ATHENS : After years in which Greece was almost as well known for its financial woes as it was for its beaches, recent deals have highlighted a small but thriving startup scene that has grown up since the crisis.
Funding for Greece-based tech startups soared to nearly $1 billion last year, according to a report by Marathon Venture Capital, more than double in 2020 and nearly 10 times that raised in 2015, when Greece faced bankruptcy and a chaotic exit from the euro zone. The Hellenic Federation of Enterprises estimates the startup sector overall stands at 6 billion euros, or 3 percent of GDP, without saying how much of that is accounted for by tech startups. It has set a goal for the technology sector to reach 10per cent of GDP within the next decade, Markos Veremis, co-chair of its innovation committee, said last month.
But there is an increasingly active network of entrepreneurs and investors as well as employees with experience working abroad during the crisis years. The decade-long crisis that began in 2008 forced many young Greeks who expected to work for the state or family businesses to either leave for wealthier northern Europe or innovate.
"We are not yet in the position we deserve ... but we must not forget that our country was slow to enter the map of innovation and suffered from a dramatic economic crisis."
Source: News Formal (newsformal.com)
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