Greece was the first market in Europe for Endeavor to set operations, 12 years ago
There is an unseen side of this land, just as charming as the one you already know: The tech and macroeconomic side of Greece! Apart from its calm weather, picturesque landscapes, rich history & tradition, unique cuisine, and hospitable people, Greece is a place where bright as well as innovative ideas are being born for thousands of years
Recently, Greece was named by The Economist as the world’s top standout economy in 2023, for the second consecutive year. US-based Blueground, now-acquired Viva Wallet and BETA CAE are leading the pack with $1bn+ valuations. There is now a generation of industry leading Greek scaleups as well as an impressive number of world-class rising stars.
The Greek tech ecosystem now consists of 1k+ startups that have a combined value of more than $12bn.
Established tech players are noticing Greece’s deep pool of scientific and engineering talent (Sequoia Capital has listed Athens as a top global hub for AI talent) and increasingly business friendly environment. J.P. Morgan has recently opened one of the few Payments Innovation centres in Athens, while Tesla has established their engineering office in Athens doing leading work on Powertrain and energy engineering. Amongst others, Google, Cisco, Pfizer, Meta, Samsung, IBM, Microsoft and Applied Materials have all made large investments in Greece and run significant engineering operations out of Greece.
World-class leading Greek businesses have entered the game too, driving innovation and pushing the boundaries of Greece. In their industries/categories, companies like Titan Cement, Viohalco, Metlen (former Mytilinaios), Olympia Group, Fourlis, Raycap, Cosmote, National Bank of Greece, PPC and Lamda Development, as well as the entire maritime industry (where Greeks hold 20% of the global market share), are investing in technologies and solutions around the world more actively than ever before. Lamda Development is 6 running the Ellinikon project, a $8.2bn smart city that is rising fast in the Athenian coastal area and is expected to house tens of thousands of people in villas, houses, office buildings, retail stores, schools and research centres. In fact, it is the largest urban regeneration project in Europe today.
Over the last few years, Greece has become an attractive jurisdiction for foreign and diaspora investors, founders and talents due to the combination of established favourable tax rules and a recently introduced beneficial tax framework boasting tax breaks and incentives for investors and professionals.
Most importantly, the Greek education system is undergoing a major transformation, where together with world-class Greek public universities, private foreign and local universities are allowed to set up operations for the first time in the country’s history. Columbia University recently launched a global centre in Athens putting the Greek capital in the global network of just 11 global centres around the world.
Challenges, of course, remain. We are working with the government to tackle roadblocks to further growth including a disconnect between the education system and the labour market, a sluggish judicial system and a need for investments in key infrastructure like faster internet and better roads. But being early in the process of building an innovation ecosystem also offers significant benefits to first movers. Diaspora talent, investors and foreign businesses that have been drawn not just Greece’s famed sun-and-sea lifestyle, but also by the chance to participate in building an ecosystem from the ground up. They are becoming co-creators of the country’s reinvention, not only benefiting from its new dynamism, but driving it forward.
