed and ticket size, partly filling the gaps in Series
ciplinary exposure. It is also very important that startups A funding for innovative startups. In the future, they
are monitored and supported throughout the different will have to fund all development stages of startups
stages of development and through to maturity, in demonstrating extroversion and considerable scalability
line with best practices set by businesses and relevant potential. Moreover, partnerships between Greek funds
research institutions abroad. This can also be achieved and their foreign counterparts and the establishment
by creating strong links between larger companies of links with an ecosystem of larger global companies,
and university and research teams and promoting will expose managers to assessment methodologies,
substantive interaction between them to ensure that enabling them to proceed to specialisation based on
research results address contemporary problems and the respective risk profiles.
needs of consumers and society. Finally, it is essential
• There is a plethora of national and European financing
that research organisations readjust their research
tools for investments needed to modernize the econo-
interests towards activities that can attract funding. All
my that focus on SME as well as public sector innova-
in all, there must be strategic planning in regard to the
tion. The Recovery and Resilience Facility (RRF), the new
country’s research centres as a whole, setting thematic
Development Law, the new fund-of-funds, the NSRF,
priorities while also taking advantage of synergies and
and the funds aiming at just territorial transition and
developing production capacity as needed.
carbon footprint reduction are all specialised, target-
ed tools for addressing different needs. Together they
define a favourable landscape for enhancing business