In an inflationary environment where central banks raise interest rates, competition for startup funding becomes more intense as investment capital and available bank loans become less available and more demanding. And although the Greek innovation system has gained critical mass over the past few years, with important deals and excellent ratings, it is now set to evolve and become even more competitive.

It is in this environment that the report of the Committee on Research and Technology of Parliament on “the use of technology research and innovation by business” becomes, according to market participants, a useful tool. And that’s because a committee chaired by Christos Tarantilis, a professor at the Athens University of Economics and a state member of the Hellenic Republic, drew up the case study after extensive consultation with all stakeholders. Both institutional (ministers, rectors, heads of research centers, public organizations and European institutions, etc.) and founders of start-up companies, technological innovations and companies (spin-offs) that use the results of research produced in Greek universities and research centers. countries. Among the founders are Greek companies that have been acquired by international business giants, as well as unicorn companies with a valuation of over $1 billion. And of course investors, founders of venture funds and others who are actively working in our country. People who want nothing to do with politics but join to help. “The Greek innovation ecosystem has evolved in recent years, but for Greece to become an innovation hub in Southeast Europe, we still have a lot of work to do,” explains Prof. Chr. Tarantula.

The report, which was approved on Wednesday and will also be presented to the prime minister, includes some 60 realistic policy proposals to strengthen the innovation ecosystem, focusing on strategic planning, improving infrastructure, talent, financing, cost-effectiveness and protecting intellectual property. own. . Proposals that came from the market and with which, in general, all the other participants in the work, which began in September last year and ended this year, agree.

Some strategic planning proposals include the development of a national strategy to strengthen innovation with specific goals and timetables, and the creation of a unified research and innovation body to prevent fragmentation and better support the Greek ecosystem. The same strategy is to take into account all the innovation bodies of Greece with the creation of a single information system or evaluate the results of research produced in universities and research centers in terms of their degree of maturity for use in business. The proposal for cooperation between the Armed Forces and research institutes along the lines of Israel and the United States is also strategic. According to the same scheme, it is proposed to verticalize efforts to strengthen the innovation ecosystem by sectors, giving priority to sectors in which the country has a competitive advantage, such as tourism, shipping, and agri-food.

Proposals by the Research and Technology Committee of the Parliament to turn Greece into a technology hub.

Other proposals concern the further improvement of the digital infrastructure (high internet speeds, greater mobile coverage), the development of technology parks, and the strengthening of technology centers and clusters. This is true in all sectors where progress has been made in recent years, and more progress is expected in the coming years.

With regard to the policy of creating, retaining and attracting talent, a reorientation towards the professions of the future, an increase in the number of students in the information technology and technology sectors and reform of curricula is required. Teaching entrepreneurship as a way of thinking from the first levels of education, implementing pilot programs with the main goal of decriminalizing “mistakes” and “failures” and developing a culture of collaboration and teamwork. It is also proposed to link universities with start-ups in an organized manner, i.e. through Elevate Greece, where you can post jobs for students and graduates who can apply for an internship or job. Implementation of best practices, i.e. Imperial College London’s TECHcelerate program to fund PhD students for six months to test whether the product they have developed has a practical application and in which specific market sector (proof of concept). OAED’s identification of the need for specialized staff to fill positions in technology-innovative companies.

And, of course, very specific funding proposals for technological innovation are included, such as stable and synchronized funding cycles for actions and programs while accelerating evaluations at the approval stage as well as at the intermediate control stages. Adoption of best funding practices to facilitate access to private capital, such as the EIS (Enterprise Investment Scheme) used by England, as well as the example of the InnovateUK program for direct interaction of research institutions with venture capital funds, so that research and new technologies are developed to a commercial level and raise funds. Incentives for venture capital funds, attracting international investment for co-development of intellectual property, subsidizing the wage costs of small and medium-sized technology enterprises, and using venture capital funds to evaluate start-ups that receive subsidies. It also recommends the creation of separate departments for DOE and EFKA and zero insurance premiums for technology companies with less than ten employees or during the first years of their activity, as well as a reduction in taxation. Of course, proposals for the protection of intellectual property are also included.

“The commercial exploitation of the results of research produced at universities and research centers and the ability of technology innovation companies to target their products to major markets concerns every citizen,” said the chairman of the parliamentary committee on research and technology. “. Christos Tarantilis, explaining that “when this is achieved to the desired extent, then thousands of new well-paid jobs will be created, and the trade deficit will improve significantly.” This, he continues, is a way to increase the resilience of the Greek economy in the face of external crises.

He says the committee’s goal in the new year is to focus on developing realistic and actionable policies in targeted sectors such as life sciences, analytics, environment and energy, logistics and transport, financial services and retail.