Business Partners | November-December 2012 by Raymond Matera Publishing

BUSINESS

bponline.amcham.gr

NOVEMBER-DECEMBER 2012 Vol. XI | No. 63

Thought Leaders Entrepreneurship

Be The Change

Washington Outlook

How European is Greece? ▼

EU Today

Growth and Job Creation ▼

Marketplace

Investing in Greece ▼

AMCHAM Celebrates

80 Years ▼

Plus Biz Buzz Names & Faces Trends & Trade Makers

AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

Banking on Responsible Growth Ioannis Gamvrilis

Chairman of the BOD & Executive Director, Attica Bank

http://bponline.amcham.gr

Volume XI | Number 63

CHAMBER.PRESS ISSN 1109-4990 CODE: 6526

CHAMBER.PRESS

contents

AMERICAN-HELLENIC CHAMBER OF COMMERCE bponline.amcham.gr

AMERICAN-HELLENIC CHAMBER OF COMMERCE

4 THE BOARD 6 The Human Age Together

by Dr Venetia Koussia

8 Chamber News 1 0 AMCHAM Greece Celebrates

80 Years, The American-Hellenic Chamber of Commerce, 1932-2012

Ioannis Gamvrilis, Chairman of the BOD & Executive Director, Attica Bank, discusses the unique position of Attica Bank in Greece’s banking system

TRAVEL usa

Discover America—Kentucky

1 2 The World of Work

Randstad Hellas Welcomed the Clipper to Greece

1 4 Washington Outlook How European is Greece? by Alexandros Petersen

1 6 Names & Faces in the News 1 8 Generation Innovation

de•ter•mi•na•tion by Panayotis Tzinis

Dennys Plessas, Lockheed Martin Aeronautics/ International Vice President for Business Development Initiatives, discusses the seven decades of cooperation between Lockheed Martin and the Hellenic Defense Industry

1 9 Business File

Culture, Commerce, and Business Success by Maria Choupres

2 0 BIZ BUZZ

Currents in Today’s Business Environment

2 2 Collaboration@Work

Coworking as a Catalyst for New Entrepreneurship by Stavros Messinis

2 3 One World

2012 State of the Future

2 4 The Interview

Ioannis P. Gamvrilis, Executive Chairman of Attica Bank

2 6 Thought Leaders

Entrepreneurship: Be The Change

Stephanos Issaias, CEO at Invest in Greece in an interview on Greece’s investment opportunities

Defense

Lockheed Martin and the Hellenic Defense Industry— 70 Years of Trust by Dennys Plessas

3 6 Labor and Employment

2nd Annual Labor & Insurance Conference—A Fairly Good Start by Dr Venetia Koussia

B u s i ne s s Partn ers i s the b im o nthly magazin e o f t he Am e r ica n -He lle ni c Chamb er of Comm e rce DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr PUBLISHER & EDITOR Raymond Matera materay@ath.forthnet.gr Please Recycle

ADVERTISING Raymond Matera materay@ath.forthnet.gr DESIGN snack• PRINTING & BINDING A. PSILLIDIS & CO

OWNER American-Hellenic Chamber of Commerce Politia Business Center 109-111 Messoghion Avenue 115 26 Athens Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 E-mail: info@amcham.gr BRANCH OFFICE 47 Vassileos Irakleiou Street 546 23 Thessaloniki Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 E-mail: n.tsavdaroglou@amcham.gr

3 8 Marketplace

Investing in Greece—The Right Place at the Right Time with Stephanos Issaias

4 0 Leadership Tales From Ancient Greece The Nameless King

by Artemios Miropoulos

4 2 EU Today

Growth and Job Creation—The European Commission Work Program for 2013 by Andreas Galanakis

4 4 Trends & TrAdE Makers 4 6 Business2Business A B2B Toolbox

4 8 Viewpoint

CTIF Global Inaugurates Southeast Europe Headquarters

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS |

DIRECTOR’S DESK

As Greece negotiates its future regarding debt sustainability, it is eminently clear that the recipes tested to date have been entirely ineffective, aggravated with Greece’s failure to implement structural reform in a timely manner. We may view our current position as being either one of stalemate or opportunity—a dead end or crossroads to a brighter future. History has shown that absolute austerity plans in a period of peace and dynamic worldwide competition have achieved almost nothing. In a global economy affected by indices of growth, consumption and unemployment, it is not possible to apply in a short time unbearable adjustments that stagnate markets, skyrocket unemployment, and create conditions of social instability. Even ardent supporters of these policies have realized a new approach and adjustments are necessary. On the other hand Greece, apparently incapable of developing and implementing a strategic restructuring and development policy, unable to carry out what should be seen as obvious changes due to a variety of vested interests, (for instance new tax legislation) remains a beggar within a divided and disoriented Europe and entirely dependent on loans and funding. The development process and the implementation of bold reforms and growth policies require leadership skills, principles, ethics and vision that Europe, including our country, is sadly lacking today. As a result, we are experiencing continuous sluggish growth—if not recession—vast, growing unemployment, especially among youth, and of course a growing lack of confidence in European institutions, in particular by young people who see no positive prospects for their future. In this climate, the leaders of European countries, especially those that play a leading role, are more interested in their electorate and their domestic reactions, refusing to understand or admit that the world has changed and requires faster reactions and broader, constructive partnerships. Within this climate, Greece is called to carry out its policies of reform that, as we have seen, have little chance of creating growth. Greece, unfortunately, is proceeding without a detailed and truthful campaign, not informing the citizens of this country about the real situation, prospects and potential. And this is the great loss, because it is no secret that this country has untold capabilities. We have, in many ways, failed to understand that it depends entirely on us, as a people, to exercise them dynamically, for the benefit of all, not toward vested interests that, even at this crucial time, persist in being obstructionist. Greece must carefully examine and assess with what countries it should ally itself for a promising future. We have a instructive past on which to base our judgements. On behalf of everyone at the Chamber, I wish one and all a new year that has hope, promise, and optimism. Elias Spirtounias Executive Director

The American-Hellenic Chamber of Commerce A Dynamic, Proactive Chamber The American-Hellenic Chamber of Commerce was established in 1932 and is one of the largest, most active, and dynamic American Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber. The Chamber's membership is comprised of more than 1,000 proactive companies that seek to expand business horizons, create new business partnerships, and take advantage of trade and investment opportunities in today's global economy. The American-Hellenic Chamber of Commerce is an active mem-

| BUSINESS PARTNERS | NOVEMBER-DECEMBER 2012

ber of the U.S. Chamber of Commerce in Washington D.C. and the European Council of American Chambers of Commerce (ECACC).

Mission Statement The American-Hellenic Chamber of Commerce strives for continuous improvement of American-Hellenic commercial and financial relations, through increased membership and through the organization of top-quality events, exhibitions, fora, seminars, and congresses on both sides of the Atlantic.

American-Hellenic Chamber of Commerce Executive Committee

Committees

Gramatidis Yanos President | BAHAS, GRAMATIDIS & PARTNERS

Auditors Committee

Kyriacou Marios T. Vice President | KPMG CERTIFIED AUDITORS A.E.

Members: Felonis Athanassios, Papakosmas Dimitrios, Sabatakakis Kyriacos | Coordinator: Andriana Chadjianagnostou

Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E.

