Greece’s Tech Renaissance: A Greek Revival Worth Watching

While much of the world’s attention is elsewhere, Greece is quietly engineering a tech and entrepreneurial resurgence. Best known for its stunning landscapes and historical significance, Greece is now positioning itself as a modern, resilient tech economy.

What’s happening on the ground in Athens, as revealed in recent conversations, is a transformation. The nation, once on the brink of economic collapse, is actively turning its “Innovation Nation” branding into reality through strategic policy changes, increased investor interest, and a renewed focus on technology and entrepreneurship.

In a recent discussion with TechCrunch, Greece Prime Minister Kyriakos Mitsotakis asserted that Greece is not just catching up but is poised to exceed expectations. He acknowledged that while there is still room for growth, “the stars are aligned.” (Source: Athens24)

Mitsotakis explained that Greece made a “conscious decision” six years ago to diversify its economy beyond tourism and hospitality. He believes that “Tech could be 10% of our economy. This is perfectly doable,” citing the increase in startup formation, capital inflows, and a vibrant community of founders and venture capitalists. Drawing from his background in venture capital, having founded Greece’s first incubator in 2001, Mitsotakis speaks with an informed perspective rarely seen from heads of state.

Greece’s late entry into Europe’s tech scene could be an advantage. Lacking the capital for risky ventures, Greece has avoided inflated valuations and failing projects that burden more established ecosystems. This allows the country to quickly adopt emerging technologies, especially artificial intelligence.

The Prime Minister sees AI as an opportunity to leapfrog ahead. “We want to use technology to leapfrog,” he stated, aiming to “actually do better than many European countries.” He highlighted Greece’s success in digitizing public services, surpassing even Germany in some areas, and cited a Microsoft-backed AI system that dramatically reduced government contract review times.

This dual approach of supporting startups and modernizing government forms the basis of Greece’s AI ambitions. Mitsotakis envisions Greece as a hub for responsible innovation, particularly in health, civil protection, and defense. “We’re not just talking about what the startup community is doing. We are the clients of the technologies. And we want to have more of a startup mentality as a government.”

Talent is crucial to this transformation. Greece aims to reverse the brain drain that occurred during the financial crisis. Incentives include “tax breaks… a 50% discount on income tax for seven years,” Mitsotakis noted. He also recognized that job opportunities and growth potential are vital for attracting talent back to Greece.

Recent changes to Greece’s “Golden Visa” program now offer residence permits to non-EU nationals who invest at least €250,000 in a Greek startup registered on the Greek National Startup Registry. New programs introduced last year aim to attract skilled foreign workers and entrepreneurs, demonstrating a commitment to openness. “This is a global war for talent,” Mitsotakis stated. “We need to make it easy for either Greek talent to return or for people who can live anywhere to choose to work here.”

Mitsotakis stressed the importance of expanding tech beyond Athens, with hubs emerging in Thessaloniki, Heraklion, and other university cities, emphasizing that “This should also be a story about regional development.”

Despite the ongoing challenges, including the pace of legal reform and the need for late-stage capital, Mitsotakis believes Greece now offers predictability, stability, and momentum. “Is this country moving in the right direction?” he asked. “The answer is yes.”

Mitsotakis’s ultimate goal is to ensure Greece’s progress is “irreversible.” He, along with investors and founders who have returned to Greece from places like the Bay Area and London, are dedicated to ensuring the country’s continued advancement.

“We can’t [perform] miracles,” Mitsotakis concluded. “We can’t make up lost ground in a couple of years. But I think we’ve broken out of the vicious cycle of the past, and I do see technology as a great opportunity, both for the private sector and for the government.”