Entrepreneurship In Greece: From Athens to the World – Greece is a sun-drenched landscape where the echoes of ancient philosophies meet the fervour of modern innovation from Athens to the World. In this article, we explore the entrepreneurial tapestry of Greece. We try to blend Greece’s ancient philosophies with modern innovation. It delves into a realm where startups not only serve as businesses but also contribute to economic resurgence.
Explore the educational landscapes for Greek entrepreneurs, the startup ecosystem, and trends in the entrepreneurial world. Athens serves as a hub for ideas that transcend borders, making it a promising future for Greek entrepreneurship.
Entrepreneurship in Greece – Economic Overview for Entrepreneurship
In the sun-soaked land of Greece, entrepreneurship is not just a buzzword. It’s a key player in steering the economic ship. 15.5% of early-stage entrepreneurial activity is reported in Greece by the Global Entrepreneurship Monitor. The figure is somewhat over the average of 12.5% for the European Union. Nearly one in six Greeks is embarking on entrepreneurial journeys. They setting sail towards economic growth and job opportunities. The spirit of self-reliance runs deep, with a striking self-employment rate of 23.0%, almost doubling the EU’s average.
Let’s crunch some numbers to unveil the economic canvas.
Startups contribute significantly, comprising 10% of total employment and contributing 5% to the country’s GDP. It’s not just local flair; Greece is catching the eye of venture capitalists who injected €200 million into promising startups in 2022. So, entrepreneurship is more than a concept in Greece, whether under the Acropolis or by the Aegean. It’s a dynamic force shaping the economic landscape, offering a glimpse of resilience, innovation, and growth.
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Small Business Statistics in Greece
The heartbeat of Greek entrepreneurship is the small and medium-sized enterprises. Picture this: a bustling landscape of 719,296 SMEs, forming the backbone of the Greek economy according to the Hellenic Statistical Authority. Together, these businesses employ 60% of the labour force in the country and generate an astounding 68% of GDP. Take a stroll down the business avenues, and you’ll find the average SME employing 9.1 individuals, weaving a tapestry of opportunity for both business owners and employees alike.
Greek SMEs are the driving force behind economic growth across various sectors. Micro-sized enterprises dominate the market. Small-sized and medium-sized enterprises contribute 5.8% and 0.6% respectively. Manufacturing and energy sectors lead to productivity. Agriculture and construction are undervalued. The average age of SME owners is 51.2 years, with over 40% being women.
Doing Business Overview of Greece Entrepreneurship
Embarking on an entrepreneurial journey in Greece? The World Bank’s Ease of Doing Business Index 2020 gives Greece a nod, ranking it 79th out of 190 countries, signalling a relatively smooth business environment compared to its global counterparts. However, like any intricate dance, there are steps to refine. In specific categories like “getting credit,” Greece is in 102nd place, suggesting a challenge for businesses seeking loans. The rhythm falters a bit in “enforcing contracts,” with a ranking of 118th, hinting at potential delays and costs in resolving business disputes.
Greece has made great progress in recent years in enhancing its business environment, expediting processes, and cutting back on bureaucracy. The reduction in business-starting procedures, construction permit processing, and property registration time has made Greece an attractive destination for entrepreneurs, offering opportunities and support in the business arena.
Strengths of Greece’s Entrepreneurial Environment
In the entrepreneurial realm of Greece, strengths illuminate the path for business innovators. One beacon is the high level of education, with over 40% of the population holding tertiary degrees. Imagine building your dream team with a workforce brimming with knowledge and skills, a key advantage for entrepreneurs looking to fuel their ventures with talent. Picture this: a robust technological infrastructure, offering high-speed internet and a burgeoning community of tech companies. For entrepreneurs, this means a playground of possibilities to develop and launch new products and services in an environment ripe for innovation.
The Greek government is actively supporting entrepreneurs through funding, mentorship, and networking opportunities. The low corporate tax rate and tax breaks for startups make it a favourable environment. Greece is a thriving hub for entrepreneurship. They have advantageous locations at the intersection of Europe, Asia, and Africa. It gives it access to a sizable and expanding market.