Corporate Governance Committee

Karayannis Angelos Secretary General | KARAYANNIS K. GROUP OF COMPANIES Panayotopoulos Litsa Treasurer | BOSTON HAMILTON LTD. Anastassopoulos Simos Counselor | PETSIAVAS N. S.A. Bacacos George Counselor | BACACOS P. CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Charalambous Odysseas Counselor | CISCO SYSTEMS HELLAS S.A. Papadopoulos Thanos Counselor | CHEVELLAS S.A.

Chair: Papacostopoulos Constantinos | Members: Charalambous Yiangos, Dimou Ioannis, Petalas Apostolis, Siamishis Andreas, Hadjisotiriou Paula, Theodoulidou Maria | Coordinator: Daphne Constantinidou

Corporate Social Responsibility Committee

Chair: Stavridis Stelios | Members: Alexiou Maria, Constantelis George, Lolas Vassilis, Vrachatis Ioannis | Coordinator: Angela Boyatzis

Environment & Energy Committee

Members: Aloupis Constantine, Bakouris Costas, Karayannis Angelos, Manos Alexandros, Melissanidis Dimitris, Mytilineos Evangelos, Nomikos Elias, Papadimitriou Spyros, Papavasileiou Athanasios, Peristeris George, Stefanakis John, Yannopoulos Sotiris, Yiannopoulos Emil | Coordinator: Angeliki Dikeoulia

Greek Economy Conference Committee

Spirtounias Elias Executive Director

Chair: Kyriacou Marios | Members: Anastassopoulos Simos, Antoniades Vassilis, Bacacos George, Yannopoulos Sotiris | Coordinator: Angeliki Dikeoulia

Innovation & Education Committee

Board of Directors Ahmed Pervaiz | BRISTOL-MYERS SQUIBB A.E. Antoniades Vassilis | THE BOSTON CONSULTING GROUP Antonopoulos Constantinos | INTRALOT S.A. - INTEGRATED LOTTERY SYSTEMS AND SERVICES Canellopoulos Paul | CHARTIS GREECE S.A. Costas Stavros | Economist Costopoulos Alexandros | FORESIGHT Strategy & Communications Costopoulos John | HELLENIC PETROLEUM S.A. David George | COCA-COLA HELLENIC BOTTLING COMPANY S.A. Filiotis Dionysios | PHARMASERVE-LILLY SACI Frangou Angeliki | NAVIOS MARITIME HOLDINGS INC. Kartsanis Georgia | CEO CLUBS GREECE Kokorotsikos Paris | EUROCONSULTANTS S.A. Kosmatos Makis | JOHNSON & JOHNSON HELLAS S.A. Kouides Antonis | B.E.R.M.A. A.E. Koutsoureli Eftychia | QUEST HOLDINGS S.A. Kyriakides John | KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM

Chair: Panayotopoulos Litsa | Members: Darda Dimitra, Farmaki Teresa, Lelakis George, Makios Vassilios, Makridakis Spyros, Papadakis Georgios, Patakiouti Maria, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Rizopoulos Yannis, Tsangos Christos, Tsiboukis Antonis, Tsigos Dimitris, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki

Insurance, Social Security & Labour Matters Committee

Chair: Kremalis Konstantinos | Members: Andriopoulos Stavros, Canellopoulos Paul, Christidou Agni, Kollas John, Koussia Venetia, Lisseos Panayotis, Lysimachou Triantafyllos, Mihos Stathis, Oikonomopoulou Antouaneta, Panagiotou Andreas, Pelidis Manos, Sarantopoulos Dimitris, Tzotzos Apostolos, Vlassopoulos George | Coordinator: Voula Tseritzoglou

IPR Committee

Chair: Katerina Galanopoulou | Members: John Kyriakides, Antonis Makris, Dora Zachou, Xenophon Paparrigopoulos | Coordinator: Daphne Constantinidou

Leadership Committee

Chair: Miropoulos Artemis | Members: John Kalligeros, Pavlos Katsivelis, Antonis Kerastaris, Kyriakos Kofinas, Michael Mavropoulos, Spyros Olympios, Aristotelis Panteliadis, Vassilis Rabbat, Emmanuel Raptopoulos, Alexandros Saracakis | Coordinator: Ritana Xidou

Medical Devices & Diagnostics Committee

Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Andria Magdalini, Baracos Christos, Boulougouris George, Deligiannis Konstantinos, Derkos Kalogridis, Kartalis Christos, Krinos Gregory, Lindholm Mangnus, Maroutsis George, Nikas Dimitris, Papazoglou Konstantinos, Strouzos Anastasios | Coordinator: Voula Tseritzoglou

Northern Greece Committee

Chair: Bakatselos Nikolas | Members: Accas Ioannis, Alexopoulos Charis, Gigilinis Alexandros, Kafatos Vassilis, Katsaros George, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Thanasis, Koukountzos Konstantinos, Mavroudis Theodoros, Pylarinos Othon, Symeonides Dimitris | Coordinator: Nikos Tsavdaroglou

Pharmaceutical Committee

Manos Alexandros | PIRAEUS BANK S.A.

Chair: Pascal Apostolides | Vice Chairman: Filiotis Dionysios | Members: Frouzis Konstantinos, Gerassopoulos Marcos, Charalampidis Savas, Karokis Antonis, Greco Roberto, Kefalas Nikos, Nordkamp Hendrikus Hermannus (Erik), Pateraki Evangelia, Pervaiz Ahmed, Tsoutsias Spyros | Coordinator: Voula Tseritzoglou

Meintassis Harry | HAY GROUP S.A.

Public Affairs Committee

Mamidaki Eleftheria | MAMIDOIL JETOIL PETROLEUM COMPANY S.A.

Nordkamp Hendrikus Hermannus | PFIZER HELLAS S.A. Papalexopoulos | TITAN CEMENT COMPANY S.A.

Members: Anastassopoulos Simos, Kyriacou Marios, Papadopoulos Thanos | Coordinator: Xidou Ritana

Taxation Committee

Stavridis Stelios | PISCINES IDEALES A.E.

Chair Costas Stavros | Members: Altiparmakis Christos, Ampeliotis Evangelos, Anastasiadis Harris, Antoniou Vassilis, Desipris Antonis, Doucas Spyros, Gigantes Stavros, Goulakos Panos, Govaris Vassilis, Kanellatou Athena, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Mavraganis George, Mitsios George, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Cristina, Samothrakis George, Sarafoglou Gerasimos, Savvaidou Katerina, Sfakakis Konstantinos, Spyriouni Litsa, Stavropoulos Ioannis, Stavrides Vassilis, Theophilides George, Trakadi Maria, Tsakonas Yannis | Coordinator: Katerina Tzagaroulaki

Symeonides Dimitris | MEVGAL S.A. DAIRY PRODUCT INDUSTRY

Tourism Committee

Passaris Despina | PROCTER & GAMBLE HELLAS LTD. Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A. Priamou John | U.S. Commercial Counselor (ret.) Saracakis John D | SARACAKIS BROTHERS S.A.

