The Greek revival you’re not watching (however most likely needs to be)

A lot of the world isn’t paying shut consideration to Greece proper now. That could be a mistake. Greatest identified for its gorgeous islands, sun-soaked cities, and deep historic roots, Greece has been quietly laying the inspiration for one thing much less anticipated — a contemporary, resilient tech economic system.

Whereas the worldwide highlight usually misses it, one thing actual is occurring on the bottom, as this editor found this week throughout dozens of conversations in Athens. The nation that after stood on the precipice of financial collapse hasn’t merely rebranded itself as an “Innovation Nation.” It’s turning intelligent advertising into actuality, with coverage shifts, investor curiosity, and a renewed sense of goal round tech and entrepreneurship.

Certainly, in a sit-down Thursday night time with Greece Prime Minister Kyriakos Mitsotakis, he made the case to TechCrunch that Greece isn’t simply catching up however poised to shock. “There’s important room to develop,” he conceded, however “the celebs are aligned.”

It didn’t occur with out effort. Greece, Mitsotakis defined, made a “acutely aware choice” half a dozen years in the past to increase past its conventional financial strengths like tourism and hospitality. “Tech might be 10% of our economic system. That is completely doable,” he stated, citing rising startup formation, elevated capital flows, and an energized and rising base of founders and VCs within the ecosystem. Drawing from his personal background in enterprise capital — he based Greece’s first incubator in 2001 — he spoke with a fluency not usually heard from heads of state.

Whereas Greece could also be arriving late to Europe’s tech social gathering, that timing might really show to be a bonus. As a result of it didn’t have the capital to make dangerous bets, Greece has sidestepped a few of the inflated valuations and failed ventures which can be weighing down extra mature ecosystems. With a comparatively clear slate, the nation is transferring shortly to place itself on the forefront of rising applied sciences – notably synthetic intelligence.

Due to AI, in reality, the Prime Minister sees an opportunity to probably skip forward. “We wish to use expertise to leapfrog,” he stated. “Not simply to catch up, however to truly do higher than many European nations.” He pointed to Greece’s success in digitizing public companies – saying it had far exceeded even Germany in some respects – and to pilot applications like a Microsoft-backed AI system that slashed authorities contract evaluation instances from hours to minutes.

That twin technique of nurturing startups whereas modernizing authorities varieties the spine of Greece’s AI ambitions. Mitsotakis envisions Greece as a laboratory for accountable innovation, notably in areas like well being, civil safety, and protection. “We’re not simply speaking about what the startup neighborhood is doing. We’re the shoppers of the applied sciences. And we wish to have extra of a startup mentality as a authorities.”

A crucial ingredient of this transformation is expertise. Greece is working to reverse the mind drain that noticed 1000’s of expert staff depart throughout the monetary disaster. “The tax breaks are there – a 50% low cost on earnings tax for seven years,” he stated. However he additionally acknowledged that “persons are not going to come back again only for a tax break. They may come again if they’ve a superb job alternative, in the event that they really feel they will do one thing rewarding and so they can really develop their enterprise in Greece.”

To that finish, in our dialog, we touched on current modifications to Greece’s “Golden Visa” program that now grants a residence allow to third-country nationals who make investments a minimal of €250,000 in a Greek start-up registered on the Greek Nationwide Startup Registry; we additionally talked about two new applications launched final yr designed to convey expert international staff and entrepreneurs into the nation. (Whereas the final initiatives are nonetheless within the pipeline, they appear to replicate a broader dedication to openness.) “It is a international battle for expertise,” Mitsotakis stated. “We have to make it straightforward for both Greek expertise to return or for individuals who can stay wherever to decide on to work right here.”

Mitsotakis additionally emphasised the significance of increasing tech past Athens, with hubs rising in Thessaloniki, Heraklion, and different college cities. “This must also be a narrative about regional improvement.”

Nonetheless, the Prime Minister acknowledged ongoing challenges, together with the tempo of authorized reform, the necessity for extra late-stage capital, and the complexities of doing enterprise throughout the European market. However what he believes Greece now presents, in contrast to throughout the depths of the disaster, is predictability, stability, and momentum. “Is that this nation transferring in the appropriate course?” he requested rhetorically. “The reply is sure.”

For Mitsotakis, the last word aim is to make Greece’s progress “irreversible.” Whereas legacy constructing isn’t his focus, he stated, each Mitsotakis and the roughly 300 traders and founders who gathered for our sit-down – a few of whom have fortunately moved again to Greece from the Bay Space, London and elsewhere – clearly wish to make sure that the nation’s progress continues apace.

“We will’t [perform] miracles,” says Mitsotakis. “We will’t make up misplaced floor in a few years. However I feel we’ve damaged out of the vicious cycle of the previous, and I do see expertise as a terrific alternative, each for the personal sector and for the federal government.”

You possibly can catch our full interview with Mitsotakis under.