Page 22 - COMPASS - COMPETITIVENESS REPORT 2022 - COUNCIL OF COMPETITIVENESS IN GREECE

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• accelerate the planning and adoption of alternative The startup
hybrid financing tools that combine loans, guarantees, ecosystem
co-financing, grants and private equity and are able
to effectively address the funding needs of modern
Over the past years, Greece has supported the emergence of
enterprises.
a much-promising startup ecosystem. The country has taken
significant steps towards becoming more modernised and
Significant steps have been taken in recent years to nur- extroverted, taking its place among other up-and-coming
ture and support innovative businesses in our country. The hubs. In a new reality in which top talent is not restricted by
success of various funds and growth of the VC/private equity geography, Greece can become a key hub for tech commu-
ecosystem in general signal the continuation of similar nities, thanks to its strong brand in terms of quality of life.
actions that provide know-how and access to new growth
opportunities; during this same period, new, modern hybrid The Greek startup ecosystem has grown significantly in
financing tools designed to further support innovative busi- recent years. In 2022, there are approximately 620 startups
nesses. in Greece, with a total workforce of about 5,900 people. The
number of startups has increased almost threefold over a
The human element—the people designing the tools, iden- period of eight years, even with its growth momentum also
tifying innovative investment opportunities, and developing dampened by the economic crisis in the preceding period.
innovative products and services—is, of course, at the heart In total, there are more than 1,000 companies around the
of the conversation. Fund/VC managers must work with their world founded by Greeks. Of these, 60% are in Greece and a
counterparts so as to be exposed to dealflow assessment further 25% in the United States, while significant numbers
methods and ways to support their investments through are also found in the United Kingdom and throughout Eu-
links to larger businesses in the market, while also securing rope (Marathon VC); 93% of startups in Greece were estab-
private investment for the vehicles they design and run. On lished during 2013–2020, while 70% of startups provide B2B,
the other hand, entrepreneurs must find human resources rather than B2C, services. There are 70 active incubators,
familiar with industrial product and service design and must accelerators and tech hubs working to support and promote
develop a comprehensive research and innovation frame- startups through funding or through mentorship.
work so as to best serve their customers in an extremely
internationalised market. The profile of the average startup in Greece has the follow-
ing key characteristics: It is seated in Attica, founded by men,
and is active in life sciences, tourism and agrifood. Their
founders are relatively young, and 24% of them have little,
up to three years, or no prior experience (diaNEOsis). Just
two out of ten founders are women, less than the European
average of three women per ten startups. The main areas
of activity for Greek startups are life sciences (13%), tourism
(9%), the environment (8%), agrifood (8%), advertising (7%),
and data analysis/big data (6%) (Elevate Greece – Annual
Report 2021).