Synghelides Polychronis | CHRYSLER JEEP DODGE HELLAS S.A. Tourkolias Alexandros | NATIONAL BANK OF GREECE S.A. Yiannopoulos Emil | PRICEWATERHOUSE COOPERS BUSINESS SOLUTIONS S.A. Zeritis Panos | THRACE PAPER MILL S.A.

| BUSINESS PARTNERS | NOVEMBER-DECEMBER 2012

Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Anglos John, Argiri Byron, Marriott Carol, Panayotopoulos Panos, Papadopoulou Catherine, Peressiadis Costas, Van de Winkel Bart | Coordinator: Angeliki Dikeoulia

Women in Business (WIB) Committee

Chair Kartsanis Georgia | Members: Adamopoulou Efi, Anagnostopoulou Popi, Athanassoulas Elena, Dimou-Lampadari Maria, Katsou Nelly, Kazakopoulou Betty, Panagopoulou Varvara, Papakonstantinou Ioanna, Sideri Anastasia, Tarou Iphigenia, Thomas Marielle, Tzimea Deppie, Velliotou Peggy | Coordinator: Angela Boyatzis

The Human Age

by Dr Venetia Koussia Managing Director, ManpowerGroup

Together

he new talent-based economy presents tremendous opportunities for personal, enterprise, and national growth and development. But its more intensive and rapidly evolving skills requirements have raised the bar for new workers. Traditional school-to-work channels, skills training models, and career paths that build on access to entry-level work, no longer function as well as they used to in channeling young people toward sustainable careers. And the very efficiency of the new economy means not enough jobs will be created for all the young people who want to work. The danger is that without aggressive, proactive job creation and youth employment strategies—the kind we haven’t seen in the past—we are looking at job scarcity, social tensions, and a lost generation of young people in both the developed and developing world. As ManpowerGroup we are deeply concerned about the consequences of youth unemployment. The issue intersects our own business operations at three levels: in our efforts to provide recruitment solutions for our employer clients, to find jobs for our candidates, and to build employability and address skills shortages through workforce development initiatives. That is why, earlier this year, ManpowerGroup issued a paper1 on what businesses

can do to help improve the employment outlook for young people. We urged employers to lean forward, to make more effort to tap the unique energy and perspective of young people, and to help create the skilled workforce that they will depend upon in the future. We encouraged businesses to

Without aggressive, proactive job creation and youth employment strategies…we are looking at a lost generation of young people

partner more closely with educators and trainers to build real world experience into academic and vocational programs, and to take direct initiatives to hire, train, and mentor young people. But businesses cannot do the job alone. This is as clear as it could possibly be with the case here in Greece. New and more aggressive strategies—supported by the State but implemented through multi-stakehold-

ManpowerGroup (2012) Wanted: Energized, Career-Driven Youth, available through http://manpowergroup.com/research/research.cfm

| BUSINESS PARTNERS | NOVEMBER-DECEMBER 2012

High rates of youth unemployment represent both widespread personal misfortune for individuals and a lost opportunity for critical national and global economic development. er partnerships—are required to empower more young people to succeed in the new economy. Positive interventions should focus on several key areas: • Jobs: ensuring that enough good jobs exist for young people who seek them • Skills: teaching young people how to identify opportunities, align their interests with market needs, and acquire relevant skills that will let them succeed in sustainable careers • Experience: overcoming practical barriers to initial workforce entry by young people • Impact: identifying interventions that work, and scaling them up so that their outcome matches the magnitude of the challenge, while their cost matches available funding Now is the time to work together, toward a synthesis of our efforts, toward taking in a wider range of stakeholders, especially governments and educators, who can do the most to create an enabling environment for youth employability initiatives. We should do that both as leaders and responsible citizens of this planet. All of us ultimately depend, for our livelihood and well-being, on a global economy that generates expanding wealth and employment, and that offers realistic hope for the future, even where it does not yet deliver on its full promise. All of us have a stake in the economic integration of young people into this economy, to keep the engines of development running strong through our lifetimes and those of the next generation. All of us, therefore, have a responsibility to make sure that young people succeed, and we must work together to make that happen.

The Athens Exchange believes in the potential of the

GREEKFOOD

sector

and is supporting it

to watch the story unfold http://www.helex.gr/grfood

tel. +30 210-33 66 449, fax +30 210-33 66 101, e-mail:companies@helex.gr

CHAMBER NEWS

1st Greek Investment Forum in NY The Chamber and the Athens Stock Exchange held the 1st Greek Investment Forum in New York October 9 – 11. The 3-day Forum began with a major conference at the Bloomberg Headquarters, attended by more than 300 delegates, primarily representatives of investment firms interested in opportunities that Greece presents today. The conference began with welcome remarks by the Presidents of the Athens Exchange and the Chamber, Messrs. Socrates Lazaridis and Yanos Gramatidis, who said that the primary objective of both organizations through this collaborative initiative—to be held annually—is the improvement of Greece’s image abroad and the gradual restoration of confidence in Greece. The Greek Government was represented by the Minister of Tourism, Ms. Olga Kefaloyianni, and Deputy Minister of Development, Mr. Notis Mitarachi.Presentations at the conference were also made by Mr. Yannis Emiris, Managing Director of the Hellenic Republic Asset Fund and Mr. Aris Syngros, Chairman of Invest in Greece Agency. Mr. Gramatidis, Mr. Lazaridis, and Minister Kefaloyianni participated in a Bloomberg Teleivision Roundtable where they discussed the investment climate in Greece and Greece’s success at implementing wide-ranging structural reforms. Socrates Lazaridis

Yanos Gramatidis

Thessaloniki Tax Forum The Chamber and its Taxation Committee held the 4th Thessaloniki Tax Forum on November 16, 2012 at the Met Hotel in Thessaloniki. The Forum focused on the roadmap toward an effective tax system resistant to tax evasion. More than 150 delegates attended the day-long event that explored taxation as a key component of today’s economy and entrepreneurship. The Forum’s major sponsors were Ernst & Young and PwC, the sponsor was Deloitte and supporters were Kosmidis & Partner, Orthologismos, Scientia Legis-Margaropoulos & Associates Law Firm and Metron Auditing. The official air carrier was Aegean Airlines and the communication sponsors were Agelioforos, Kerdos, Business Partners, TVS Channel, www.agelioforos.gr, eforologia.gr, voria.gr and Business Partners online. George Mavraganis

Notis Mitarachi

Olga Kefaloyianni

Stavros Kostas

Demetrios Marantis

Repowering Greece The Chamber and Repower Greece hosted Demetrios Marantis, Deputy U.S. Trade Representative, at the Athens Hilton, where he discussed the potential for Greece to emerge from crisis from the perspective of his experience in Asia and Africa. Vasilis Antoniadis of the Boston Consulting Group moderated the discussion with the participation of Alexandros Costoploulos of Repower Greece.

| BUSINESS PARTNERS | NOVEMBER-DECEMBER 2012

Nikolaos Bakatselos

Labor and Insurance Conference The Chamber’s 2nd Labor and Insurance Conference—“How Will the Labor Market Contribute to Economic Growth”—took place on November 15, 2012 at the Hotel Grande Bretagne, and was marked by great success and participation by stakeholders in the labor sector of Greece. The conference was held under the auspices of the Greek Ministry of Labor, Social Security and Welfare. More than 250 delegates attended. Speakers and delegates expressed their deep concerns regarding the current and future labor environment. They focused on the ne-

cessity for an integrated and applicable model of labor policy that will be in compliance with internationally accepted practices and ensure the rights of Greek employees, contributing at the same time to the fight against unemployment and undeclared work and to strengthen competitiveness and productivity. The conference sponsor was Amway Hellas; contributors were ManpowerGroup, Metlife Alicο and Piraeus Insurance Agency; communication sponsors were Naftemporiki, Business Partners, SBC TV and Web communication sponsor was naftemporiki.gr.

