Launch of the Innovation Challenge by Elevate Greece and the Hellenic Development Bank (HDB)

The 4th Innovation Challenge, the leading innovation and entrepreneurship competition in Greece, organized by the Hellenic Development Bank (HDB) and Elevate Greece, places the dynamism of Greek innovation at its core.

The launch of the 4th Innovation Challenge was announced at a special event held at the “Konstantinos Michalos” Entrepreneurship Center of the Athens Chamber of Commerce and Industry (EBEA), attended by numerous representatives of the business community.

The competition serves as a key reference point for the Greek entrepreneurial ecosystem, with a focus on promoting innovation, technological development, and the growth of startups in Greece.

The Alternate Minister of National Economy and Finance, Nikos Papathanasis, stated:
“Supporting entrepreneurship, competitiveness, internationalization, and innovation is a strategic priority of the Kyriakos Mitsotakis government. In line with this strategy, we implement targeted programs to support SMEs through the Hellenic Development Bank. Through TEPIX III and the Innovation Guarantee Fund, we expand the range of SMEs with access to low-interest financing from banks, combining for the first time grant coverage of a large portion of loan capital with a high guarantee rate of up to 80%. Moreover, through the Innovation Guarantee Fund—the first financing instrument aimed at supporting both new and existing SMEs that advance research and innovation—20% of the loan can be converted into a grant if specific innovation criteria are met. The thematic areas of this year’s competition further highlight our focus on developing digital platforms to accelerate the connection between research and market application, promote commercialization of innovation, and strengthen productivity, competitiveness, and export capacity, particularly for agricultural enterprises. We continue to actively support entrepreneurship to create more innovative startups and ultimately more and better-paid jobs. By investing in young people, we are designing a better future for all citizens.”

Sophia Kounenaki-Efraimoglou, President of EBEA, emphasized the importance of innovation for business development and the Greek economy:
“Over the past 10 years, the Athens Chamber of Commerce and Industry has systematically invested in promoting innovative entrepreneurship. We actively support the Annual Innovation Competition by HDB and Elevate Greece, hoping to highlight innovative business teams and ideas, providing them with momentum to enter domestic and international markets.”

Tasos Gaitanis, Secretary General for Research and Innovation and Chairman of the Elevate Greece Board, added:
“Through initiatives like the Innovation Challenge, the state and business community provide incentives for young entrepreneurs to create. The government invests in R&D and provides generous tax exemptions for companies investing in research. Our goal is to continuously create opportunities for new innovations and entrepreneurial activity in Greece.”

Fragkiskos Theophylaktos, CEO of Elevate Greece, highlighted the organization’s role as the National Registry of Startups, emphasizing its commitment to supporting Greek startups through strategic actions, including collaboration with HDB. Key pillars include strengthening startups’ skills in areas such as international development and intellectual property, as well as connecting them with markets through international participation and events across Greece to promote collaborations and investments. The importance of ecosystem data collection was also stressed, enabling policies that respond to business needs and facilitate international growth.

HDB CEO, Ismini Papakyriellou, invited businesses to participate:
“For the 4th consecutive year, we organize the successful Innovation Challenge with Elevate Greece, supporting innovation and startup entrepreneurship. Specifically, HDB offers the two winning companies Proof of Concept (PoC) funding of up to €20,000 each, with the potential for commercial collaboration contracts. We demonstrate the importance of creating a platform connecting tech startups with investors using AI, as well as capturing the environmental footprint of production through the development of a GIS system for agricultural businesses. These initiatives serve as tools to strengthen Greek SMEs in line with HDB’s central mission.”

The event was also attended by HDB Chairman George Zavvos, Vasiliki Loizou, General Secretary for Industry and Vice-Chair of Elevate Greece, and Nikos Papoutsis, Special Advisor of Elevate Greece. During the event, the terms of the 4th Innovation Challenge were presented by HDB’s Director of Innovation, Panagiotis Papageorgiou, while two previous winning startups showcased their successful innovative solutions: “ESG Tracker” and “Innovation Scorecard.”