C. Michalos: Growth will come only through forces of the Greek society

“Growth and jobs, immediately needed in the country, will not come from a defaulted state. They will not come if we established a few more public agencies and organizations. They will come through forces of the Greek society, through the talents and abilities of Greeks,” president of the Commercial and Industrial Chamber of Athens Constantinos Michalos said, addressing an event organized by ACCI with the Federation of Industries of Central Greece to promote the institution of business angels on Thursday.

Michalos underlined that Greece is among the top countries in the world in the proportion of graduates of higher education. It has a large number of qualified and ambitious young people, but, as he said unfortunately, many of them, either cannot have access to the domestic banking system, or they choose to test their powers in another country.

That is why the responsibility and obligation of the representatives of business forces of the country is to inform, educate, and setting up the necessary structures in order to help all those with smart business ideas and want to enter the business arena.

In this context, for some time now the Chamber has created the Network of Business Angels. This is an internationally successful institution which has managed to ensure the early stages of an enterprise with the necessary funds.

Business angel networks

As he explained, they are private investors who have equity in small startup businesses at the time of the establishment, offering them the opportunity to take their first steps in the market.

The difference between the “angels” and more “traditional” creditors (banks, investment funds, etc.) it is that they claim fewer guarantees to provide initial capital which usually does not exceed several tens of thousands of euros.