DUNCAN CAMPBELL

IOANNIS VROUTSIS

YANOS GRAMATIDIS

PETER VOGEL

DIMITRIOS STRATOULIS

KONSTANTINOS POULIAKAS

GEORGE APOSTOLOPOULOS

SAVAS ROBOLIS

Breakthrough Greece The American-Hellenic Chamber is launching a dynamic new website, Breakthrough Greece, to promote innovative and successful Greek companies and entrepreneurs to a global audience. The Chamber believes it is necessary to single out these companies and to share their stories with the world. This new platform will be extensively publicized to the business community and international media. The site will be a window to the world for Greece’s innovative and successful companies, will be a practical example of the best Greece has to offer, and will act in parallel as a potential B2B tool for Greek companies to find business partners worldwide. The site is designed to counter the negative image that exists and is often portrayed in the international press. At the same time, Breakthrough Greece is to be a clearinghouse of information about the success of the private sector in Greece.

Chamber Calendar Dec 3-4 Athens Greek Economy Conference Athenaeum Intercontinental December 10 Athens MIW Forum Euro Parliament Athens Office December 12 Athens MIW Seminar Accenture Offices January 31 Athens New Year’s Reception Athenaeum Intercontinental

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS |

AMCHAM Greece Celebrates

80 Years

The American-Hellenic Chamber of Commerce

1932-2012

As we celebrate 80 years, the American-Hellenic Chamber of Commerce pays tribute to all those leaders, visionaries, and trailblazers of the past who have helped create one of the most successful and influential business organizations in Greece today, and salutes each and every member, supporter and friend of the Chamber, whose support is invaluable and whose trust is irreplaceable. â&#x20AC;&#x201D; Yanos Gramatidis, President, American-Hellenic Chamber of Commerce

10 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2012

Travel USA

On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

Discover America—Kentucky ★

entucky is well known for the Kentucky Derby, Kentucky Bourbon Country and, of course, Kentucky Fried Chicken. However, the nine regions that make up this state also offer a range of activities and events unknown to many – including being home to the longest explored cave system in the world, Mammoth Cave. Visit the Muhammad Ali Centre in Louisville; take a drive along the Bourbon Trail; tour the new Kentucky Bourbon Craft Trail of microbreweries; visit the International Bluegrass Music Museum and the birthplace of Bill Monroe, the Father of Bluegrass or take a tour of the National Corvette Museum, the only comprehensive nonprofit museum dedicated to America’s premier sports car. With Lexington being the ‘Horse Capital of the World’ and offering 450 Thoroughbred, working horse farms in the area, horse lovers can easily find a destination full of things to do. Take a horse farm tour, stay at a Bed and Breakfast surrounded by farms, go trail riding or take a riding lesson. The Kentucky Horse Park, where the Alltech FEI World Equestrian Games (WEG) were held in 2010, also offers the chance to get close to the horses with trail rides and live horse shows throughout the summer. It is also the home to the International Museum of the Horse, the American Saddlebred Museum and the AlMarah Arabian Horse Galleries. Louisville

THE BLUEGRASS STATE Land Area 40,000 sq. miles Population 4,269,245 State Capital Frankfort Largest City Louisville Local Time Seven hours behind Greece Climate Summers can be very warm, but sometimes with cool evenings. For spring and autumn, it’s a good idea to carry a light jacket as there can be a breeze. Snow falls vary widely from west to east across the Commonwealth. January has an average high temperature of 39°F (4°C); July’s average is 88°F (31°C). National Parks 3 State Parks and Historic Sites 50

 For more information: Kentucky Department of Travel and Tourism Tel: 00 1 502 564 4930 E-mail: info@kentuckytourism.com Web: www.kentuckytourism.com

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 11

The World of Work

Randstad Hellas

Welcomed the Clipper AS A WORLDWIDE LEADER IN RECRUITMENT & HR SERVICES, RANDSTAD HELLAS WAS PROUD TO PRESENT THE UNIQUE CLIPPER STAD AMSTERDAM FOR ITS FIRST EVER VISIT TO GREECE ON OCTOBER 5 & 6, 2012.

Petra Goldschmeding, Frits Gold Schmeding, Leigh Ostergard

L-R: Nikos Stamatogiannis, Nadia Illiopoulou, Thanasis Paltadakis, Thanasis Kanargia, Anna Sykalou

12 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2012

Richard Slootweg, Nikoletta Batika, Eva Deftou, Miguel Andrade

Katerina Manou, Dimitris Mihas, Afroditi Kyriakopoulou

Yiannis Foutris, Maria Tsitterou, Chrysa Bogiatzi,Vasilis Karagiannis, Christos Hatzigeorgiou, Vicky Perpinia

Vasiliki Maniati, Sarah Seremetis, Terry Seremetis, Alexandros Tsamparlis, Georgia Karountzou, Nadia Illiopoulou, Vicky Panourgia

pecial guest on the Clipper was Mr. Frits Goldschmeding, founder of Randstad in 1960, and his wife Petra. More than 450 representatives from the Greek business community were invited to a series of events that took place on the Clipper, while hundreds of enthralled bystanders greeted the Clipper as she sailed into Marina Flisvos at the southern Athens suburb of Paleo Faliro. The ship symbolises Randstad’s global positioning, international reach and shared pride in the global operation in recruitment and HR services. The Clipper Stad Amsterdam was built in cooperation with Randstad and the City of Amsterdam. During its construction, the Clipper provided work experience and training for 138 unemployed people, equipping them with lifelong skills and confidence to succeed in the workforce. The Clipper offers trainee positions to individuals seeking work experience in operating sailing vessels as well as in the tourism and hospitality industry. Mrs Leigh Ostergard, Managing Director of Randstad Hellas, stated that it was great to see so many representatives from the Greek business community on board on what can only be described as an extraordinary beautiful ship. ‘Unanimously we all agree that the previous years have been difficult and challenging times for the local market. Given the many challenges businesses have recently faced and with some forced to undertake dramatic ‘adaptation’ to the economic environment in order to survive, I believe that the Clipper visit to Greece was symbolic and most appropriate. The building of the Clipper gave a team of unemployed people the opportunity to learn a trade and this truly reflects our company mission of ‘Shaping the World of Work’ and every day helping people find meaningful work and companies the talent to drive their business growth.’ Good To Know You

Richard Slootweg, Captain Clipper Stad Amsterdam

For more information contact: Anna Sykalou-Sefteli Marketing & Communications Manager Randstad Hellas S.A. T: 210 6770523 E: asykalou@randstad.gr S: www.randstad.gr

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 13

Washington Outlook

by Alexandros Petersen

A popular quip going around London these days is that Greece should leave the European Union and join the Arab League.

