Greek entrepreneurship& what the world is thinking!
Greek entrepreneurship & what the world is thinking!A meritocratic, export-oriented company is spoilt for choice in Greece. Try hiring engineers, or finding a greatdesigner in a place lice Silicon Valley. You’d think it’s the best place to find good people, right? Right, some ofthe best are there. They’re working for Google and Facebook, they’re getting hired by the latest, hottest Y-Combinator startup sex symbol. You’ll pay top dollar for the middle of the pack. In Greece, you ARE the hotstartup, the better workplace, the promise land that the best will try to get a job at. You’ll get the best dudes.Remember, tech startups are mainly a war for talent.Startups are becoming an actual career choice. Traditionally the Greek career dream has been to get a degreeand “settle in” at a government or corporate position for life. Greeks were risk averse and in days of prosperitytop talent would have to give up lucrative prospects to try the startup scene. Now, some of the best people inmarket are either unemployed or insecure. There is less to lose, and entrepreneurship has become kind offashionable. Startups have a shot at attracting talent that was previously taken by the big boys.
"Its hard." That is how Peter Economides, a leading brand strategist of Greek origin, describesseeing his country lampooned in the press. His solution: rebrand Greece, create an image that cantranscend the crisis label, and change the future of the country.In 2011, Panos Zamanis created the Hellenic Start-Up Association (HSA) with the goal of changinghow Greeks thought about business by providing support to new startups through a network ofprofessionals and events. Similarly, coLab workspace, created in 2012, provides startups with cheapoffice space, meeting rooms, training events and a network of successful business connections tomotivate innovation. They have yet to have a business fail and have managed to help set up AthensStartUp Weekend, Greece Entrepreneur Week and Ignite Athens -- all events to promoteentrepreneurship.Efforts to fix up the city center, which suffers from structural damage and a bad name followingfrequent protests and heightened criminality, are crucial in rebuilding Greeces image. Mostnotably, a project called Rethink Athens, launched by the Onassis Foundation, calls on architects tohelp rebuild the city center around Panepistimiou Street, making it more pedestrian- and bicycle-friendly as well as cleaning up the area to bring back the inhabitants that once made it so vibrant.The competition, which is open until September 12, 2012, invites architects from EU countries tocompete in two rounds that will eventually crown three winners -- and a new city center.
Some of the dozen small startups that do are world leaders in their field. BugSense, for instance, thoughbarely a year old, is used by more than 4,500 mobile developers around the world to track and analysecrash reports from their apps. It recently turned down a £1m takeover bid.TaxiBeat, a mobile app that allows taxi drivers to advertise where they are and passengers to hailthem, is doubling its business every two months and has expanded into Latin America and Scandinavia."Greece has always had bright minds, but for generations a public sector job was the only goal. Decentpay, job for life, early retirement. Thats no longer the case. And new technology – apps – mean peoplecan concretise their ideas."The fact that public sector salaries have been cut by around 40%, and that civil service pensions areanything but secure, has acted as a "powerful disincentive" to a state sector career, says Kasselakis.The Open Fund has just advised the Greek government on a new law making it quicker, easier and a lotless scary to start up and register a company."Were driving change from the bottom up. But it cant be just one way; we need top-down change too.“"Greece, has reached rock bottom now. The clientelist system, all those companies that relied onpolitical sponsorship, are having to fend for themselves – theres no more money. Its survival of thefittest, and quality will out. Its actually not a bad time to start a business."
Investments – Before ElectionPotential of “Grexit” gives investors pre-election jitters– investors watch electionsclosely and seek closure Shares slip ahead of elections as investors remain tentative
Investments – Before ElectionPre-election: “Greece is unlikely to exit the Euro.”Despite talk of a Greek exit from the euro, thecountry’s odds of staying are good and the knock-oneffects of the situation in financial markets couldgenerate buying opportunities.“Doomsday” scenarios: A Grexit would almostcertainly lead investors to flee stocks. Onefinancial analyst says the Standard & Poors 500index could drop 15 percent in weeks.
Investments – Before ElectionOr not… “Investors See Limited Euro Fall If Greece Leaves - Barclays Survey”.The factors that usually make currencies collapse are just not there, a Greek exit "is thesingle biggest factor for depreciation, but its not big enough to cause the currency tocollapse.“
After Election - Initial ReliefGreek vote boosts Asia stocks but Europe muted“Greek election results unlikely to slow crisis”“Investors, Take A Moment To Cheer Pro-Bailout Partys Victory”: Investors across the globemay find some initial relief in Sundays Greek elections, but the ultimate market reaction ishard to predict because political conditions in the recession-ravaged country remain volatileStocks plunge the day after: 3 stocks includingTelefonica, HP, and Oracle:No Greek exit, no calm for investors.
After Election – Short Lived ReliefGreek doomsday avoided, but still plenty forinvestors to fret about…Spanish Yields Surge; Greek Relief Wanes : Thesharp rise in benchmark Spanish bond yields justhours after a purportedly market-friendly Greekelection result is the clearest indication that Spainis the focal point for market anxiety about theeuro zone.What next? More dark clouds…Back to worries about Spain and a distrust in theeuro zone in general. ..Investors expressed relief over the Greek electionresults on Sunday, but they quickly turned theirattention to the structural problems in southernEurope – Spain’s banking and fiscal problems inparticular
Investments – After ElectionAnd for investors: Investors advised to transfer wealth from paper to real assets and safe bets such ascompanies that make products and provide services that people buy no matter how bad the economygets. And standard advice is to avoid doing anything rash, such as suddenly pulling your money out ofstocks to guard against a worst-case scenario. i.e. don’t react to headlines!REUTERS: Still too early to say whether investors willing to commit funds for investment in Greece andthe privatization plans in place. “Privatization needs a robust government”Conclusion : the bumpy ride for financial markets isnt over yet
Learn more: www.gnostix.grEmail us at firstname.lastname@example.orgFollow us @gnostix on TwitterMeet us on LinkedIn at linkedin.com/company/gnostixVisit our blog at gnostix.gr/blogLike us on Facebook at facebook.com/Gnostix