Friday November 28, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Start-ups soar despite prolonged recession

By Dimitra Manifava

They are new, innovative and experiencing rapid growth or the potential for it, which is particularly important in the context of the countrys prolonged recession: Greek start-up enterprises currently number 144, from just 16 in 2010, having created a total of 1,500 jobs in the innovation sector.

Based on their picture to date, one in every four existing start-ups has considerable growth prospects, generating jobs and added value, according to Endeavor Greece, which has been recording the development of this niche market.

More important is the amount of investment in Greek start-ups, which last year was over 80 times higher than in 2010: In 2013 investment in start-ups amounted to 42 million euros, compared with just 500,000 euros three years earlier.

Last year 30 companies in the sector received investments from various funds. A large part of that funding was made via the Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative, channeled into the local market by four funds: Elikonos, Odyssey, Open Fund and PJ Tech Catalyst.

Tech firms have absorbed 50 percent of the funding provided to local start-ups in 2013, followed by financial service companies, mostly thanks to the high investment in insurance firm Hellas Direct. After them come companies in the media sector, agricultural products and food, tourism, education and entertainment. Notably, funds have made no investments in sectors with considerable activity such as e-commerce, health and energy.

Out of the 144 Greek start-ups, almost half (71) are involved in technology. Forty-one are involved in food and agricultural products, 31 in culture and education, 19 in e-commerce, 18 in health, 16 in tourism, 12 in energy and green technologies, 11 in entertainment, 10 in financial services, eight in fashion and design, four in mass media, and three in high technology, along with 11 others from various business domains. Clearly there is some overlap as regards the sectors each is involved in.

The business of half of all the start-ups is connected to cell phone applications, such as the Taxibeat app used for booking cabs.

Endeavor Greece commented that the increase in the number of start-ups is also connected to the rise in organizations that support new entrepreneurs, such as cooperatives and business incubators, as well as competitions, events and other initiatives aimed at promoting and funding entrepreneurship. It is estimated that there is a ratio of one such organization for every five start-ups.

ekathimerini.com , Thursday March 20, 2014 (22:36)  
Q3 growth was bigger than thought
Who will pay for the states ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Moscovici urges Athens to take necessary measures, make way for troikas return
The Greek government must take all the necessary measures so that troika inspectors return to Athens for their final assessment on Greece's reform program, EU Economic and Tax Commissioner P...
Venizelos urges Turkey to respect Cyprus EEZ
Ankara must respect Cyprus's exclusive economic zone (EEZ) if it wants UN-brokered reunification talks to resume, Greek Foreign Minister Evangelos Venizelos said ahead of a weekend visit to ...
Inside News
SOCCER
PAOK is one win from Europa Leagues last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
BASKETBALL
First defeat for Olympiakos in Euroleague
Olympiakos suffered its first Euroleague loss of the season going down 89-70 at Laboral Kutxa on Thursday, although the Greek team remains the favorite to clinch the top spot in its pool. Th...
Inside Sports
COMMENTARY
Change of US president wont mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Q3 growth was bigger than thought
2. Who will pay for the states ADMIE stake?
3. Christmas budgets slashed due to higher taxes, healthcare costs
4. Finance Ministry inundated with applications for debt settlement
5. Seven-month stock slide comes to halt
6. Forthnet subscription base grows to record level
more news
Today
This Week
1. Greek economy expands 0.7 pct q/q in Q3
2. Child molester suspect photo released by police
3. Lebanese FM: Cyprus may be jihadi transit point
4. Athens water supply 9-month profit falls 45 pct on lower charges
5. Change of US president won't mean change of foreign policy
6. Armed man arrested on Thessaloniki campus
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Coscos Greek unit adds multinational rail-freight client
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.