The Greek revival you’re not watching (however in all probability needs to be)

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

Whereas the worldwide highlight typically 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 when stood on the precipice of financial collapse hasn’t merely rebranded itself as an “Innovation Nation.” It’s turning intelligent advertising and marketing into actuality, with coverage shifts, investor curiosity, and a renewed sense of function 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 may be vital room to develop,” he conceded, however “the celebrities are aligned.”

It didn’t occur with out effort. Greece, Mitsotakis defined, made a “aware choice” half a dozen years in the past to develop past its conventional financial strengths like tourism and hospitality. “Tech might be 10% of our financial system. That is completely doable,” he mentioned, 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 typically heard from heads of state.

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

Due to AI, in actual fact, the Prime Minister sees an opportunity to doubtlessly skip forward. “We need to use expertise to leapfrog,” he mentioned. “Not simply to catch up, however to really 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 packages like a Microsoft-backed AI system that slashed authorities contract evaluation occasions from hours to minutes.

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

A important ingredient of this transformation is expertise. Greece is working to reverse the mind drain that noticed 1000’s of expert employees depart through the monetary disaster. “The tax breaks are there – a 50% low cost on earnings tax for seven years,” he mentioned. 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 an excellent job alternative, in the event that they really feel they’ll 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 packages launched final 12 months designed to convey expert overseas employees and entrepreneurs into the nation. (Whereas the final initiatives are nonetheless within the pipeline, they appear to mirror a broader dedication to openness.) “It is a world struggle for expertise,” Mitsotakis mentioned. “We have to make it simple 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 gives, not like through the depths of the disaster, is predictability, stability, and momentum. “Is that this nation shifting in the correct course?” he requested rhetorically. “The reply is sure.”

For Mitsotakis, the final word purpose is to make Greece’s progress “irreversible.” Whereas legacy constructing isn’t his focus, he mentioned, 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 need to make sure that the nation’s progress continues apace.

“We are able to’t [perform] miracles,” says Mitsotakis. “We are able to’t make up misplaced floor in a few years. However I believe we’ve damaged out of the vicious cycle of the previous, and I do see expertise as an ideal alternative, each for the non-public sector and for the federal government.”

You possibly can catch our full interview with Mitsotakis under.