Discover the Must-See Hidden Gems of Greek Revival Architecture!

Greece is often overlooked on the global stage, a notion that might be a significant misjudgment. Celebrated for its stunning islands, sun-drenched cities, and rich cultural history, Greece is quietly setting the stage for an unexpected evolution — a dynamic, contemporary tech economy.

Despite the lack of global spotlight, genuine advancements are taking shape, particularly in Athens. This nation, which once faced economic turmoil, is actively rebranding itself as an “Innovation Nation.” It is effectively turning marketing narratives into reality through policy shifts, increased investor enthusiasm, and a renewed commitment to technology and entrepreneurship.

During a recent conversation with Greek Prime Minister Kyriakos Mitsotakis on Thursday evening, he conveyed to TechCrunch that Greece isn’t just catching up; it’s poised to make an impression. “There are tremendous growth opportunities,” he said, indicating that “the stars are aligned.”

Such transformation didn’t happen by chance. Mitsotakis pointed out that six years ago, Greece intentionally chose to diversify its economic foundation beyond its traditional tourism and hospitality industries. “Technology could contribute 10% to our economy. This is entirely achievable,” he asserted, emphasizing the rise in startup activity, growing investments, and a revitalized network of entrepreneurs and venture capitalists. Drawing from his venture capital background — as the founder of Greece’s first incubator in 2001 — he shared insights that are rarely expressed by government leaders.

Although Greece is a newcomer to Europe’s tech landscape, this timing could actually facilitate its rise. With limited resources for imprudent investments, Greece has evaded some of the inflated valuations and failures that plague more seasoned ecosystems. With a relatively fresh start, the country is positioning itself rapidly at the forefront of emerging technologies — particularly in artificial intelligence.

With AI, the Prime Minister believes Greece can advance rapidly. “We aim to leverage technology to leapfrog,” he remarked. “Not simply to catch up, but to actually surpass several European nations.” He noted Greece’s progress in digitizing public services, even edging out Germany in certain aspects, and mentioned innovative projects like a Microsoft-supported AI system that has significantly slashed government contract review times from hours to mere minutes.

This dual approach of nurturing startups while modernizing governance enhances Greece’s AI aspirations. Mitsotakis envisions Greece as a center for responsible innovation, especially in sectors like healthcare, civil safety, and defense. “We’re not only discussing the outputs of the startup ecosystem. We are utilizing these technologies ourselves, fostering a more entrepreneurial mindset within the government.”

A critical factor in this transformation is talent. Greece is actively working to reverse the brain drain that resulted in the departure of skilled professionals during the financial crisis. “We offer tax incentives — a 50% income tax reduction for seven years,” he remarked. However, he acknowledged that “people won’t return just for tax benefits. They will return for improved job opportunities, fulfillment, and the chance to grow their businesses in Greece.”

In this regard, we also discussed recent updates to Greece’s “Golden Visa” program, which now offers residency permits for third-country nationals who invest at least €250,000 in a Greek startup listed in the Greek National Startup Registry. We touched on two new initiatives launched last year aimed at attracting skilled foreign workers and entrepreneurs. While these initiatives are still being optimized, they reflect a broader commitment to openness. “We are competing globally for talent,” Mitsotakis confirmed. “We need to simplify processes for Greek talent to return and for remote workers to consider Greece.”

Mitsotakis further stressed the importance of extending tech growth outside of Athens, as new hubs are emerging in places like Thessaloniki, Heraklion, and various university towns. “This narrative must also include regional development.”

Yet, the Prime Minister recognized ongoing challenges, including the pace of legal reforms, the need for more late-stage funding, and the complexities involved in navigating the European market. Nevertheless, he remains hopeful that Greece now offers, unlike in the past, predictability, stability, and momentum. “Is this country heading in the right direction?” he asked rhetorically. “The answer is yes.”

For Mitsotakis, the ultimate goal is to make Greece’s progress “irreversible.” Although leaving a legacy isn’t his primary ambition, both he and the roughly 300 investors and founders present at our discussion — many of whom have jubilantly returned to Greece from the Bay Area, London, and further — are undeniably dedicated to ensuring the nation’s continuous advancement.

“We can’t [perform] miracles,” Mitsotakis stated. “We can’t make up for lost time in just a few years. Nonetheless, I believe we’ve liberated ourselves from the detrimental cycle of the past, and I see technology as a monumental opportunity for both the private sector and the government.”

You can watch our full interview with Mitsotakis below.