Greece:
Brain Capital,
Youth Entrepreneurship and
the Startup Ecosystem
SOTIRIS SIRMAKEZIS
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GENERAL MANAGER
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GROUP CHIEF DIGITAL OFFICER
|
EUROBANK
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CONTENTS – 10’
Entrepreneurship
Accelerators & incubators
Venture capital investors
entergrowgo by Eurobank
Eurobank’s Fintech aspiration
Sotiris Sirmakezis
General Manager &
Group Chief Digital Officer
Eurobank Ergasias S.A.
20, Amalias Ave. & 5, Souri St.
GR 105 57 Athens
Tel.: +30 210 3337649
e-mail: [email protected]
Stronger out of the turmoil
• Best performance in 2015 stress tests = best NPL portfolio quality
• Thoroughly re-capitalized, solely by private investors
• Fairfax: largest single shareholder (c. 20%), large investments in
Greece incl. 80% of Eurolife
• Looking at the future with confidence and optimism!
• Huge transformation program in progress: the best bank in Greece
and SE Europe offering unique customer experiences by massively
embracing innovation and digital
The digital banking space
Group Digital Banking
Customer Experience
Management
Digital
Channels
End-to-End
Digitization
Program
Analytics & Marketing
Campaigns
Self-service
Banking
Innovation
Center
Digital
Marketing
Innovation CenterOrganization
Observatory & Laboratory
• Research and identification of
potential new innovation
opportunity areas & gamechanging new product ideas
• Assessment & development of
innovative products and
services deriving from the
research of industry’s best
practices and market trends
globally
Open Collaborative
Innovation
• Achievement of open
collaborative innovation both
within and outside the Group
• Utilization of a crowdsourcing
platform to create new
products and services with the
collaboration of customers and
employees
Startup Community
• Reinforcement and promotion
of the Bank’s role as an active
member of the startup
ecosystem
• Competitions and hackathons
to trigger creativity in the
digital space
• Incubation and acceleration of
champions
• Close cooperation with
Eurobank egg
Cultivation and promotion of the innovation culture within the group
YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG EN
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PRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURS
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YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG E
NTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRE
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TREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENE
YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG EN
EPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEU
UNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTR
YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG ENTREPRENEURSHIP YOUNG E
Young people
Very high level of education
Engineers: among the best worldwide
Extremely high young unemployment
Brain capital migration
8
Young entrepreneurship
9
Source: European Commission SBA Fact Sheet 2014
The young entrepreneur’s profile
• >30% in the 35-45 range
• Not the 20y+ Silicon Valley story
• Timing is critical
• Entrepreneurship by choice and not
driven by need
• Is it time for a culture / behavior
change?
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Source: Endeavor
Entrepreneurship 2.0
Innovation Examples
Industry Verticals
Tourism
Agribusiness
Energy / Clean Tech
thematic resorts, marinas, hospitality mgt, travel agencies, intermediation...
large scale produce, niche market products, organic, food technology...
capacity consolidation, alternative renewables, waste/energy mgt services, R&D...
ICT
sector relevant tech solutions, SME functional solutions, gaming, education...