How European is Greece?

or many, the realities of life in pre-crisis Greece, now exposed to the world, conjure images of large-scale corruption and petty bribery more associated with the Middle East than Europe. In the Western and Northern European mind, not to mention many in North America, the question of whether Greece should have ever joined the Euro-zone is intimately tied to a deeper civilizational and geographical question of Greek identity. Is Greece really European, or is it like some of its neighbors an aspirant that just doesn’t make the cut? Before we go any further, let me acknowledge that this is a very sensitive and controversial topic among Greeks, in the homeland and in the diaspora. It cuts to the very heart of the post-independence project that is modern Greece. If this were a dinner table conversation, it would I would have already inflamed passions. So, I ask you to bear with me. The entire notion of Europe is of course Greek in origin. Europe is a Greek word and the concept of a difference between Europe and Asia comes from the shorthand of ancient Greek mariners who labeled the opposing shores of the Aegean. Little did they know that they would spawn a continental nomenclature used for millennia and expanded to include everything from Iceland to Japan. Herodotus actually disagreed with these labels, pointing out rather sensibly that in the wider region it was in no way clear where Europe ended and Asia began. The answer to this question shifted significantly over the

centuries. Some would argue that even if it doesn’t, Europe should stretch from Lisbon to Vladivostok. Others would say that the ‘East’ begins across the English Channel—although they wouldn’t put it quite as politely. The fact is that what used to be called the ‘Near East’ or the ‘Levant’ in many rather

Is Greece really European, or is it like some of its neighbors an aspirant that just doesn’t make the cut?

recent atlases included Greece and the Balkans. The lands formerly under Ottoman control were considered a sort of transition zone between Europe and Asia, perhaps inclined in a European direction, but certainly not purely European. Many Greek historians, as well as the likes of Robert Byron, would eagerly retort with some accuracy that this vision of continental identity has mostly to do with a lack of knowledge in the rest of Europe about the historical cen-

trality and legacy of the Byzantine Empire. What does this historical-geographical debate have to do with contemporary realities, you ask? Given that there is already a historical proclivity amongst Western and Northern Europeans to view Greece as only semi-European, it is perhaps not surprisingly that when very non-European looking societal practices come to light, Greek identity is once again questioned. This is not an entirely Greek problem. Italy and Spain face similar economic crises and similar aspersions are cast upon their identities. Are these problems partly due to insufficient Europeanness? One could make an argument that a geographic proximity and history of overlap with the Middle East and North Africa means that societies are structured differently. But, this would be missing the crux of the issue. The point is that Greeks, Italians and Spaniards see themselves as Europeans and as such will have to slowly but surely change their ways. I don’t believe that Greece will drift away from the European project, because Greeks are adamant about and have historical justification for their Europeanness. The doubts cast on their identity, however, reveal that the path back is not just about stabilizing the economy, it is about gradual, but monumental societal change to achieve genuine European integration.

Alexandros Petersen is the author of the critically acclaimed book, The World Island: Eurasian Geopolitics and the Fate of the West. His latest research can be found at www.chinaincentralasia.com.

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NAMES & FACES

...in the news  EPhForT Promotes Clinical Testing in Greece

On October 26, 2012 the Minister of Economy Yiannis Stournaras (center) met with Dionysis Filiotis (left), President, and Professor Charis Labropoulos (right), General Secretary of EPhForT, the Pharmaceutical Forum of the Athens Chamber of Commerce. The discussion focused on the position put forward by EPhForT that scientific and technological recognition of clinical research by the state is necessary as an incentive for investment in Greece. Mr. Filiotis noted that Greece can realize investments of 400 million Euros annually in the clinical research of medicinal products. Minister Stournaras stated that he is a supporter of every development effort in Greece, especially in the sector of research and development, which brings added value, jobs, high level know-how and scientific progress.  EuroCharity Yearbook The EuroCharity Yearbook 2011/12 - Leadership for Sustainability and EuroCharity’s newly-opened office in Brussels were officially presented at an event held in the European Parliament on October 29. The presentation was attended by Members of the European Parliament, European Commission officials, corporate leaders and other stakeholders who had the opportunity to exchange views related to sustainability and leadership.  Fundraiser for Needy Greek Children A 17-year-old Greek-American girl has collected 80,000 U.S. dollars for needy children in Greece. The money will go to ‘Make a Wish Greece’, a branch of the ‘Make a Wish International’ foundation. Christina Levendi, a senior at Tenafly High School, enlisted the help of her schoolmates and organized an event on Sunday at the community center of Saint Trinity Cathedral in Manhattan, and sent out hundreds of e-mails and made hundreds of telephone calls to spread the news of the fundraiser.

Speaker’s Corner

Microsoft Appointment Peggy Antonakos was appointed the new CEO at Microsoft Hellas. Ms. Antonakos has extensive experience in management and marketing, both in Greece and abroad. “It is a significant honor and a great responsibility that I take over the reins of Microsoft Hellas at a critical juncture, both for the country Peggy Antonakos and for our company. With a completely revamped product range and a highly skilled network of partners, we now have the most appropriate business strategy to provide solutions that meet every need: for the general public, small and medium enterprises as well as large organizations,” said Ms. Antonakos. Ernst-Jan Stigter, CEO at Microsoft Hellas for the last two years, has been appointed Vice President for Central and Eastern Europe.

SMARTEST MAN IN THE WORLD According to The World Genius Directory, the smartest man in the world is a Greek psychiatrist who also holds degrees in philosophy, medical research technology and psychopharmacology. Dr. Evangelos Katsioulis, who has an IQ of 198, enjoys painting, swimming and traveling. The Directory, created by Dr. Evangelos Katsioulis Dr. Jason Betts, is a fluid list of the world’s top minds compiled from certified IQ tests sent in by listees.

Yiannis Baxevanis at Athens Plaza

Yiannis Baxevanis

Plan A. Plan B. etc.

If plan A doesn’t work, the alphabet has 25 more letters - 204 if you’re in Japan. —Claire Cook

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Award-winning chef Yiannis Baxevanis is now at the Athens Plaza Hotel in Syntagma Square, offering an enticing menu of Mediterranean dishes. Diners may select the Parliament Restaurant, the Explorer’s Lounge or the Plaza Lounge Café to enjoy what the hotel describes as “affordable luxury and unique taste.”  www.njvathensplaza.gr

The Leader’s Mark

A chief is a man who assumes responsibility. He says, I was beaten. He does not say, My men were beaten. —Antoine de Saint-Exupery

Timos Tokousbalides Founder, unfold.gr

Going Digital How are companies using digital today? Going digital today means finding a balanced mix of media that suits your company’s strategy. Whether its social media, mobile apps, tablet magazines or a hip youtube animation, getting it right means talking to someone with the diverse skills and expertise to know what is suitable. By taking advantage of todays digital marketing tools companies are moving away from thinking globally and turning their attention towards their local image—looking even deeper into their target audience. Major companies are also taping into the field of big data analysis and the benefits it provides. When is digital more effective than, say, static? The key benefit of a digital strategy is in the depth of available analytics/ statistics available, whether that is a user experience study on your new website design, or the click-through-rate of your latest Facebook ad. Whatever you do can be measured and evaluated as to its effectiveness as long as you use the right tools and professionals. What does the digital future look like? I think its safe to say that we will witness a continuing growth in the mobile/tablet market, with a greater diversity in devices and their abilities to interconnect our lives with the lives of our close ones. However I believe that the future lies in the mass marketing of smart digital devices (wearable / smart home devices) which will further bridge the gap between virtual and real.

