Much of the world is now not paying close attention to Greece. That could be a mistake. Best known for its stunning islands, sun-soaked cities and deep historical roots, Greece has quietly laid the foundations of what is expected – the modern resilient technological economy.
The international spotlight often misses it, but as this editor discovered this week in dozens of conversations in Athens, reality is happening on earth. A country that once stood on the cliff of economic collapse, has not simply rebranded itself as a “innovation country.” It is turning smart marketing into reality with policy change, investor interests, and a new sense of purpose around technology and entrepreneurship.
Indeed, he sat down on Thursday night with Greek Prime Minister Kiriakos Mitotakis, who insisted on TechCrunch that Greece was not only catching up but also ready to surprise. “There’s an important space to grow,” he admitted, but “the stars are in line.”
It didn’t happen without effort. Mitotakis explained that Greece had made a “conscious decision” half a decade ago to expand beyond traditional economic strengths such as tourism and hospitality. “Technology can be 10% of our economy, which is completely viable,” he said. He cited the growing energy-growth foundations of the founders of ecosystems and VCs. Painted from his own background in venture capital – he founded Greece’s first incubator in 2001 – he spoke with a sense of urgency that he had never heard of from the head of state.
Greece may arrive late at European tech parties, but the timing may actually prove to be advantageous. Without capital to make a bad bet, Greece avoided inflated assessments and failed ventures that were squeezing more mature ecosystems. With relatively clean slates, the country is moving rapidly to grab emerging technologies, especially artificial intelligence.
In fact, thanks to AI, the Prime Minister believes he may skip ahead. “We’re using technology to fly around,” he said. “Not only to catch up, but actually do better than many European countries,” he pointed out that he had succeeded in digitalizing Greek public services — which he said had far surpassed even Germany in some respects — and pointed to pilot programs like Microsoft-backed AI systems that have reduced government contracts from hours to minutes.
The dual strategy of modernizing government and fostering startups forms the backbone of Greek AI ambitions. Mitsotakis envisions Greece as a responsible innovation lab, especially in areas such as health, civil protection and defense. “We’re not just talking about what the startup community is doing. We’re technology clients, and as a government, we want to have more startup thinking.”
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A key element of this transformation is talent. Greece is working to reverse the brain drain that saw thousands of skilled workers leave during the financial crisis. “There’s a tax credit, a 50% discount on your seven-year income tax,” he said. However, he also admitted, “People aren’t going to come back just for tax deductions. If they have good job opportunities, they can do something rewarding and if they can actually grow their business in Greece, they will come back.”
To that end, in our conversation, we touched on a recent change to the Greek “Golden Visa” program, which grants residence permits to third country citizens who invest at least 250,000 euros in Greek startups registered in the Greek national startup registry. He also discussed two new programs last year designed to bring skilled foreign workers and entrepreneurs to the country. (The final initiative is still in the pipeline, but they seem to reflect a broader commitment to openness.) “This is an Earth War for Talent,” Mitotakis said. “It needs to be made easy for Greek talent to return or anyone who lives everywhere can choose to work here.”
Mitsotakis also highlighted the importance of expanding tech beyond Athens with hubs appearing in Thessaloniki, Heraklion and other university cities. “This should also be a story about local development.”
Still, the Prime Minister acknowledged the ongoing challenges, including the eye-opening pace of legal reform, the need for capital in the later stages, and the complexity of running business across the European market. But what he believes Greece is offering now is predictability, stability and momentum, unlike during the depths of the crisis. “Is this country moving in the right direction?” he asked rhetorically. “The answer is yes.”
For Mitotakis, the ultimate goal is to make Greece’s progress “irreversible.” While the legacy building is not his focus, he said that both the roughly 300 investors and founders who gathered for Mitotakis and our sit-ins were happy to move back to Greece from the Bay Area, London and elsewhere.
“you can’t [perform] Mitsotakis said. But I think we’ve broken up from the vicious cycle of the past. And I see technology as a great opportunity for both the private sector and the government. ”
You can catch the full interview with Mitsotakas below.
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