Monday, July 20, 2015

In the midst of the economic crisis, Greek start-ups - a dynamic and fast-growing sector of the Greek economy - shows that they can save themselves by forming synergies and adopting a series of emergency and pre-planned measures to overcome liquidity restrictions due to capital controls.

According to an article titled Greek startups admit they must survive together, or die alone in, "the Greek startup community has shown a remarkable sense of solidarity, allowing other startups to pay later or they offer services for free due to the special conditions of difficulties in payments."

Furthermore, a London organization, Reload Greece, is connecting Greek entrepreneurs based around the globe, and encourages those startups founded in the UK to support homegrown talent. Another practical solution comes from ZeroFund: the Greek crisis edition, a company that promises to help, where it can, to pay for "hosting, domains and other critical functions due to capital controls."

It is noted that the number of new startups in Greece has increased almost 10-fold in the period from 2010 to 2013, according to a survey by Endeavor Greece. According to NYT article titled Building a Start-Up Culture in a Broken-Down Economy, "at least a half-dozen small-business incubators and co-working spaces — buildings where entrepreneurs can rent space cheaply and benefit from proximity to one another — have sprung up in Athens, nurturing new companies with up to about 20 employees."