Get the most out of your business idea!

What are the basic steps you should take to develop your idea?
Thousands of start-ups in recent years have led the way and prepared the global market for the ways in which a truly good idea can bring about change and, above all, deservedly earn the trust of consumers. However, when the moment comes to implement an original idea, no one can deny the importance of the right kind of support.

What are start-ups and why do they align with innovative technologies?

The term “start-ups” is usually used to describe new businesses that display rapid growth or strong prospects of achieving such growth, usually with a strong technological component. Also, many of them aspire to create a new market or develop an existing one. Investors are often attracted by such enterprises, managing to distinguish them by specific features, such as the potentially low — at least initially — cost of implementing the business plan, which is usually combined with high risk and expectations of high returns. 

An additional feature of start-ups is the potential for rapid growth, with relatively little initial capital expenditure and minimal needs in manpower and facilities. 

To sum up, a start-up: 

  • usually springs from an original idea
  • is characterized by innovation
  • holds out prospects of rapid growth 
  • needs capital to grow

Get the most out of your business idea!

Funding opportunities

Start-ups can attract various types of funders, be they private investors or venture capital funds. In addition, many start-ups take off with the support of various official bodies, such as state development agencies or banks, which have created special programs to support them. 

One such example is NBG Business Seeds, a program that includes actions designed to highlight and promote innovative ideas, training and mentoring of teams, and provide infrastructures, networking and financing. It is notable that in its 13 years of activity NBG Business Seeds has granted financing totaling more than €5.5 million, awarded cash prizes totaling more than € 600,000 and various funding packages to start-ups. 

Copyright protection is key

A key point for the successful journey of a start-up and ability to attract investors is to secure intellectual ownership of the products or services that are being offered. 

Since start-ups usually make extensive use of technology and internet capabilities, it's very important that they apply from the outset a proper policy for safeguarding their intellectual copyright. 

Elevate Greece and My idea

Elevate Greece is an initiative of the Ministry of Development and Investments, which aims at mapping start-ups and supporting their growth, with the ultimate goal of fostering a strong innovation ecosystem. 

The initiative starts out from the digital portal elevategreece.gov.gr through which Greek start-ups can sign up to the National Register of Start-ups and receive official certification from the General Secretariat for Research and Innovation of the Ministry of Development and Investments. 

The National Register of Start-ups aims to monitor their progress based on specific KPIs, to support them with specific benefits, while at the same time acting as a pole of attraction for Greek and foreign investors. 

Interested parties can register in the following two ways: 

  • Fast Track, without evaluation, for start-ups that present specific features

            and

  • After evaluation by two independent judges

The submission of relevant requests to register takes place in three different cycles each year.

Greek enterprises and innovation

In Greece, 57.7% of businesses are characterized as innovative. With a focus on small and medium-sized enterprises, especially those that not only implemented innovative activities but went on to launch new products or implemented new business processes, our country, at 56.87%, is in 13th place among OECD member countries. 

Note that the respective figure for the 39 OECD countries is on average 53%. 

Don't let your idea wait

Based on cutting-edge technology, innovation and fresh ideas, start-ups show potential for substantial growth and significant returns for owners and investors. One needs only to recall that some of the largest tech companies of our time began as start-ups, whose inspirers dared the seemingly impossible.  At the same time, there are many examples that prove that even a good idea needs the appropriate guidance and support to survive, develop and succeed in the market.

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