Much of the world does not pay much attention to Greece right now. This may be wrong. Best known for the stunning islands, the cities soaked by the sun and the deep historical roots, Greece has quietly laid the foundations for something less expected-a modern, durable technological economy.
While the international spotlight often loses it, something real is happening on the ground, as this author discovered this week in dozens of talks in Athens. The country that was once on the cliff of economic collapse has not just been remodeled as a “nation of innovation”. It turns smart marketing into reality, with politics shifts, investor interest and a renewed sense of purpose around technology and entrepreneurship.
Indeed, in a sitting On Thursday night with Greek Prime Minister Kyriakos Mitotas, he made the case with Techcrunch that Greece is not only to attract, but ready to be surprised. “There is a significant room for growth,” he admitted, but “the stars are aligned.”
Did not happen without effort. Greece, Mitsetakis explained, made a “conscious decision” half a dozen years ago to expand beyond its traditional economic pillars such as tourism and hospitality. “Technology could be 10% of our economy, this is absolutely feasible,” he said, citing increasing starting formation, increased capital flows and the activated and growing basis of the founders and VCs in the ecosystem. Designing from his own background to business capital – he founded Greece’s first hatchery in 2001 – he spoke at ease not often heard by state heads.
While Greece can slowly reach Europe’s technology party, that time could really prove to be an advantage. Because it did not have the capital to make bad bets, Greece has violated some of the enlarged valuations and failed businesses that weigh more mature ecosystems. With a relatively pure slate, the country is moving quickly to place it at the forefront of emerging technologies – especially artificial intelligence.
Thanks to AI, in fact, the prime minister sees the opportunity to miss out. “We want to use technology to overcome,” he said. “Not only to cover the difference, but also to do better than many European countries.” He points out Greece’s success in digitizing public services-by saying that it had far surpassed Germany in some respects-and in pilot programs such as an AI system backed by Microsoft, which reduced government review conditions from hours in a matter of minutes.
This dual strategy for cultivating newly established businesses, while the modernization of the government forms the backbone of the ambitions of Greece. Mitsotakis envisions Greece as a laboratory for responsible innovation, especially in areas such as health, civil protection and defense. “We are not just talking about what the starting community is doing. We are the customers of technologies and we want to have more starting mindset as a government.”
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An important pillar of this transformation is talent. Greece is working to reverse brain drainage that has seen thousands of specialized workers leave during the financial crisis. “Tax reliefs are there – a 50% deduction on income tax for seven years,” he said, but also acknowledged that “people are not going to return for a tax break.
For this purpose, in our conversation, we recently touched change in Greece’s “Golden Visa” program, which is now providing a residence permit to third -country nationals who invest at least € 250,000 in a Greek startup registered in the Greek National Starting Register. We also talked about two new programs that were introduced last year to bring specialized foreign workers and businessmen in the country. (While the latest initiatives are still ongoing, they seem to reflect a wider commitment to opening.) “This is a world war for talent,” Mitsotakis said. “We have to make it easier for Greek talent to return or for people who can live anywhere to choose to work here.”
Mitsotakis also emphasized the importance of expanding technology beyond Athens, with nodes emerging in Thessaloniki, Heraklion and other university cities. “This should also be a story about regional development.”
However, the prime minister acknowledged continued challenges, including the rate of legal reform, the need for a slower stage of capital and the complexity of business across the European market. But what he thinks Greece now offers, unlike the depths of the crisis, is predictability, stability and momentum. “Is this country moving in the right direction?” He asked rhetorically. “The answer is yes.”
For Mitsotakis, the ultimate goal is to make Greece progress “irreversible”. While the Legacy building is not its focus, both Mitotaktos and the approximately 300 investors and founders gathered for our seating-some of whom have fortunately moved back to Greece from the Gulf region, London and elsewhere-are clearly looking at it.
‘We cannot [perform] Miracles, “says Mitotatikos.” We can’t make lost ground in a few years. But I think we have erupted from the vicious circle of the past and I see technology as a great opportunity, both for the private sector and the government. ”
You can get our full interview with Mitsotakis below.