Work. Love. Money. Fun.

The man who does not work for the love of work but only for money is not likely to neither make money nor find much fun in life. —Charles M. Schwab

 Balanced Gender Representation on Boards More that one year has passed since the European Parliament adopted the report on women and business leadership, asking for binding measures for balanced gender representation on business boards. “The European Commission must respond and prepare a legislative proposal” said the rapporteur, Greek MEP Rodi Kratsa. Women account for approximately only 10 per cent of board members of major listed companies in Europe. These elements are particularly alarming.  Money Laundering on the Wane Greece not only has stopped being considered a “problem” country with respect to money laundering and corruption since June 2011, according to official data of the international Financial Action Task Force (FATF), but is also considered a modelcountry as regards the framework and organization of its mechanisms for clamping down on money laundering, according to a document from Greece’s Supreme Court deputy chief prosecutor and the Independent Authority on money laundering and audit of assets statements Panagiotis Nikoloudis. In his document, figures concerning the clampdown on money laundering and corruption in 2011, stated the independent authority had investigated and identified 162 cases of money laundering and seized a “criminal product” of 223,982,146 Euros. Comparing this to other EU countries, the document said that Belgium—which is acknowledged as having the best organized and equipped unit—had seized a total of 22,223,656 euros, while Portugal, which was about the same size as Greece, had seized 30,077,972 euros whereas much larger Spain had seized the sum of 12,398,000 (in 2005) and Britain, with its SOCA unit, had seized a criminal product of 327,600,000 euros.  Pedersen & Partners Appointment Executive search firm Pedersen & Partners announced the appointment of Yannis Katzilieris as Country Manager for Greece. Mr. Katzilieris joins Pedersen & Partners bringing more than fifteen years of executive search experience with Egon Zehnder, where he was a Partner. Iraklis Papadopoulos, former Country Manager for Greece, remains with Pedersen & Partners based in Athens. He will take on a more regional role, managing three Pedersen & Partners offices; Nicosia, Tirana, and Skopje.

What’s Right is... Right

Beyond the Shadow of a Doubt

—Albert Einstein

—Unknown

Relativity applies to physics, not ethics.

When small men begin to cast long shadows, it is a sure sign the sun is setting.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 17

Generation Innovation

by Panayotis Tzinis Founder, Ignite Greece

de·ter·mi·na·tion de•ter•mi•na•tion [dĭ-tûr'mә-nā´shәn] noun 1. the act of coming to a decision or of fixing or settling a purpose. 2. ascertainment, as after observation or investigation: determination of a ship’s latitude. 3. the information ascertained; solution. 4. the settlement of a dispute, question, etc., as by authoritative decision. 5. the decision or settlement arrived at or pronounced. 6. the quality of being resolute; firmness of purpose. 7. a fixed purpose or intention: It is my determination to suppress vice. 8. the fixing or settling of amount, limit, character, etc.: the determination of a child’s allowance. 9. fixed direction or tendency toward some object or end. 10. Chiefly Law. conclusion or termination. 11. E mbryology. the fixation of the fate of a cell or group of cells, especially before actual morphological or functional differentiation occurs. 12. L ogic. a. the act of rendering a notion more precise by the addition of differentiating characteristics. b. the definition of a concept in terms of its constituent elements.

t seems that of all the meanings of “determination” we are not using any! A few are not related to the desire for change, but most of them “must be learned” and followed in practice! Often, I see friends, partners, and collaborators spending an incredible amount of time discuss around a problem, but not focus on the problem itself and find a solution. Once a problem has developed, I see a lot of energy spent on building scenarios rather than solutions. And even then, if a few solutions are put on the table, well we are too tired to think of an approach model to set a course and implement the solution. “Determination” is what we lack! Lot’s of youngsters are willing to crack open the world, to change the rules, to scream to the heavens; but when it comes to action... “determination” has gone missing in nonaction. One of the key factors of success or leader-

“Studies indicate that the one quality all successful people have is persistence. They’re willing to spend more time accomplishing a task and to persevere in the face of many difficult odds. There’s a very positive relationship between people’s ability to accomplish any task and the time they’re willing to spend on it.” —Dr. Joyce Brothers

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It seems that with all the meanings of “determination,” we are not using any! A few are not related to the desire for change, but most of them “must be learned” and followed in practice! ship is “determination.” Successful leaders, startupers, entrepreneurs, today’s multinationals, all started with a vision and a mission and pursued them with “determination.” “Are we determined to reach our targets?” This is what we should ask ourselves before we start doing anything, as it is the key element to achieve our goals. Life is not easy, sometime we make it even more difficult, but “determination” is what will make each of us stand-out and accomplish our goals. I remember that with Ignite Athens here in Greece, if it weren’t for my team’s and my own determination, today, most probably you would have not been reading this article and the previous ones! We started by sharing the common desire to do something for and by the community, we started saying that we have to have “the quality of being resolute; firmness of purpose” (point 6 in the definition), otherwise we would have been just “another initiative.” Still, now, we face problems, we encounter resistance in changing things, but, hey, where is the verve without problems? How will we be able to work if there is no problem for which to find a solution? So yes, “determination” is an important virtue to succeed in this world, to stand-up and be different, think different and act different! Too many times we lose our energy and waste our time by waiting for others to help, serve solutions to us on a golden platter like ready meals; but those who wait are those who will not lead! Let the Innovation Generation pursue its goals with determination and reach a new level!

Business File

by Maria Choupres Policy Advisor/Negotiator

Conducting business and expanding internationally requires companies to have a nuanced understanding of each target country’s cultural and commercial practices.

Culture, Commerce, and Business Success

onducting business and expanding internationally requires companies to have a nuanced understanding of each target country’s cultural and commercial practices. This understanding includes the degree of communication necessary for transactions to occur smoothly, as well as the demands of customers—and catering accordingly. As businesses continue to expand across borders to diversify or to lessen the risk of doing business locally—something particularly evident in Greece—it is often the subtle details that can scuttle contracts or result in closed accounts. Companies often devote greater energy and caution when entering new markets that are significantly different, such as a western corporation seeking to expand in China or India, but often gloss over or are unaware of different practices where, on appearance there are similarities, such as in intra-EU expansion. Profitability in one locale doesn’t guarantee success in another; effective business methods in Greece may produce less than optimal results in Holland or Spain, for example. Sustaining commerce across various markets depends in part, on comprehensive country—or region—specific approach that takes into account the expectations and

Profitability in one locale doesn’t guarantee success in another; effective business methods in Greece may produce less than optimal results in Holland or Spain, for example.