FS
online / mobile products-services, integrated services, “bank branch 2.0”…
Health
Bio/Nano Tech
Trade / Commerce
generics, LTC care / patient support services, mobile health…
R&D for product and service innovation…
On-/off-line segmental product /service purchasing, in store experience…
GR has a competitive advantage
Innovation and/or growth provide opportunities
11
Source: Endeavor
CELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCEL
& INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS &
RATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERAT
ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS AC
ORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATOR
CUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCU
CCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACC
TORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATOR
S & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS &
ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS AC
ERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERA
RS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS & INCUBATORS ACCELERATORS
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Incubators & accelerators
1995
2008
2009
2012
2013
2014
13
An evolving landscape
• More than 10 new co-working, incubation, acceleration programmes
• More than 50 local & international competitions & awards for start-ups
• Global initiatives setting up shop
• 50M $ investment in 32 companies
• Investment increase through the usage of Jeremie Funds
• First exits e.g. Imagga, Bugsense, Antcor
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VENTURE CAPITAL INVESTORS VENTURE CAPITAL INVESTORS VENTURE CAPITAL INVESTORS VENT
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VC vehicles in Greece
Industry Focus
Pre- seed
20K€ - 60Κ€
Seed
150K€ - 250Κ€
1st Round
250K€ - 500Κ€
Openfund II
ICT
YES, with Found.ation
5
7
Jeremie Funds &
Institutional Investors
Odyssey
ICT
YES, with Metavallon
6
8
Jeremie Funds &
Institutional Investors
(ERB)
PJ Tech Catalyst
ICT
YES, with IQbility
5
5
Jeremie Funds &
Institutional Investors
Elikonos
ICT
1
2
Jeremie Funds &
Institutional Investors
Company
(Piraeus Bank)
(First Athens)
Attica Ventures
(Attica Bank)
NBG Business Seeds
(NBG Bank)
Renewables
Green Tech
NO
High Growth
NO
Comments
Own Capital &
Institutional Investors
2
Own Capital
VC Investments
Openfund II
Odyssey
Company
Investment
(,000€)
Company
Investment
(,000€)
Discoveroom
400
eConais
Dopios
240
Intelligent
PJ Tech Catalyst
(Piraeus Bank)
Elikonos
Company
Investment
(,000€)
Company
Investment
(,000€)
1700
Captainwise
60
Deliveras.gr
350
IQTaxi
500
Intale
750
Olive Media
1700
80
LiateR
25
Mist.io
59
Raymetrics
220
Incrediblue
450
Motion FX systems
100
Offerial
300
TravelPlanet24
3400
Locish
208
Locish
333
Parkaround
160
Longaccess
400
Sensorflare
25
Pollfish
350
Pockee
100
Swapdom
1500
Qrator
227
The Singularity lab
305
AfterSearch
25
Radiojar
617
Talos Avionics
200
Pinnatta
1800
Pinnatta
515
Tapely
200
TravelPlanet24
2600
Total Eclipse
400
Workable
750
Tribe
100
Total
3.8 M€
8.6 Μ€
3.0 Μ€
5.6 Μ€
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entergrowgo
The egg Program
• A Corporate Social Responsibility initiative of Eurobank,
designed and implemented with Corallia.
• An integrated incubation, acceleration and co-working
Program and its aim is to boost young innovative
entrepreneurship and improve employment opportunities for
young people in Greece.
• We, at Eurobank:
• We work to establish
a vibrant startup
scene in Greece, encouraging young
entrepreneurs to bring innovative ideas, willing to join
the startup ecosystem to emerge and thrive.
• Recognizes its essential role for the support of a
dynamic scale-up ecosystem, through a more active role
in mentoring, opening procurement channels
and businesses, as a way to maintain an edge in
innovation and corporate responsibility.
Phases: enter – grow – go
Enter phase:
young people (18-44) from Greece should submit their proposal, as
specified in the Invitation for Expression of Interest, which later will be evaluated by
distinguished experts on three assessment criteria: innovation content, prospect for
future trends, viability in the market
Grow phase:
the young entrepreneurs whose business plan will qualify for entrance to
the Program, will be supported to set up their business (if not already active).
During the next 12 months they will have the opportunity to focus intensively on the
development of their business idea. They will utilize the infrastructure and support
services that the Program provides in order to seek partnerships and synergies with
other participants as members of a developmental "ecosystem", at the egg.
Go phase:
participation in the Program is completed by all participating businesses as
their business plan getting matured and tested in the market. The entrepreneurs are then
ready to finance their business either by utilizing Eurobank financial services and business
network as well or/and proceed to the capitalization of their idea individually.