Areas for Improvement in Greece’s Entrepreneurial Environment
Greece’s entrepreneurial scene faces challenges in securing loans from banks and navigating bureaucratic hurdles. Startups like Beat and Skroutz face financial difficulties, requiring angel investors and venture capital. The bureaucratic maze and high levels of non-performing loans in Greek banks contribute to the challenges faced by startups.
Greece’s venture capital landscape is still developing, with startups like InstaShop and Think & Go struggling to find funding and exit opportunities. These challenges highlight the need for Greece to improve its financial, bureaucratic, and investment landscapes to create a more conducive environment for startups.
GDP Per Capita and GDP Growth Rate in Greece’s Entrepreneurship
|GDP Per Capita (constant 2015 US$)||18 071$||18 304$||18 648$||19 019$||17 344$||18 908$||20 168$|
|GDP Growth Rate (annual %)||-0.1%||1.3%||1.9%||2%||-8.8%||9%||6.7%|
GDP Per Capita in Greece’s Entrepreneurship
Embarking on an entrepreneurial journey in Greece is not just about chasing dreams. It’s about understanding the economic rhythm that shapes the landscape. The GDP per capita, a monetary snapshot of individual prosperity, reveals a promising tune. In 2016, it hummed at $18,071, gradually crescendoing to a harmonious $20,168 in 2022. This increasing trend indicates more than just economic expansion. additionally, the possibility for entrepreneurs to prosper in a strong economic climate.
GDP Growth Rate in Greece’s Entrepreneurship
Now, let’s groove to the beat of the GDP growth rate—an annual dance of economic vitality. In 2021, Greece showcased its resilience with a remarkable 9% growth, a testament to the entrepreneurial spirit weathering storms. Despite a challenging -8.8% in 2020, the subsequent 6.7% growth in 2022 demonstrates the nation’s ability to rebound and adapt. Picture this: Greek entrepreneurship as a dynamic dance floor, where each dip and rise in the GDP growth rate narrates a story of tenacity and promise for those venturing into the entrepreneurial scene. So, if you’re considering Greece for your business endeavours, know that the economic melody is playing in your favour, offering a backdrop of growth and opportunity for entrepreneurs to make their mark.
Entrepreneurship Intention in Greece
Greek entrepreneurship is influenced by Entrepreneurial Intention (EI), with 7.1% of Greek adults reporting early-stage entrepreneurial activity in 2022, a significant increase from 5.9% in 2019. This indicates a growing interest among Greeks in entrepreneurship as a viable career path, despite the challenges posed by the European average.
The Greek government’s proactive stance and homegrown startups like Beat and Skroutz are driving a shift in the entrepreneurial landscape. These success stories demonstrate the achievableness of success in Greece, inspiring more individuals to embrace the entrepreneurial spirit and join the growing trend of innovation and building.
Empowering Women and Youth in Greece Entrepreneurship
Empowering women and youth in Greece’s entrepreneurial landscape is not just a noble pursuit; it’s a vital catalyst for economic growth and job creation. However, both groups face hurdles on the path to entrepreneurship, and unravelling these challenges is crucial for fostering innovation and unlocking their potential.
Women in Entrepreneurship in Greece
In Greece, women, constitute a significant portion of the population. But they are underrepresented in entrepreneurship. The data from the Global Entrepreneurship Monitor reveals that only 30% of early-stage entrepreneurs in Greece are women. It falls below the EU average of 36%. The barriers are multifaceted. Cultural norms emphasizing women as primary caregivers create challenges for women seeking to launch their businesses. Access to finance is another stumbling block, with women facing greater difficulty securing loans due to perceived risks and often lacking the collateral that banks require. Additionally, a scarcity of role models and support networks further hinders the entrepreneurial journey for women.
Youth in Entrepreneurship in Greece
The entrepreneurial spirit among Greek youth, aged 18-24, is yet to find its full expression, with only 5.9% reporting early-stage entrepreneurial activity in 2022, trailing the EU average of 10.1%. The high youth unemployment rate, soaring over 20%, stands as a formidable obstacle, limiting financial resources for those aspiring to start their ventures. Furthermore, the absence of entrepreneurial education in schools compounds the challenge. Unlike some EU counterparts, Greece typically doesn’t include entrepreneurship in its school curriculum, leaving young minds without the knowledge and skills needed to navigate the entrepreneurial terrain.
