Time magazine recently published the article: "Tech Start-Ups Bloom in Recession-Hit Greece".
It discusses that a new boost in startups, may be just what the nation needs to economically recover. It reveals flourishing Hellenic startup companies and profiles their achievements.
Author Yannis Palaiologos documents the efforts of startup Workable. In its initial stages, the company's headquarters were only made up of its two founders and four employees. Now, the entrepreneurs employ 18 and have a impressive office in Athens' Psychico. The startup has just confirmed a $1.5 million dollar investment by venture capitalists Greylock IL.
Palaiologos states in his article: "For a Greek economy reeling from six years of recession, start-ups like Workable may offer hope for the future. The prospects of employment in government or with an established company have become less appealing and less likely for the droves of well-educated IT engineers produced by Greece's universities. Unemployment in Greece stands at 27.5 percent, and youth unemployment has hovered around 60 percent for months. The country's start-up sector is small, far too small to make a dent in the staggering joblessness numbers, but it is growing rapidly".
Greylock IL Associate Partner Tilly Kalisky commented on Greek investments, "We feel there are benefits to Greece...There is qualified engineering talent at competitive costs compared to European and US equivalents. We feel that excellent entrepreneurs and companies can be created from anywhere".
Time magazine's "Tech Start-Ups Bloom in Recession-Hit Greece" by Yannis Palaiologos, can be read in full at: http://time.com/30395/tech-start-ups-bloom-in-recession-hit-greece/.
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