Page 41 - COMPASS - COMPETITIVENESS REPORT 2022 - COUNCIL OF COMPETITIVENESS IN GREECE

“COMPASS” REPORT 2022 – COUNCIL ON COMPETITIVENESS OF GREECE 39

RECENT DEVELOPMENTS KEY TAKEAWAYS

• The Hellenic Development Bank is offering business There remains room for the performance of Greek business to
founders €50,000 to register their patent, with a further improve, particularly in areas such as securing financing and use
€250,000 disbursed upon approval of the patent. of ICT (information and communication technologies). Of the
main business environment sub-pillars, the best performing was
• The Public Employment Service (DYPA; formerly OAED)
Ease of starting and dissolving a business. The key facilitators
is offering €15,000 grants to 3,000 unemployed persons
in starting a business are DYPA, which provides subsidies that
for the launch of digital economy startups.
make it easier for startups to hire young unemployed persons
• Genesis Ventures, backed by the European Investment or members of socially vulnerable groups, as well as the Hellenic
Fund, is a new investment fund connecting early-stage Development Bank, which offers grants for patent registration.
startups with angel investors.
Simplification of business launch procedures continues at a satis-
• Launch of a new licence issuance system under which all factory rate; however, the legal framework is lagging in providing
procedures relevant to starting a business can be found fast, clear and effective solutions to innovating companies during
and concluded online at gov.gr; this currently applies their first steps, making it harder for them to accelerate their
to businesses in the fields of education, beauty, and growth. Furthermore, Greece also presents relatively low levels of
nutrition as well as in the primary sector and is expected business confidence. Greece’s performance was also low in issues
to expand to include all sectors of the economy. of compliance and auditing (e.g. within the regulatory frame-
work of corporate governance and internal audit procedures),
• Funding has been made available through the NSRF
which can be a hindrance in attracting capital and increasing
and, through the targeted Information Society pro-
business confidence. The framework for protecting minority
grammes in particular, for the development of digital
investors seems to be performing well and, given time, could
services and automation.
bring in more investors, supporting the financing needs of Greek
enterprises.

Finally, the use of ICT by Greek businesses is still limited com-
pared to other European countries. Companies are not being
technologically modernised (due to either lack of knowledge or
lack of resources), and that negatively impacts their effectiveness,
their connections with and links to other companies and organi-
sations, and, consequently, their competitiveness.