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Investments & National Plans for Greece in Entrepreneurship
In the sun-drenched landscape of Greek entrepreneurship, the government is not merely a spectator; it’s a driving force, investing heavily to nurture economic growth and job creation. The national plan for entrepreneurship is a dynamic blueprint, outlining initiatives that breathe life into the entrepreneurial ecosystem. Let’s see some Impact and Success Stories.
1. Elevate Greece Program: Since its launch in 2017, the program has supported over 1,000 startups, raising a staggering €500 million in funding.
2. Startup Campus Program: Launched in 2018, this initiative has provided workspace and mentorship to over 500 startups, resulting in the creation of more than 1,000 jobs.
3. New Entrepreneurship Fund: Since 2019, over 100 startups have received funding, accumulating over €100 million in investment.
4. Venture Capital Growth: The Greek venture capital ecosystem flourishes, with €200 million invested in startups in 2022, doubling the 2021 figure.
5. Increased Exits: Greek startups are not just launching; they’re also exiting successfully, with over 10 exits in 2022, a notable increase from 5 in 2021.
These initiatives and success stories underscore a thriving entrepreneurial ecosystem in Greece, where government investments are sowing the seeds of innovation and reaping a harvest of economic vibrancy.
Entrepreneurship Education in Greece
In the evolving landscape of Greek entrepreneurship, education is emerging as a cornerstone, laying the foundation for future business innovators. While still in its early stages, entrepreneurship education in Greece is gaining momentum, with universities and organizations spearheading programs to nurture the entrepreneurial spirit.
Leading Universities and Programs:
National Technical University of Athens: NTUA offers a Master of Science in Entrepreneurship program. They equip students with the essential knowledge and skills for initiating and managing their businesses.
Athens University of Economics and Business: AUEB contributes to the entrepreneurial landscape with a Master of Science in Entrepreneurship and Innovation program. It is designed to empower students to establish and lead innovative businesses.
University of Macedonia: UoM plays a pivotal role by offering a Master of Science in Entrepreneurship program. They provide students with the necessary insights and skills to embark on their entrepreneurial journeys.
University of Crete: UoCr enriches the entrepreneurial ecosystem with a Master of Science in Entrepreneurship and Innovation program. It fosters a mindset geared towards initiating and managing innovative businesses.
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Entrepreneurship Eco-System in Greece
In the captivating dance of Greek entrepreneurship, various players come together, creating a vibrant ecosystem that nurtures innovation and growth. Let’s discuss some of the Key Players in Greek entrepreneurship.
Government in Greece
Initiatives: The Greek government takes centre stage, launching programs like Elevate Greece, Startup Campus, and the New Entrepreneurship Fund. Their commitment extends to reducing bureaucracy, making it easier for businesses to thrive.
Venture Capital Firms in Greece
Pioneers: Venture capital firms like VentureFriends, UniFund, and Marathon Venture Partners play a crucial role, in investing in the potential of early-stage Greek startups. While the ecosystem is evolving, these firms stand as pillars of support for budding entrepreneurs.
Angel Investors in Greece
Growing Network: A network of angel investors, including entities like Angelgate Greece and Investors, inject vital funds into early-stage startups. Their involvement goes beyond monetary support; they bring experience and mentorship to the entrepreneurial table.
Startup Accelerators and Incubators in Greece
Support Hubs: Startup accelerators and incubators such as Startup Campus, FounderFuel, and Orange Fab Athens provide essential support to early-stage startups. These hubs serve as catalysts, accelerating the development and success of emerging businesses.
Non-profit Organizations in Greece
Supportive Allies: Non-profit organizations, including Startups.gr, Endeavor Greece, and the Hellenic Startup Association, stand as supportive allies for entrepreneurs. Beyond financial aid, they offer resources, mentorship, and a sense of community.
Trends in Entrepreneurship in Greece
In the sun-soaked terrain of Greece, a compelling entrepreneurial narrative is unfolding, marked by trends that paint a picture of growth, innovation, and shifting mindsets.
- Startup Surge Numbers Speak: The startup landscape in Greece is experiencing a meteoric rise, with the number of startups soaring from 2,000 in 2015 to a robust 5,000 in 2020.