attitudes of the “customers,” which can include such issues as how quickly emails are returned or how transparent certain actions are perceived. The Greek “brand” has taken a beating in the global economic crisis. The negative associations have affected Greek companies, as well as those firms that are based in Greece, regardless of financial performance or reputation. Incidents that in the past would have been chalked up to something “lost in translation” or local “quirks” are now more likely to be misconstrued, resulting in a loss in sales or accounts, with no explanation or chance to improve. During a recent trip to Denmark, I had the opportunity to speak with several Dan-

ish companies that carry the products of a reputable Greek company with a growing global footprint. Upon inquiring how the company fares in comparison to the other international vendors, I was advised that there were significant communication and regulatory problems: emails went unanswered or did not fully address the concerns that were put forth, and the protocol that the Danish companies asked their vendors to follow regarding changes to product formulation wasn’t honored by the Greek company. The growing frustration with what was perceived as a lack of professionalism and transparency—but was most likely the result of different cultural and work customs—was provoking serious thoughts to terminate the Greek accounts. Increased focus on external relations and customer relations can strongly counter differences in business practices and allow for problems to be addressed before they become deal-breakers. Listening closely to feedback and making strategic changes enables the development of an appropriate business model, guides future expansion policies and perhaps most importantly, strengthens relationships. Being aware of, and adjusting to foreign cultural and commercial practices is increasingly relevant as second chances become more difficult to secure.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 19

BIZ BUZZ

Impressive Export Data Greece is among the top five suppliers of farm products exported to 26 countries with over a 70 percent share in their imports, according to a survey conducted by the Panhellenic Exporters Association and the Exports Research Centre (KEEM). Greece is the number one supplier of 35 farm products exported to 14 countries, the second largest supplier of 23 products in 17 countries and third largest supplier of 20 products in 13 countries. Also, Greece is the fourth largest supplier of 17 products in 10 countries and the fifth largest exporter of 12 products in 10 countries.The report lists Greece among the major suppliers of primary sector products exported to EU and OECD countries.

Heraklion, Crete Shortlisted for Smart21 Based on nominations submitted by communities large and small from around the world, ICF selects 21 finalists with the potential to become one of the Forum’s Top Seven Intelligent Communities of the Year. Gaining a place among the year’s Smart21 is considered a badge of honor as well as the first step greater recognition as an Intelligent Community positioned to prosper in the broadband economy. Heraklion, Crete is one of the 21 finalists.

New Export Boost Development Minister Costis Hatzidakis presented a road map to help exporters in October. The plan is aimed at halving the time required to process exports as well as a 20 percent reduction in administrative costs by 2015. Among other things, the 19 measures announced concern the modernization of customs procedures, product categorization, a reduction in export fees and the introduction of the so-called Single Window for export procedures that will effectively operate as a one-stop-shop service. Once fully implemented, the ministry expects the new strategy to lead to an increase in the value of exported goods by 10 percent, a 1.7 percent rise in the country’s gross domestic product and in the creation of 80,000 new jobs.

Leapfrogging Payment Options Kenya’s M-PESA is the poster child for mobile money services in Africa, but it is also increasingly gaining attention further abroad. It is, however, only one of the mobile payment systems on the continent that have bypassed the typical financial rites of passage and are very quickly catapulting consumers into a truly cashless economy, as well as transforming lives in a very real sense. So while much of the rest of the world, including Canada and Sweden, looks to credit cards as the key to a cashless economy, Africa has—out of necessity—leapfrogged this step all together and tapped into the power of the ubiquitous cellphone.

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Greece’s Green Project Gains from U.S. Student Research A group of Northeastern University mechanical and industrial engineering students have designed a groundbreaking, robotic cleaning system for solar panels that has been submitted for a patent. Students developed the prototype for start-up firm Green Project, based in Athens, Greece, which specializes in sustainable technology and energy solutions. Solar panels, popular for their environmentally green and money-saving capabilities, have a drawback—they must remain clear of dirt and debris, which blocks sunlight. Blocked light can lead to 20 percent power loss over the course of two months. The prototype system is automated to clean and maneuver on glass solar panels. The technology, called “Robotic Device for Cleaning Photovoltaic Panel Arrays,” was developed by engineering students under the direction of engineering professor Constantinos Mavroidis, director of the Biomedical Mechatronics Laboratory, and graduate student Richard Ranky. “I am very impressed by the caliber of work executed by my students in the capstone course,” said Professor Mavroidis.

Greek Wines Gain Impressive Rating The Wine Advocate has included a number of Greek wines in its top listings: Gavalas (91, Santorini 2009), Alpha (90, Sauvignon Blanc 2011) , Boutari (90, Vinsanto 2007) and Skouras (90, Moscofilero 2011), leading WA’s current release of 28 reviews

3D Printing Does Greece See the Future Shapeways, a Netherlands-based online 3D printing company, has opened a “factory of the future” in Queens, New York that plans to house 50 highresolution industrial 3D printers and print custom-designed products a year, Popular Science reports. The company will allow customers to upload custom 3D designs, and then prints them using materials including acrylic, nylon, glass, gypsum, ceramic, and sandstone, and precious metals such as silver, and ships the objects within a few days. It plans to open in January 2013 and hire about 50 skilled employees. “This is the future of our city,” said Mayor Bloomberg at the ribbon-cutting ceremony, using 3D-printed nylon scissors.

Top 10 in Food Sterling-Rice Group (SRG) has identified the top ten food trends that will be served on restaurant menus and line the supermarket shelves across the U.S. in 2013. Sour gets its day: Fermented cherry juice and sour beer? In 2013, yes, as food palates move beyond sweet, salty and fatty to tart, acidic, and bitter. Chefs watch your weight: Chefs are changing their habits and exchanging their butter and bacon for broth and beets. The result, better-for-you food that actually tastes good. Asian infiltrates American comfort food: The spicy and fresh flavors of Thailand, Vietnam, and Korea will give consumers a new take on comfort food.

Reverse Brain Drain: China Has a Plan Nowhere in the world has a government taken the task of tempting exiled talent to return home as seriously as in China, according to Yahoo News. That goal has been enshrined as a major national policy; the authorities see it as a key shortcut to putting China at the cutting edge of technology and boosting the country to the next level of economic development. “The leadership is very, very aggressive on this—very proactive,” says David Zweig, a professor at Hong Kong University of Science and Technology.”

Veggies Take Over the Plate: No longer prepared as just a side or salad, vegetables will get their chance to star as the main dish. Kids’ menus grow up: Mac and Cheese and chicken nuggets take a backseat to kidfriendly versions of adult dining options. American Artisans save you a trip to Europe: With the emergence of local artisans budding in cities across America, why fly to Paris when you can go to Philly? Foodies can think globally, but travel locally. Small plates for me only: Small plates for sharing will be replaced with smaller, singular servings of meat, veggies, or starches – for a truly customized dining experience. Savory Fruit: Look for fruit used with savory flavors, incorporated as a touch in appetizers, soups, and meat dishes. No diner left behind: From gluten-free to vegan, more and more restaurants will offer all-inclusive menus and services to accommodate all eaters. Popcorn is THE snack of 2013: Sweet or savory, the all-time favorite (and healthy) snack will pop up everywhere - in ice cream, as croutons.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 21

Collaboration@Work

by Stavros Messinis founder, colab colabworkspace.com

Many entrepreneurs taking their first steps in building their businesses do so from “home offices,” their kitchen counters, their basements or garages.

