How feasible is it considered as a goal for the Greek start-up ecosystem to triple its capitalization from 5 or 6 billion euros today to 15-18 billion euros in five years and to contribute 20,000 jobs -from 6,000- to the Greek economy?
The predictions of SEV President Dimitris Papalexopoulos and other executives 3-4 months ago on the prospects of start-up entrepreneurship in Greece were expressed based on data and were positively received by the market, with optimism for their confirmation within the specific timeframe.
Moreover, since the end of November, important developments have taken place: Greece acquired its first “unicorn”, in the space of only about two months since then, as the “golden” deal for the acquisition of 48.5% of Viva Wallet by the banking “giant” JP Morgan followed, with the valuation of the Greek neobank soaring to $2 billion.
The “good news” for Greek start-ups did not stop there, even if they involved deals of a much smaller size.
Within days of each other, the American Prodege acquired the Greek-owned Pollfish and Mantis merged with the German Ecovium, while the “frame” was completed with another landmark deal. The acquisition of Accusonus by Facebook.
And now what?
The search for opportunities is peaking for Greek start-up entrepreneurship experts and companies of all sizes, who may be moving -for now- at lower comparative levels, but this does not deprive them of the right to “chase” their… luck.
And perhaps the aforementioned examples, as well as some slightly earlier ones (such as the record-breaking acquisition of InstaShop from for $360 million by Delivery Hero-owner and efood) serve as models and are the ones that provide motivation for the “next ones”.
Initiatives to connect the Greek start-up scene with the market and investors are far from lacking, in a year that seems to be going extremely well for the domestic ecosystem. Their aim is to accelerate and increase investment towards start-ups, without excluding the “small” and emerging…
Innovation Ready-Enterprise Greece
The baton is passed this week by SEV with the 7th Innovation Ready thematic web event entitled “Artificial Intelligence Solutions for Industry and Business” (23/3) and the participation of 10 other start ups (BRYQ, D-CUBE, FORTHSight, InAccel, LOGSTAIL, ROBENSO, SCiO, SEEMS PC, SPIN Analytics and UP2METRIC PC) for the presentation of their proposals on the problems facing businesses in 6 areas such as:
Automation of time-consuming processes and production process, Quality control and assurance, Attracting the right human resources, Financial risk analysis, Cyber security and security of infrastructure and facilities, Development of new products and formulations, mainly for pharmaceutical and food industry.
Then, through B2B meetings(which may, this year, exceed 100 in total), Innovation Ready start-ups will seek to achieve new commercial partnerships and raise investment capital for their development.
On another front, Enterprise Greece – the Hellenic Investment and Foreign Trade Corporation – is “running” two projects, on two different continents, against the backdrop of the Greek ecosystem activity.
The “Thriving Global Silicon Valley Program” since the end of February offers the opportunity for Greek technology companies – both start-ups and non-start-ups – to introduce themselves in two phases – 18 initially, 6 afterwards – to the US technology ecosystem and to get in touch with potential customers and investors.
According to information from newmoney.gr, the second initiative of the organization is already in the planning stage, which concerns the invitation of the top 50 EU Angel Investors to an international forum for Greek start-ups in Athens this summer!
The Greek “team” in this case will present its plans and seek funding for their implementation, hoping that the planning of the forum will not be affected by the current circumstances.
The thoughts of the Enterprise Greece leadership is to establish this initiative as an annual institution, in cooperation with the European Business Angels Network (EBAN) and the Hellenic Business Angels Network (HBAN)…
The Arabs and the new funds
A double-digit number of start-ups(16) of Elevate Greece – the official platform and leading support resource for the Greek start-up ecosystem – followed the Greek business mission to the United Arab Emirates for respective contacts.
The visit of the Greek delegation to the Greek Innovation Business Forum, held at the Sustainability District at Expo 2020 Dubai, aimed to attract investors, financiers, etc.
At the same time, Greek start ups are again in the “crosshairs” of domestic and international funds.
A second fund is being prepared by Metavallon VC, Equifund’s fund, Uni.fund, Big Pi Ventures…
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