The business community is facing significant challenges as we operate at a time of significant macroeconomic changes and sudden events that affect the dynamics of international markets and, at the same time, business productivity and efficiency. Under these conditions, several economically advanced countries are already announcing and implementing intervention strategies unprecedented for other times in order to create a sustainable and competitive business ecosystem with high-quality jobs, productive investments, technological superiority and international extroversion. In addition to fiscal policy, attracting vital productive investments, making good use of the reserve fund, fighting inflation, and the necessary well-known reforms, the next government’s objectives require more targeted and smarter strategies. Here are some of them, which, unfortunately, have not received wide public discussion:

Competitive and smart industry. The digital transformation in industry defines a strong transition to new production conditions and activates the “industry as a service” model with close cooperation between industrial units through the exchange of data and the harmonization of solutions, as well as seamless and personalized service to product recipients. The objectives – apart from high-tech industries – should be to increase private funds for research and development, adapt production units, internationally certified products with innovative features and international reputation, which are the cornerstone for increasing exports, reducing the trade deficit and improving the competitiveness of the national economy.

Entrepreneurship with a focus on knowledge and skills. The dynamic entrepreneurship of the future is based on knowledge, well-trained human resources and high-level research that can form the basis of innovation and new business models. Also, the skills of the future for business success are not only about technical knowledge, but also about opportunities for creativity, collaboration, communication, risk perception, leadership, negotiation, etc. Therefore, it is necessary to adapt educational institutions in time, their cooperation with the business community and systematic training trainees with internationally certified skills and knowledge.

New innovative entrepreneurship for sustainable development. Startups enrich society and economy with innovative ideas, fresh perspectives and modern business models. But they are also creating new global industries through the provision of digital services produced in local R&D centers, as the first two Greek unicorns prove. Turning the country into a regional center for attracting and developing innovative business requires the use of research results, and start-ups need support to cope with a lack of resources and organizational readiness and develop in demanding international markets.

Digital transformation. The use of data – through business intelligence and artificial intelligence – can now be leveraged by management as it can support complex business decisions related to efficiency and effectiveness. At the same time, increased use of digital technologies can bring significant benefits, as they allow you to redesign internal processes and personalize the customer experience, and even transform the business model with new services. However, the proper use of digital transformation is a major challenge for SMEs due to limited resources and lack of know-how.

*Georgios I. Doukidis is a professor at the Athens University of Economics and Business.