Monday May 25, 2015 Search
Weather | Athens
14o C
09o 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)  
VAT adjustment is the way forward
Tender for Thriasio freight center to restart next month
Banks fear NPL sum will reach 100 bln euros
Socar has found a way to opt out of the DESFA deal
Varoufakis slams media over Riga Eurogroup reporting
Greek Finance Minister Yanis Varoufakis on Sunday admitted he had recorded a euro zone finance ministers meeting and criticised media for reporting lies and innuendos on what transpired at...
Greeks back governments red lines, but want to keep euro
Cash-strapped Greeks remain supportive of the leftist government's tough negotiating style, according to a new poll published Sunday, but hope for a deal with creditors that will keep the eu...
Inside News
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
Inside Sports
COMMENTARY
The good news and the bad
The good news is that a Greek default will most likely be prevented, a deal will be reached with the countrys creditors and an extension will be granted for negotiations over the next bailo...
EDITORIAL
Geopolitical threats
Greece needs to extricate itself from this crisis fast and get back on its feet, not least because the geopolitical climate is becoming increasingly stormy. The Balkan region is re-entering ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Berg brace gives Panathinaikos four-point lead
2. VAT adjustment is the way forward
3. Tender for Thriasio freight center to restart next month
4. Varoufakis slams media over Riga Eurogroup reporting
5. Banks fear NPL sum will reach 100 bln euros
6. Socar has found a way to opt out of the DESFA deal
more news
Today
This Week
1. Greeks back government's red lines, but want to keep euro
2. Greece does not have the money to make June IMF repayment, warns interior minister
3. The good news and the bad
4. SYRIZA seeks new relationship with police
5. Solving islands' water problems would take 66.4 mln euros, study finds
6. Geopolitical threats
Today
This Week
1. The Greek-German breakthrough that didnt come
2. Conspiracy madness
3. Greece came close to not paying IMF
4. National self-awareness put to the test
5. Albanian demarche raises concerns about possible territorial claims over Greece
6. Greek endgame nears for Tsipras as bank collateral hits buffers
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.