Innovation in a time of economic crisis means that Greek startups need daring, maverick entrepreneurs. But the ecosystem also needs innovative, risk-taking investors, who look beyond the confines of the local market.
The National Bank of Greece (NBG) falls into to latter character. How? One of the ways it does so is through its NBG Business Seeds program. A “startup within a bank”, as it is described by program coordinator Spyros Arsenis. The integrated program is designed to foster innovative and export-oriented entrepreneurship.
Breathing life into Greek startups
NBG Business Seeds includes actions that aim to showcase innovative ideas and projects – based on technology, training and mentoring teams. On top of that, it seeks to provide Greek startups with infrastructures, networking and financing. Put simply, NBG aim to breath life into the business ideas coming from a rich pool of local talent.
We are excited to announce that Spyros will be with us at the upcoming Lean In EU WBA (Women Business Angels) Pitching Battles. Taking place right here at Starttech Ventures’ HQ, on February 22. Spyros, who has been with the NBG program for 8 years, will be giving a keynote speech on “Fostering Innovation in Greece”.
We caught up with Spyros for a quick chat about the Lean In EU WBA movement. And Greek startups in general.
Q1: You’re taking part in the Pitching Battles event of the Lean In EU WBAs project. Here at Starttech, as a keynote speaker. What do you think of the initiative?
A1: We’re honored to be invited to participate in the Pitching battles event, which is a part EU-supported project for the promotion and development of Women Business Angels. Of course, we believe it is very important to support women’s business initiatives. Particularly in the sphere of innovation. For our part, we’re lucky in having a woman – Nelly Tzakou, General Manager of Retail Banking at NBG – as our leader.
Q2: So, NBG Business & Seeds. Tell us a bit about what you guys do, what activities and interests the organization is involved in and your role in that picture?
A2: This year, NBG celebrates 176 years of business operations, and has long been a leader in all major economic projects in Greece. We consider ourselves a startup within the bank. I have been coordinating the NBG Business Seeds program (www.nbg.gr/nbgseeds) for eight years now. As you mentioned, we try to highlight and promote innovative business ideas and projects, as well as provide training and mentoring of teams, provision of infrastructures, networking, and financing.
To this end, through the NBG Business Seeds program National Bank of Greece has managed €15 million, funded 13 startups, and helped over 3,000 innovative ideas with more than 5,000 participants via the Innovation & Technology Competition that we organize. We are currently participating in 4 out of 9 new Equifund funds. And we are the largest private investor in the program.
“Our participation in the Women Business Angels initiative is practical evidence of our support for the program and endeavours to enhance and encourage women’s business initiatives.”
Q3: How would you describe the Greek startup scene as far as the female factor is concerned? Is enough being done to address the imbalance, for whatever the reasons behind it are?
A3: Our own statistics from the Innovation Competition show that female participation in the business innovation ecosystem is about 20%. In certain thematic modules, such as culture, participation amounts to 1/3 of the total. Reflecting the particular focus of women’s business initiatives on cultural and social entrepreneurship. Our participation in the Women Business Angels initiative is practical evidence of our support for the program. And of our endeavours to enhance and encourage women’s business initiatives.
Q4: What are your expectations about the Greek startup ecosystem? What are the main industries which NBG Business & Seeds are investing in and what’s the secret of success for a fledgling Greek startup?
A4: For the Greek business ecosystem the creation of new Venture Capital initiatives by Equifund, channeling finance worth €450 million to innovative businesses, is a very exciting opportunity. We’re very optimistic about the prospects. For our part, we invest in all sectors, with a special emphasis on tourism and agricultural entrepreneurship. For this purpose, we‘re implementing the “Greece on a Table” promote and enhance awareness about pioneering agri-business for products, processing and services.
Q5: Investors and Entrepreneurs alike always seem to be looking for the next big thing. What do you believe that might be?
A5: For NBG Business Seeds, the most important thing is our partnerships and synergies that lead to successful start-ups. And exits that lead to job creation, export activity and ultimately stimulus to the economy.
