Page 31 - COMPASS - COMPETITIVENESS REPORT 2022 - COUNCIL OF COMPETITIVENESS IN GREECE

“COMPASS” REPORT 2022 – COUNCIL ON COMPETITIVENESS OF GREECE 29

RECENT DEVELOPMENTS grants of up to 20% of the loan capital, which hinges on
achieving certain innovation and ESG criteria.

• Horizon Europe, the EU’s research and innovation fund-
• More than 600 startups up, with a combined workforce
ing programme for 2021–2027, with a total budget of
of more than 5,500 employees, have registered with
€95.5 billion
Elevate Greece.
• Phaistos Investment Fund, an initiative launched to sup-
• International companies have invested in advanced
port businesses active in 5G-related research and/or in
technology in Greece; examples include Microsoft’s data
centre, the Pfizer Centre for Digital Innovation, Team- the development of 5G-related products or services
Viewer’s R&D hub, and Cisco’s Digital Transformation
and Skills Centre.
KEY TAKEAWAYS
• Investments have been launched in the country’s re-
search infrastructure, including investments to upgrade
and expand the infrastructure of research centres It is worth noting that significant steps have been taken to nurture
operating under the General Secretariat of Research and and promote innovation and which will also advance Greece’s
Innovation. competitiveness. Yet there remains further room for improvement
• According to the Startups in Greece 2021–2022 report for a comprehensive approach. Greece can do better in terms of
published by Found.ation and EIT Digital in 2021, Greek the number of businesses whose organisational and operational
startups attracted half a billion euro in investments, models integrate innovative ideas and advanced technology.
more than three times more than in 2020 and ten times Further attention must also be given to the development of digital
as much as in 2017. skills in the workplace for staff of all tiers and to establishing
• The EquiFund investment portfolio included business strong links between applied research and business, both within
ventures by scientists from across a range of Greek the country and abroad. Greece is also behind in advancing
academic and research institutions, including Patras the markets of tomorrow (i.e. investments in technological and
Science Park, the Aristotle University of Thessaloniki, institutional innovation that can enable the creation of new
the Foundation for Research and Technology – Hel- products and processes for transforming economic sectors in
las (FORTH), the Athens University of Economics and
accordance with the demands of today’s economy and with an
Business, and the National Centre for Scientific Research
eye to further economic growth); examples of this include the
(NCSR) Demokritos.
promotion of new technologies to consumers (cloud computing,
• Two new research institutes are being established: The internet of things), digitalisation of the public sector and public
first Institute of Quantum Computing and Quantum
services (electronic transaction protocols, cryptopatents, digital
Technology at NCSR Demokritos, and the first Greek
ID, electricity tokens), and the shift towards clean energy and
Institute of Human Genomics (GIHG) at the Foundation
energy-efficient modes of transport. As regards research and
of Research and Technology – Hellas (FORTH).
development of innovative ideas and products, Greece performed
• The first Innovation Guarantee Fund has been launched comparatively well in research publications, as well as in spending
by the Hellenic Development Bank (HDB), aiming to
on R&D and supporting technologies. However, there is still
enhance the competitiveness of businesses active in
considerable room for improvement in this area in regard to
research and innovation; this brings to the market a
developing links to connect research centres and universities with
hybrid product that combines loan guarantees and
the market.