Tell us about NBG Business Seeds. How did it all start and what do you do today?
In 2010, in the thick of the economic crisis, we set up NBG Business Seeds with an eye to future recovery, aiming to support the innovation economy and the efforts of young people and young entrepreneurs who wish to innovate.
NBG Business Seeds started with the annual Innovation and Technology Competition, the longest running competition organized by a Greek innovation body, which is now in its 14th year. Very quickly we created a network of institutional partners comprising public universities, research centers, chambers of commerce in Athens and throughout Greece, and large international consulting and technology companies. The National Bank of Greece (NBG) made €15 million available to help finance the projects that stood out in the competition, as well as other innovative ideas.
We set up NBG Business Seeds to support the innovation economy and the efforts of young people and young entrepreneurs who wish to innovate
To date, we have had 8,000 participants with 4,792 proposals. The competition has evolved into an accelerator, an integrated program that includes financial support, lending and participation by NBG in the share capital of companies, actions aimed at showcasing and promoting innovative ideas and projects, providing infrastructure, as well as mentoring and networking in Athens and throughout Greece. It is worth noting that NBG also participates as a limited partner in 15 venture capital funds, thus indirectly financing hundreds of innovative businesses. We have already celebrated many of the innovation ecosystem’s great successes, including Hack the Box, Αugmenta, Think Silikon, and Accusonus.
Besides the Business Seeds program, in what other ways does NBG support innovation in Greece?
At NBG we are developing our commercial and operational model with bold investments in digital services and new technology infrastructures; today, we have almost 2.5 million active users on our digital channels every month, while 97% of our transactions are served outside our branch network. We are forging strategic partnerships with technology companies such as Global Payments and EpsilonNet. Our goal is to develop new, innovative services with our partners for an expanded customer base in the market. NBG focuses on another area that is important for entrepreneurship in Greece: the strengthening of responsible environmental, social and corporate governance (ESG). One in three themes of the 14th competition concerns ESG.
Cooperating with pioneering small companies specializing in cutting-edge technologies is a key part of NBG’s policy for improving the services offered to our customers. Such win-win partnerships are becoming increasingly common. For example, NBG is currently collaborating with Quadible, a technology startup that develops security solutions for online services. Digital Customer Onboarding for businesses and the Business Express loan, created in collaboration with the first winner of the 9th NBG Business Seeds Competition, Linked Business, is another example. This introduced an innovative service that radically changed the way customers transact with our bank, enabling people to open a first bank account from a mobile phone without visiting a physical branch.
National Bank of Greece is one of the key organizations behind the launch of the Greek Fintech Hub. Tell us a bit about that.
We are proud of the Greek Fintech Hub, a key initiative for fintech in Greece and in developing economies that we designed in partnership with Endeavor Greece. Six major Greek organizations are taking part in the initiative: National Bank of Greece, Endeavor Greece, the Onassis Foundation, the Hellenic Chamber of Hotels, the National and Kapodistrian University of Athens, and the Athens University of Economics and Business. The European Crowd Dialog is also participating. Greek Fintech Hub focuses on strengthening fintech entrepreneurship, funding innovative businesses in the sector, linking fintech with research conducted in universities and other research centers, and enhancing awareness and networking with institutions and initiatives abroad. The above are implemented with great success through monthly sold out speeches, Fintech Talks, annual Fintech Bootcamps, and our Innovation Athens conferences with international speakers.
The American-Hellenic Chamber of Commerce is one of our closest partners—together we have organized many actions that we are very proud of
As an active member of the Chamber’s EIE Committee, you’ve been involved in various initiatives co-organized by AmCham Greece and NBG Business Seeds. What can you tell us about the collaboration between the two organizations?
The American-Hellenic Chamber of Commerce is one of our closest partners; together we have organized many actions that we are very proud of.
National Bank of Greece actively participates in the Chamber’s Education, Innovation and Entrepreneurship Committee but also in most of its excellent events and conferences. We worked together on all three editions of the Startup Toolkit, an important resource for all young entrepreneurs seeking to innovate, either by producing new innovative products or by introducing digitalization into their business operations. We also helped finance it and contribute to its distribution through NBG Business Seeds’ numerous events.
Furthermore, NBG Business Seeds and AmCham Greece co-organize the annual Innovation in Greece series of conferences in Athens, Thessaloniki, Heraklion and Patras, which is now in its fifth year, and have previously co-organized two events on ESG and women’s entrepreneurship at Thessaloniki International Fair. At these events, we provide a platform for Chamber members to reach broader audiences, and we coordinate panels and organize specialized workshops. We showcase support programs, leverage best practices, and spread awareness about available financial tools, while through our networking initiatives, we promote entrepreneurship and economic growth.
