Funding business activity and innovation

Funding possibilities of business activity and innovation through existing funding tools were presented during a seminar organized by the European Documentation Center in the framework of “Hellenic Innovation Forum 2017” held in Athens.

Mrs Georgia Tzenou, representative of the National Documentation Center, presented the European Documentation Center’s four services to enterprises: access to new markets through an Enterprise Europe Network program, access to funding through “Horizon 2020” program, information on European policies with the participation in consultations organized by the European Commission, management of innovation.

Government ministry officials presented the actions of a COSME program, the EU’s funding arm for startup business. National Bank and Eurobank have already signed partnership contracts with the program to offer loans up to 150,000 euros to small- and medium-sized enterprises.

Economy and Development ministry officials presented a survey on the business needs of Greek startups. The survey was conducted in the period October-November 2016 on a sample of 128 enterprises. The survey showed that a 62.3 pct of startups were examining a business idea for more than one year and a 25 pct said it was ready to find customers. Most startups focused on technology, technical and consultancy services sectors. Geographical activity was focusing on countries abroad, a 70-90 pct of existing startups were funded by own capital (family, friends), most startup businesses need marketing, personnel and IT solutions. Startups’ business plans ranged between 100-200,000 euros.