Program Main Services
One-Stop-Shop Services
Infrastructure
•Investors’ network
•Accounting / Business management
•IPR claim and protection
•Human resources management
•Corporate identity & communication
•IT Support
•Office Spaces
•Web hosting
•Software / Hardware
•Meeting & Entertainment
spaces
•Office facilities
Business Training
Mentoring
•Intensive and practical training
program (3m “business bootcamp”)
•Ad hoc seminars and lectures
•Distinguished entrepreneurs who
provide advice and guidance
Financial Tools & Business Networking
•Designed to support business operations and development, to strengthen their economic viability
•ERB pre-seed/seed financing, financing cash flow & fixed assets
•Reward system according to egg’s key performance indicators (KPIs)
egg Advisory Board
The Program is supervised by a 10-member Advisory Board, composed of prominent
scientists, entrepreneurs and market experts.
Mr. Michael Bletsas - Director of Computing, MIT Media Lab
Mr. George David - President of BoD Coca-Cola HBC A.G
Mr. George Doukidis - Professor at Athens University of Economics & Business, Director of ELTRUN
Mr. Nikos Embeoglou - President of The Board, ΑLBA Graduate Business School
Mrs Marina Hatzopoulos - Levitronix Technologies
Mrs Nelly Katsou - Vice President, Pharmathen S.A.
Mr. Rafael Moissis - Deputy Chairman, IOBE
Mr. Iosif Sifakis - Director of the “Rigorous System Design” Laboratory at EPFL, CNRS Grenoble
Mr. Efthimios Vidalis - Vice Chairman of the Hellenic Federation of Enterprises (SEV)
Mr. Dimitrios Vlastos - President of the Board, Bodossaki Foundation
egg Steering Committee
The Program is steered by C-level executives of both Eurobank & Corallia
Mr. Stavros Ioannou – Deputy CEO Group COO & International Activities, Eurobank
Prof. Vassillios Makios – Co-founder & General Director, Corallia
Mr. Sotiris Sirmakezis – General Manager and Group Chief Digital Officer, Eurobank
Dr. Nikolaos Vogiatzis – Co-founder and Chief Development & Operations Officer, Corallia
Mr. Michael Vlastarakis – General Manager, Group Marketing & Corporate Comms, Eurobank
Dr. Jorge Sanchez-Papaspiliou – Co-founder and Chief Strategy & Financial Officer, Corallia
Mrs. Martha Kesisoglou – Manager, Marketing for Wholesale Banking and CSR, Eurobank
Sponsors & Supporters
• Sponsors
• Supporters
Achievements
63
15
women as CEOs
€800K+ FY2014 sales revenue
73
business seminars
5
raised equity funding
260 meetings with mentors
10
financed by Eurobank
7
patents
365 one-stop-shop services
meetings
128
new hires
45
synergies among teams
incorporated companies
240 publicity/promotion
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The banking industry is being disrupted
Tech giants disrupt banks…
…but digital disruptors jump out of every corner…
Comparison engines Bankrate.com
Virtual currencies Bitcoin
Digital money managers Mint.com
Mobile point of sale (POS) Square
Digital retirement-plan advice Rebalance
IRA
Mobile payment Dwolla
Digital financial advice eyeOpen
Digital wallet PayPal
Social lending Prosper
Small business funding Kabbage
Crowdfunding Kickstarter
Corporate forex The
Social investing eToro
Digital banks Moven
Social insurance Friendsurance
Digital investment managers Nutmeg
P2P currency exchange TransferWise
Digital insurers Coverbox
Currency Cloud
…they create their own financial eco-system
13.000
FinTech
Startups
Igniting the Greek FinTech Scene
• Eurobank has setup and Innovation Center within the Digital Banking area
• Organize the first integrated FinTech hackathon, completely setup by a bank
• Mentorship and support by significant sponsors
• Provide a Banking API (Applications Programming Interface)
• Select the best MVPs (Minimum Viable Products)
• Offer the best teams acceleration and/or incubation @ egg or Eurobank
• Adopt the final product and promote it to Eurobank’s customers
• Acquire the talents or help them get properly financed
The future
We aspire
to become the catalyst for the consolidation and
empowerment of the Greek startup scene
and
to ignite the creation and help the enlargement of
the Greek FinTech scene
Thank you
@sotiris11
[email protected]
sotiris.sirmakezis