2022 | StartupBlink View the Global Startup Map p. 191 Startup Ecosystem Overview Despite being heavily impacted by the economic crisis in 2008 and by the COVID-19 pandemic in 2020, Greece remains resilient. In 2021, Greece increased startup funding, creating exits and lining up companies to become unicorns. This has attracted global attention to the startup ecosystems of the country and its tech potential. Greece enjoys close proximity to European markets, the Middle East, and Africa, which would all support the creation of a regional tech hub. The country has the advantage of a highly skilled English speaking workforce and a promising IT sector. However, the challenge is keeping this talent in the country while also fostering an entrepreneurial mindset through education and training. With bureaucracy and a scattered network of ecosystem stakeholders, the budding startup landscape of Greece still has a long way to go. The public sector can help with these challenges by developing a network for promoting and mentoring potential entrepreneurs, by facilitating access to information, and by growing investor interest in early stage startups. EquiFund, a fund-of-funds, is taking an active role in bridging the gap left by low venture capital and private equity activity. Resources such as Elevate Greece are starting to bring together startups and investors to provide a more comprehensive look at the startup landscape. Where bureaucracy is concerned, the government should be making entrepreneurs’ lives easier. This is extremely important in Greece, as we have met freelancers and entrepreneurs who feel it is unnecessarily hard to begin freelancing or to embark on an entrepreneurial path due to overwhelming bureaucracy and social security costs. Greece has a reputation for making it hard to do business, and before major reforms take place to make the economy more competitive, digital nomad visas and positive publicity would create real impact. We do see improved policies starting to appear, and the results are noticeable. This year, Greece hit the unicorn milestone with PeopleCert and Viva Wallet, showing its capacity to create global companies. The ongoing digital transformation of Greece, aided by EU funding programs, sends encouraging signals for the future. The startup ecosystems of Greece have a huge potential for development, and with the right public initiatives, Greece could become a mature regional startup hub.