Filippos Zakopoulos the Executive Director of the Found.ation, discusses the evolution of the start-ups ecosystem in Greece and the Balkan region and how the European Union is supporting and enabling further growth.
The Digital Post: How the Found.ation operates to help tech startups build?
Filippos Zakopoulos: Found.ation has been a key player in the startup scene since 2011. Starting as a co-working space and then acting as an incubator, it has provided a great number of startups with valuable advice and access to a big network of key players of the startup ecosystem, such as mentors and investors. Also, having some of Greece’s largest companies as its clients, Found.ation has contributed in organizing acceleration programs, innovation competitions and hackathons, thus contributing in creating more opportunities for Greek startups, as well as startups from the greater Balkan region.
Looking more specifically into the acceleration and incubation pillar, a number of the companies that have taken part in Found.ation’s programs have raised 6M Euro in funding from local and international VCs. This corresponds to 15% of all VC-backed technology companies in Greece during 2013-2016.
Moreover, Found.ation acts as the local touchpoint for many international institutional investors, VCs and accelerators. Found.ation events have hosted so far Seedcamp, TheFamily, T-Ventures, Hub:raum, Axel Springer Plug&Play, Eleven, Launchub, Kompass Digital, Mojo Capital, 212 Ventures and the European Investment Fund, among others. Since 2015, Found.ation signed an exclusive agreement with the European open innovation organization EIT Digital, under the Arise Europe Program, with the objective of strengthening the Greek startup ecosystem, through the implementation of common, well-structured initiatives. The aim of the collaboration is to foster the ecosystem, support startups, give them faster access to the wider European market and hook them up with potential investors.
TDP: What are the plans for the forthcoming future?
FZ: Found.ation originally established in 2011 as one of the first co-working spaces in SE Europe, but has evolved also as a digital transformation consultant for corporations and a tech education hub. Our team strongly believes in the interaction between established corporations and startups. One of the key roles of Found.ation is to highlight these opportunities for cooperation between these two polar opposites and we already work with companies and organizations such as COSMOTE (Greece’s top telecommunication provider), Eurobank (one of the country’s largest banks) and the Municipality of Athens to make this happen. But startups are not the only ones to benefit from this kind of cooperation. Incumbents need to transform in order to stay agile and competitive and Found.ation helps them design innovative digital strategies, by teaching them how to adopt a more entrepreneurial mindset.
TDP: How do you see the European startups ecosystem evolving?
ZP: Europe is still far from becoming a new Silicon Valley, but on a more local level there are a lot of cities emerging as mature hubs, providing fertile soil for entrepreneurial bloom, like Amsterdam, Paris and Stockholm, among established spots like Berlin and London. The rest of the European countries are following their lead –Hungary and Estonia are emerging nods–, although they have yet a lot of distance to cover. Even in Southern and Eastern Europe, where the financial situation poses a significant barrier for prosperity, one can see optimistic signs of progress.
TDP: Is the European Union doing enough? What further actions should be taken in your view?
ZP: The first step towards solving a problem is identifying it. Europe has understood that it needs to take action and help local startup ecosystems in order for them to help boost their countries’ economies. A good example in this direction is the launch of EquiFund in Greece, part of the Commission’s Investment Plan for Europe. The new €260m Fund-of-Funds program, managed by the European Investment Fund, aims to boost entrepreneurship, by attracting private funding to all investment stages of the local equity market. But unlocking the equity potential in the market is only one part of the equation. The next step is to create policies that will enhance survivability and strengthen the ecosystem, such as tax and regulatory incentives. These measures need to be applied in local as well as pan-European level.