Could This Start-Up Save the Greek Economy

Week Long Start-up – Contribute to Crisis Worn Greek Economy

A week long start-up fast-track program had been started recently in London for the purpose of locating ways which would make some contribution to the crisis worn Greek economy. In 2012, the Greek government had the largest sovereign debt default in history and on June 30 2015, it became the first developed country to fail in making an IMF loan repayment while at that time, Greece’s government had debts amounting to €323bn.

Six short listed companies would now be working with mentors as well as investors which includes Steve Vranakis, Google executive together with George Kartakis of PayPal owned Braintree in refining their views prior to competing in a Dragons Den-style event.

The idea includes a chemical formula in order to protect historical sites from illustrations, a scheme of recycling unused hotel toiletries, a Mastiha liqueur importer, an online education manager a digital diary for the purpose of booking civil weddings as well as an internet shop for products that are handmade by the Greek businesses.

The accelerator program which is run in partnership with Watershed Entrepreneurs is planned by Greek expats as well as others who have a social and an economic impact in Greece.

The Brain Drain-Lost Generation-Lose Contact

Co-founder Effie Kyrtata, a 25 year old Athenian who had moved to London seven years back has stated that `as they are based in London, they are tapping into the dispersion, the global community who are connected with Greece.

He adds that they have seen a lot of people leaving Greece to go to other countries – the brain drain, the lost generation and lose contact with Greece and that he wants to create a bridge between Greece and the UK’. Reload Greece, has helped entrepreneurs to raise £1m in funding over the past 18 months which generally runs mentorship schemes that tend to run for several months, however was prompted to do the strong accelerator as a reaction to the recent economic improvements in Greece.

Kyrtata has stated that this is our effort to do something fast due to the great need that exists. They are aiming to activate the community which resides abroad in making an immediate impact now and what can be done that will help the Greek economy straight away by using the youth and the people who have left’.

Six Start-ups – Refining Business Plans/Coordinate/Interact

The six start-ups that had been selected from more than thirty applications from the UK as well as Europe would be refining their business plans, coordinate with successful entrepreneurs and interact with expert mentors prior to pitching to a panel of investors. The winner is said to receive five free business coaching sessions from Eudaimonia Coaching.

However, Reload Greece is hoping that all the participants would be able to make their contributions to the Greek economy by developing jobs and boosting businesses. Moreover, the non-profit organisation also perceives its task as much more than financial. Kyrtata has commented that they desire to change the perception which the world has created about Greece by showcasing young as well as successful entrepreneurs who could make a difference and that there is a crisis and it is essential to be motivated to create new things’.