Recognizing the need to highlight entrepreneurial ideas that can transform our country into a productive, extroverted, and competitive economy and aiming to provide comprehensive support to innovative scientists, research teams, and start-up entrepreneurial efforts to realize their potential and their vision, the National Bank of Greece has been implementing for 15 years a holistic program to support innovative and extroverted entrepreneurship in all its phases, Business Seeds.
Business Seeds was born out of the necessity to bring to fruition the seed and passion of entrepreneurship, in a time of crisis and uncertainty for the new generation. Today, it focuses on acting as a solution to the brain drain, rewarding innovation and pioneering, within a holistic approach, following an internationally successful model of supporting startups.
The Business Seeds programme implements actions:
highlighting and promoting innovative ideas and projects through the institution of the annual “Innovation and Technology Competition”
training and mentoring of teams in cooperation with the country’s largest universities and institutions,
providing infrastructure and networking in cooperation with Greek and foreign organizations, incubators, and consulting companies of global standing,
financial support for start-up companies through specialized financial tools, direct participation in their equity capital, and the exploitation of synergies with investment funds, participation of European and international funds to strengthen the Greek innovation ecosystem.
The Innovation & Technology Competition
The annual Innovation & Technology Competition of the Business Seeds program has evolved into one of the most important institutions supporting and highlighting start-up entrepreneurship. For 15 years it has been translating the dreams and hopes of young people into business ideas, allowing the new generation to spread their wings in the global business reality. Through the Competition, original ideas and business plans have the opportunity to stand out, grow, and develop into successful startups. The proposals are evaluated by Rectors and Professors of 12 university institutions, senior executives of the National Bank of Greece, business executives, and entrepreneurs. To date, the Competition has welcomed 8,223 participants with 4,792 proposals, has produced 140 winning companies, and has awarded cash prizes of €686,000.
Participation in the Business Seeds Innovation & Technology Competition is a unique opportunity for new businesses and startups to establish and strengthen their market position. Especially at a time when innovation is a key pillar of economic growth, participation in the Competition can bring multiple benefits, both for the companies themselves and for the wider business community. Let’s look at the main reasons why participation in the Business Seeds Competition is particularly important.
1. Opportunity to highlight innovative ideas
The Business Seeds Competition offers participants the opportunity to showcase their innovative ideas to a wide audience, including investors, program partners, and other successful professionals from various industries. Through the process of participating in the Competition, young entrepreneurs have the opportunity to showcase their products or services and convince interested audiences of the value and viability of their ideas.
2. Mentoring, training, and networking
During its long history, the Business Seeds program has developed a wide network of partnerships involving a total of 18 institutions, 13 universities, 4 research centers, 13 companies, and 2 organizations.
Taking advantage of this wide network of institutional partnerships, the Business Seeds program organizes every year, in Athens, Thessaloniki, Heraklion, and Patras, workshops, events, seminars, educational workshops, conferences, and boot camps to inform, inform, guide, and network start-ups in several sectors/industries. At the same time, the program actively participates in several similar activities of other Greek and foreign organizations that are active in the development of innovation.
Through participation in these actions and initiatives of the Business Seeds program, young entrepreneurs receive valuable training and feedback from experienced mentors and professionals in the industry in which they operate, who offer essential support for the further development of their business plans, pitching, market strategy and access to funding sources. This experience can be the foundation for improving the start-up’s strategy and avoiding potential mistakes or omissions. In addition, participants in the Competition have the opportunity to get in touch with potential partners who will help them to further implement and improve their idea, as well as to reach potential customers, strengthening their economic activity and creating new prospects for growth and expansion.
3. Access to Sources of FinancingThe Business Seeds Programme also provides financial support to participating start-ups through different forms of funding that meet their needs at their three key stages: creation, maturation and expansion.
The forms of financial support provided by the programme include direct participation in the share capital of companies, financing through special purpose loans, and the use of synergies with investment funds involving European and international capital to strengthen the Greek innovation ecosystem.
The National Bank of Greece participates as a private investor in 5 venture capital companies under the Equifund fund of funds, as well as in Endeavor Catalyst IV and the new funds Unifund II, Metavallon II, and Big Pi II. Its total investment ranks it as the largest private investor in Greece after the EIF. In addition, € 2.5 million has been invested to date as equity stakes in 11 companies, and € 3.1 million in loans to 7 additional companies (€ 5.6 million in total start-up funding).
4. Access to personalized banking services
As part of the Business Seeds program, the National Bank of Greece has been offering special banking products tailored to the needs of innovative start-ups and a range of e-services for the processing of their daily transactions since 2018.
It is the only Greek bank that offers privileges and special pricing on products that meet the specific needs of these businesses. The products include e-commerce solutions, domestic and international financing and remittance solutions, sight, and business accounts in foreign currency, use of alternative networks, as well as modern insurance packages to cover electronic and online risks. A total of 31 innovative businesses originating mainly from the Business Seeds program benefited from the offer in 2023.
At the same time, 4 branches in Athens, Thessaloniki, Patras, and Heraklion host reception structures for startups, which are staffed by Bank executives – ambassadors of the program, aiming to welcome and provide personalized service to each start-up and innovative SME. A total of 16 ambassadors represent the program in the above-mentioned cities, voluntarily and outside working hours, through their participation in local events, presentations, innovation contest juries, and mentoring activities.
5. Creation of competitive advantage
Participation and potential distinction in the Business Seeds Innovation and Technology Competition provides startups with a strong competitive advantage. A distinction in the longest-running Entrepreneurship Competition in Greece is a certificate of credibility and innovation, which can be used to attract customers, partners, and investors.
6. Promotion and advertising
The National Bank’s annual Innovation and Technology Business Seeds Competition attracts great interest from the media and the general public. The distinction within the Competition offers participants the opportunity to gain visibility and advertise their ideas, services, or products through the press and digital media coverage of the Competition, thus increasing their visibility.
7. Motivation for Continuous Development
Participation in the Business Seeds Competition offers entrepreneurs a strong incentive to continue the development and growth of their ideas. The competitive nature of the competition fosters the commitment, perseverance, and creativity of the participants, which are fundamental elements for the success of a business. Through the competitive process, young entrepreneurs are challenged to optimize their strategies, seek innovative solutions, and meet challenges with greater determination, while being inspired by the opportunity to see their ideas evolve and be recognized.
In conclusion, participation in the Business Seeds Innovation and Technology Competition is an important tool for business development and the emergence of new ideas. Through mentoring, networking, access to funding, and exposure, young entrepreneurs can strengthen their market position and turn their innovative ideas into successful business models.
The submission of proposals for the 15th Innovation & Technology Competition is currently underway
For young entrepreneurs who envision spreading their wings, the proposal submission process for the 15th Innovation & Technology Competition is ongoing and all interested parties have the opportunity to submit their innovative business ideas until Wednesday, October 9, 2024, at 15:00.
The themes of the 15th Innovation & Technology Competition include the areas of Fintech, Digital Entrepreneurship, Artificial Intelligence, and ESG, while this year, for the first time, 2 new award categories are included: financial literacy and financial empowerment and women’s entrepreneurship.
In the framework of the 15th edition of the Competition, the first 3 winning ideas will receive the amounts of €20,000, €12,000, and €8,000 respectively, while in the special prize categories, up to 5 winners in the Financial Literacy & Financial Empowerment category will receive a total of up to €10,000 and one winner in the Women’s Entrepreneurship category will receive the sum of €4,000.
You can submit your proposal to the 15th Innovation & Technology Competition at nbg.gr/competition until Wednesday 9 October 2024 at 15:00.
