(Editor’s note: This post on incibuators and accelerators in Athens is part of Dispatches’ Tech Tuesday series. Dispatches covers tech because so many of our highly skilled internationals are founders and innovators.)
Greece has generally not been known for offering a very business-friendly environment. However, that may be changing over time. A new generation of Greeks, many of whom have been educated abroad and have extensive experience in foreign institutions, are trying to make Athens into a new hub of creativity and innovation.
Thanks to the backing of government, corporate, and private institutions, startups across a huge range of sectors now have some incredible incubators and accelerators to help them grow from a simple idea into a thriving business.
THEA – Athens Startup Business Incubator
Located in the heart of Athens, this incubator is hosted on the premises of the Athens Chamber of Commerce and Industry (ACCI). It aims to provide everything a fledgling startup needs: marketing and logistical support, legal and accounting support, access to experts, administrative support, and even actual physical space. Up to 50 business groups can call THEA home at any one time. They can work out of the provided workplaces in the heart of Athens, use the meeting and common spaces, and rely on their provided desktop and high-speed internet access to get work done. Consumables and most fixed monthly operating costs are also covered by THEA, so you don’t have to worry about them.
As you might imagine, an incubator that offers this much support also expects a well-thought out business plan, one that has to be approved by both ACCI staff and a Business Idea Evaluation Committee. But the boost it will give to any new business is more than worth it.
Submit your idea on the THEA website and see what happens.
Egg Accelerator
Widely recognized as one of the most successful accelerators in the country, Egg has a great track record of supporting entrepreneurs via mentorship and financing for more than 13 years. The accelerator has invested 59 million euros in financing to more than 1,600 entrepreneurs. Some of their alumni now run companies such as Augmenta (acquired by CNH), listed on U.S. equity markets, with valuations of more than $100 million.
Egg isn’t focused on any one particular industry; as long as you have a bold, innovative idea and great plan to back it up, they’re willing to listen.
Alumni operate across a range of sectors, including biotech, tourism, agriculture, sustainable development, and health and wellness.
In addition to financing and networking, the Egg Accelerator provides mentorship from highly experienced and successful professionals, as well as training in marketing, business, and finance, to help you meet your startup goals. They also give you opportunities to travel and find potential partners and clients in Europe, North America, and the Middle East.
Whether your startup is just an idea in your head, a small company at the very start of its journey, or a somewhat experienced business that needs some guidance, Egg takes on entrepreneurs at many different stages of their journey every year.
CapsuleT Accelerator
No list of accelerators and incubators would be complete without one that focused on Greece’s most well-known industry: tourism. If your startup idea is related to the tourism sector – whether it deals with hospitality, sustainable tourism, AI solutions, booking tools, or operations management – you definitely want to check out CapsuleT Accelerator.
Startups that are accepted into the accelerator program will follow a five-month program, led by experts and leaders of the tourism industry in Athens and in Greece in general. After the program is completed, they can continue to work in the provided space for an additional two years to get their business off the ground. During the program, entrepreneurs will not only get guidance and mentorship, but also have the ability to visit and study successful tourism operations, as well as network with potential clients and collaborators.
ESA Business Incubation Center
Here’s a very specific incubation center you probably didn’t know existed: ESA is almost entirely focused on space-related startups. But you don’t have to be an astronaut or engineer! They specifically look for startups that have plans for how non-space technology can be developed for and applied to space travel, as well as the reverse; how space technology can be adapted for industrial, scientific, and commercial uses right here on earth.
If you think this describes your startup, they have a permanent open call to their program, but with specific cut off dates for processing each round of applications. Eligible startups receive funding, office space with high-end infrastructure and technology to help them achieve their goals, networking opportunities, and dozens of hours of tech, legal, and business development support.
The next entry cutoff date is 16 February, and you can apply here.
Startab
For entrepreneurs between 18 and 35 years old, Startab provides a crash course in pretty much everything regarding running a business. If you’re looking for a program that’s more educational, and one that runs over a shorter duration, Startab may be the one for you.
From forming and implementing a solid business plan, to conducting market research, to all the legal and insurance education necessary for running a business, you will not only learn how to start a business but also get feedback on your current idea and plan from experienced mentors.
The program is supported by King’s Trust International and run under the auspices of Corallia, one of the most important development hubs in all of Greece. Corallia also runs the previous startup, ESA Business Incubation Center, and is a good organization to watch, as they come up with innovative startup support programs all the time.
Things to check before applying for accelerators and incubators
This is by no means an exhaustive list of all the programs available in Athens; new accelerators rand incubators are popping up in the Greek capital every year. Not to mention the thriving startup support system emerging in Thessaloniki, Greece’s beautiful “second city.”
Before you apply to any of the programs you come across, you will want to check age requirements, business age requirements (some accelerators, for example, want your startup to be less than five years old) and residency requirements.
Though some programs accept all visa-holding expats with the ability to work in Greece, some may have an extra requirement for permanent residency.
Joanna Kalafatis
Joanna Kalafatis is a Greek-American travel writer and actress who has lived in Greece, the U.S., and the UK, and currently resides in Athens, Greece. She wrote "Best of Greece" for Moon Travel Guides and has a travel blog at LosetheMap.com; her work has also appeared in Time Out New York, Business Insider, and Matador Network. Joanna has traveled to over 50 countries and plans to visit every destination in the world.
