TIME: Greek Start-Ups Could Be a Global Success Story



Greek-start-upsThe U.S. magazine “Time” featured an extensive article on Greek tech start-up enterprises, which could be the answer to getting the country back on track during this financial crisis, as today roughly 60 percent of young people are unemployed.

The article refers to Greek tech start-ups that are making a name for themselves. Such an example is the company “Workable,” which was created a year ago by two young people, Nikos Moraitakis and Spiros Magiatis, along with four friends. The company, which is connected via satellite to London, Oregon and Portland in the U.S., is the “bridge” between young Greek scientists and university graduates struggling to find a workplace in companies abroad.

“For a Greek economy reeling from six years of recession, start-ups like Workable may offer hope for the future. The prospects of employment in government or with an established company have become less appealing and less likely for the droves of well-educated IT engineers produced by Greece’s universities. The country’s start-up sector is small but it is growing rapidly,” mentions the article, while also referring to the turning point for the creation of such start-ups.

In December 2012, four venture capital funds were formed with the financial support of the EU, specifically targeting to provide funds for technology start-ups in Greece, so as to combat the staggering unemployment rates and keep Greek young scientists in their country. One of the funds, JEREMIE Openfund II, has an €11 million capital under management and has already funded eight Greek start-ups. Seventy percent of the funds come 70 from the EU and 30 percent from private investors.

“Greece’s economy is still very troubled. The ingredients, however, are there for a startup, which may turn out to be a world beater and venture capitalists are taking notice,” mentions the article, clarifying that although the creation of new Greek businesses isn’t exactly flourishing, the effort though is significant.

“We feel there are benefits to Greece,” associate partner at Greylock IL, Tilly Kalisky, said to the magazine, and added, “There is qualified engineering talent at competitive costs compared to European and US equivalents. We feel that excellent entrepreneurs and companies can be created from anywhere.”


3 COMMENTS

  1. Great news for Start-ups but what is being done to Keep-up and Stay-up should concern us all. Here is the disconnect incubating entrepreneurs and their businesses only to see them move away to more business “friendlier” nations. I expect there will be total silence as no one has a clue or is unwilling/afraid to say what needs to be said.

  2. Greek companies could be successfully.

    The problem is about 1/3 our country are communist sympathizing nitwits that seek to live off the backs of other Greeks rather than have an entrepreneurial spirit. (See those that vote for Syriza, KKE, etc.) Another third aren’t too far behind (see Nationalist SOCIALIST Golden Dawn, and long list of other leftwing parties). Some now even claim ND (who helped spend us into the ground like the leftist) might redefine themselves as “center left”?

    So who is left to defend the private property that creates initiative to work? These thugs?
    http://rt.com/news/greece-strike-demonstration-athens-011/

  3. Surely I believe TIME loves Greeks. Let us know when the editorial board of TIME bothers to getting around to mention this “minor” detail to the American people about what it now calls “macedonians”.

    “This (US) government considers talk of Macedonian “nation”, Macedonian “Fatherland”, or Macedonia “national consciousness” to be unjustified demagoguery representing no ethnic nor political reality, and sees in its present revival a possible cloak for aggressive intentions against
    Greece” – US State Department Dec, 1944
    Foreign Relations Vol. VIII Washington D.C. Circular Airgram – 868.014/26