The Case of Greece“Youth Entrepreneurship:

Challenges and opportunities”

Andreas Stefanidis

PresidentFederation of Hellenic Associations of Young

Entrepreneurs

2001 – 2013

1. ΕΣΥΝΕ ATHENS-PIRAEUS AND PROVINCE2. ΕΣΥΝΕ THESSALONIKI AND CENTRAL MACEDONIA3. ΕΣΥΝΕ THESSALIA4. ΕΣΥΝΕ EPIRUS5. ΕΣΥΝΕ IONIAN ISLANDS6. ΕΣΥΝΕ NORTH AEGEAN7. EΣΥΝΕ OF ARKADIA8. ΕΣΥΝΕ SOUTH AEGEAN9. ΕΣΥΝΕ WEST GREECE

Since 2001Since 2007

What we define as Seed investment…

Every investment in Equity or Convertible Debt of less than 300.000€

1 Seed = 1 Opportunity to create

Endeavour findings, the Ecosystem…

• > 55 supportive institutions the last 3 years• Many startup awards and competitions• Increasing number of co-working spaces,

accelerators / incubators• More than 75m€ Public funding for

Mentorship, Education and Acceleration…• 80m€ available for ICT Startups from 4 VCs,

70% of which is Public money.

Data from Endeavour Greece, YPAN

Findings, view from Startupsɥ Since 2010 invested capital in Seed ~ 3,5mۥ 800 Unique Funding Applications (UFA) for Seed

Capital to financing actors in 2013• 2% Application Success Rate (ASR)• 16 ICT Startups had access to Seed in 2013• That is 1,6 Seeds-PMC (Per Million Capita)• In 2013, 122 Startups started with NO finance, just

pocket money and FFF’s !• Since 2010, from just 30 Seeds we resulted to more

than 10 success stories…

Data from OESYNE and Endeavour Greece

Our conclusions…

• More than 75m€ funding for the ecosystem• Less than 3,5m€ Seed funding for Startups• That’s a 20:1 ratio of Ecosystem vs Startups• Just >> 16 << Seed investments in 2013!!!• 3 Supportive Institutions for every Seed…!

More than 780 ideas in 2013 didn’t get funded!

Let’s compare…Greece Estonia

80 UFA-PMC 60 UFA-PMC

ASR2%

ASR32%

19 Seeds-PMC2,2 mil€-PMC

1,6 Seeds-PMC0,25 mil€-PMC

Let’s compare…Greece Estonia

80 UFA-PMC 60 UFA-PMC

ASR2%

ASR32%

19 Seeds-PMC2,2 mil€-PMC

1,6 Seeds-PMC0,25 mil€-PMC

So our target must be:

We must get in Greece at least the numbers of Estonia in Seed Funding:

20 Seeds-PMC (Per Million Capita)

Is this possible in one year from now?

What about VC’s

• VC’s all over the world are run by the 2-20 rule• The typical ASR for VC’s in Seed is 2%

If we want to get the target with VC’s:

We must give 1billion € to VC’s

AND AT THE SAME TIME

Push Startups to file 30.000 Unique Funding Applications in 3 years!!!

Is this possible???... NO

Reality check…

To get Greece in the financing of Startups at least close to what Estonia does today, classic tools

like VC’s can’t do the trick…

20 Seeds-PMC (Per Million Capita)

Is this target possible in one year from now?

Off coarse but NOT with VC’s

Check out www.startingup.gr