ATHENS – After being hindered for years by a clientelist system rewarding political allies however holding down entrepreneurs, Greek startup corporations are beginning to blossom, bringing in $1 billion in investments in 2021.

Deputy Improvement & Funding Minister Yiannis Tsakiris advised the state-run Athens-Macedonia Information Company (AMNA) that, “Greek startups stand out for his or her excessive innovation and human potential ranges”.

He stated that sources of funding got here from the Hellenic Improvement Financial institution of Investments (EATE) and the Q-Fairness program, which allocates almost 400 million euros ($403.42 million) by means of the Restoration Fund to new funds in non-public fairness/enterprise capital corporations that can put money into Greek revolutionary enterprises.

Regardless of the impact and aftermath of Russia’s invasion of Ukraine, he stated startups within the nation and throughout the European Union aren’t being affected considerably and that there have been 21 corporations with a value of greater than $1 billion beginning within the second quarter of 2022, amongst a complete of 187 new ventures.