- Venture Capital Influx: Investment Boom: Venture capital is flowing into Greek startups at an unprecedented rate. In 2022, these startups attracted a substantial €200 million in investments, doubling the previous year’s figure.
- Government Support Initiatives: Elevating Entrepreneurship: The Greek government is a key player in this entrepreneurial renaissance, launching initiatives like Elevate Greece and Startup Campus.
- Positive Attitude Shift: Changing Perceptions: Perhaps one of the most promising trends is the shifting attitude towards entrepreneurship in Greece. A recent survey unveiled a remarkable transformation, with 60% of young Greeks now viewing entrepreneurship as a desirable career choice, a significant leap from the 40% recorded in 2015.
Future of Entrepreneurship in Greece
The future of entrepreneurship in Greece is akin to the bright Mediterranean sun, casting a vibrant glow on a rapidly evolving ecosystem. Several key trends are shaping this promising landscape, ushering in an era of innovation and growth.
Innovation Hub: Greek startups are steering towards a tech-centric future, focusing on groundbreaking products and services in artificial intelligence, machine learning, and blockchain. This surge in tech-oriented ventures reflects a keen interest in driving innovation and staying at the forefront of technological advancements.
Global Ambitions: Greek startups are breaking traditional boundaries, with a growing number eyeing international markets. This expansion is fueled by the global demand for the innovative products and services that Greek entrepreneurs are pioneering. The future sees Greek startups not just as local players but as contributors to the global entrepreneurial landscape.
Rising Investment Climate
Capital Catalyst: Venture capital investment in Greek startups is experiencing a significant upswing. This influx of investment capital is a game-changer, providing the necessary financial fuel for startups to not only thrive locally but also to embark on ambitious international ventures.
Government Entrepreneurial Support
Programs and Initiatives: The Greek government stands as a staunch supporter of entrepreneurs, extending a helping hand through various programs and initiatives. These include funding opportunities, mentorship programs, and avenues for networking. The government’s commitment underscores a collaborative effort to nurture and propel the entrepreneurial spirit.
As we conclude our voyage through the entrepreneurial seas of Greece, the narrative woven is one of resilience, innovation, and a redefined future. From the economic overview that showcased Greece’s prowess in early-stage entrepreneurial activities, we dived into the depths of national plans and investments, witnessing a landscape shaped by initiatives like Elevate Greece and the New Entrepreneurship Fund. Our exploration into the educational arenas revealed the fertile grounds where the minds of future entrepreneurs are cultivated, while the entrepreneurship ecosystem emerged as a vibrant network fostering growth.
The trends we uncovered painted a dynamic picture, signalling a shift towards technology, internationalization, and increased investment. Finally, gazing into the crystal ball of the future, we glimpsed a Greece where startups are not just local ventures but global trailblazers, steering the nation into a new era of economic prosperity.
FAQs Related to Entrepreneurship in Greece
What is the Greek of entrepreneurship?
The Greek word for entrepreneurship is “επιχειρηματικότητα” (epichirimatikotita).
Is Greece a good place to do business?
Greece is a good place to do business, with several advantages, including:
- A highly educated workforce
- Strong technological infrastructure
- Supportive government policies
- Favorable tax regime
- Strategic location at the crossroads of Europe, Asia, and Africa
What are the main industries in Greece?
Greece’s main industries include tourism, shipping, and manufacturing. Also, agriculture, with tourism accounting for over 20% of GDP. Shipping is a leading global industry. Their manufacturing focuses on food processing and agriculture.
What business is good in Greece?
Several businesses can be successful in Greece. Some specific examples include:
Tourism, shipping, manufacturing, agriculture, technology. Also, renewable energy businesses encompass various sectors. Including hotels, restaurants, ship management, food processing, textiles, chemicals, olive oil production, and IT services.
Why is Greece good for business?
Greece is good for business for several reasons, including:
- A workforce with a high level of education: Greece boasts a high level of education. They have more than 40% of their citizens possessing a postsecondary degree.
- robust technological infrastructure: Greece boasts a burgeoning number of technology enterprises and high-speed internet connectivity.
- Government assistance: The Greek government provides money, mentorship, and networking opportunities to entrepreneurs through several programs and projects.
- Favourable tax system: Greece offers a low corporate tax rate and several startup-friendly tax incentives, making its tax system for enterprises generally favourable.