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Antonis's avatar

Greece has always produced an impressive cadre of graduates and post-graduates. During my time at the Computer Science department in Crete, I observed professors with credentials that far exceeded requirements and PhD students working on cutting-edge projects—innovations that only appeared in Silicon Valley years later.

The tuition-free university system offers Greek students a tremendous advantage, allowing many to truly excel academically, as you pointed out. Yet this intellectual wealth faces a persistent structural problem: the country lacks the corporate fabric and startup ecosystem necessary to absorb this talent and channel it into productive economic contribution.

This remains, unless I'm mistaken, the fundamental challenge. What compelling reasons exist for brilliant, passionate individuals to remain in Greece and develop products there?

I am myself investigating whether incorporating in Greece makes business sense for my new startup/product, and the incentives are vanishingly small. Beyond patriotic sentiment, practical advantages are scarce. There are no meaningful grants, no "Innovation Greece" investment programs (unlike what Nordic countries offer), and an entrepreneurial ecosystem disproportionately undersized relative to both the country's dimensions and its economic trajectory.

Given all that, these graduates inevitably gravitate toward opportunities in America or elsewhere in Europe—continuing a pattern established decades ago. I sincerely hope my assessment proves incorrect.

Greece—like other smaller European nations—should be capitalising on its younger generation rather than subsidising pensioners for electoral advantage.

Could it be done at an EU level? Maybe. Should they try? Absolutely!

_Suggestion_

Try to interview any of those small companies you mentioned. We'd learn a ton from them and their journeys so far.

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George Aliferis, CAIA's avatar

I remember a conversation (over a decade ago) when a Greek politician (can't remember the name, but a national figure that was in a small party) came to the LSE for a talk and declared Greece's competitive advantage are: sea, sun and orthodoxy (the Russian tourism). I nearly choked. I'm glad we moved past that; bring on the rockets!

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