Coworking as a Catalyst for New Entrepreneurship

eing small doesn’t mean you need to be cooped up at home (or take meetings in coffee shops). Coworking spaces are a great new alternative to “your own” offices when you need professional office space. Greece too now has a number of coworking spaces in Athens, Thessaloniki, Patras and Heraklion. coLab brought the trend to Greece and soon more spaces emerged through the initiatives of Loft2Work, 123P, and the Synergy Project. coWorking benefits small and large businesses, the up and coming entrepreneur and even the freelancer in that it offers a professional environment, a great group of like minded people and most importantly, an affordable solution. Here are seven things that a coworking space offers a new entrepreneur:

1. Networking Nothing benefits a new business more than an expanding network of contacts. Networking is a byproduct of coworking. Communal office spaces mesh several companies together into a proactive community. They offer a regular set of events and form a constant flow of people and ideas to interact with, learn from and grow from.

2. C ollaboration-Yielding Accelerated Results Bouncing ideas off people is better than

bouncing ideas off walls. Bringing smart people together, communal workspaces let you use other tenants as sounding boards. Often this merged knowledge will yield faster iterations on ideas. This “creative density” offers immense value. Tenants often provide paid services to each other. What’s better than having your service provider across the hall? Close proximity encourages trust and helps people see what they’re getting first hand.

3. Caring and Supportive Environment Not all projects are immediate successes. If your idea fails or you get rejected by a client, your coworkers are there to support you. They feel your pain. Chances are someone in the space has been there before and can share the experience. Survival is everything and being among survivors is priceless.

4. Learning New Things Need to learn something new on a new tool or platform? The space will likely help organize a session, bringing in an expert to run a workshop to the benefit of all tenants as well as the wider community. Tenants of coworking spaces naturally feel a belonging to this common collective network of doers. They’re gurus and want to offer something back. There are lunch and learns, dedicated teaching hours and person-to-person training sessions happening

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in both a structured and ad-hoc manner.

5. Low Overheads With no long-term, complicated leases, coworking spaces offer unparalleled agility. Teams can grow and shrink as necessary. Startups can rent a space for as long as they need without committing capital to equipment and furniture. This allows them to spend their money where it’s really needed, in developing their idea and discovering their customer, ensuring that product/market fit as cost efficiently as possible.

6. A Work Life Balance While working from home can be appealing, there’s a fine, blurry line between home and work. A communal office provides a clear distinction and a structured workday. While certainly more casual than a corporate environment, it’s certainly more office like than your home would be.

7. A Mindset on Success Tenants of coworking spaces are high performers that lift you higher. To be successful, surround yourself with successful people. A communal office space fosters success because it’s filled with people with a positive mindset on their way to success. They will inspire and motivate you. Growing your business will come more naturally to you.

One World

The 2012 State of the Future is a concise, readable overview of the global situation, problems, solutions, and prospects for the future.

2012 State of the Future

t covers the global landscape with twopage overviews with regional considerations of 15 global challenges such as energy, food, science & technology, ethics, development, water, organized crime, health, decisionmaking, gender relations, demographics, war & peace, and others. These together with the executive summary are ideal for busy executives, thought leaders, corporate strategic planners, public policy experts, policy advisors, non-profit issues organizations, teachers and professors of world issues, and anyone interested in a global overview of our prospects for the future – with discussions of problems and potential solutions. It is produced by the Millennium Project with its 46 Nodes (groups of futurists and organizations) around the world, which collects, feeds back, and assesses insights from creative and knowledgeable people on emerging crises, opportunities, strategic priorities, and the feasibility of actions. “The 2012 State of the Future finds the world is getting richer, healthier, better educated,

living longer, and is more peaceful and better connected; yet half the world is potentially unstable. Food prices are rising, water tables are falling, corruption and organized crime are increasing, environmental viabil-

Greece Node The “MillenniumProject” Greek node’s main goal is to help in the modernization process of Southeastern Europe, by giving special emphasis on the implementation of the “science” of future studies through direct diffusion of the results to organizations, businesses and other stakeholders. The mission of the “MillenniumProject” Greek node is to: [a] promote an open dialogue between countries; [b] contribute to the sustainable development of the sub-region; and [c] support the integration of these countries to the European Union. The Greek node was set up in November 2010. Members of the node are Universities, SME’s, NGO’s, state organisations, experts and the UNDP/BRC Regional Centre for PAR (RCPAR). The Greek node is located in Thessaloniki. Currently, its HQs are located in Emetris SA offices, in the Thessaloniki Innovation Zone.

ity for our life support is diminishing, debt and economic insecurity are increasing, climate change continues, and the gap between the rich and poor is widening dangerously.’’ says co-author and Millennium Project Director. Jerome C. Glenn Purpose: Improve humanity’s prospects for building a better future. Mission: Improve thinking about the future and make that thinking available through a variety of media for feedback to accumulate wisdom about the future for better decisions today. Vision: A global foresight network of Nodes, information, and software, building a global collective intelligence system recognized for its ability to improve prospects for humanity. A think tank on behalf of humanity, not on behalf of a government, or an issue, or an ideology, but on behalf of building a better future for all of us. The Millennium Project was founded in 1996 after a three-year feasibility study with the United Nations University, Smithsonian Institution, Futures Group International, and the American Council for the UNU. It is now an independent non-profit global participatory futures research think tank of futurists, scholars, business planners, and policy makers who work for international organizations, governments, corporations, NGOs, and universities. The Millennium Project manages a coherent and cumulative process that collects and assesses judgments from over 2,500 people since the beginning of the project selected by its 40 Nodes around the world. The work is distilled in its annual “State of the Future”, “Futures Research Methodology” series, and special studies.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 23

The Interview

Banking

on Responsible Growth Ioannis Gamvrilis, Chairman of the BOD & Executive Director, Attica Bank, discusses the unique position of Attica Bank in Greece’s banking system.

ETAA: the social security fund, that is, which covers professionals working in the construction sector, people employed in the health sector and legal practitioners, and which is Attica Bank’s largest shareholder. TSMEDE is the section of ETAA covering the professionals in the construction sector.

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Attica Bank occupies a unique position in Greece. Tell us about the bank and its history. Attica Bank is a dynamic financial institution with a network that currently numbers 80 branches in all major cities in Greece. Attica Bank has a long history that began in 1925. Today, we occupy a unique position in Greece and we have a promising future. The main shareholder of the Bank is the Engineers and Public Constructors Pension Fund (ETAA-TSMEDE1, which holds 42.87% of the bank’s common shares. Attica Bank provides financing mainly to small- and medium-size businesses and to private individuals. The Bank also offers a wide range of investment and insurance products, mutual funds and stock market transaction services. In recent years Attica Bank has transformed itself into a modern and innovative bank with capital adequacy. Flexibility and customer service are our main competitive advantages. During this time, the bank has demonstrated that in the Greek banking sector there is room for different business models that go beyond large-scale credit institutions that offer all types of products and services. In this critical period, keeping its sound financial figures remains the key objective for Attica Bank. It is only in this way that the bank can continue supporting Greek businesses and the Greek economy as a whole, which has always been its top priority. At the same time, great importance is attached to reinforcing the bank’s profile as a socially responsible company, which establishes the bank as an element of stability in the Greek banking system and a force for social cohesion.

Flexibility and customer service are our main competitive advantages

How would you define the vision and mission of the bank? Our vision is to continue on an autonomous course—that is, without any outside involvement—and grow into a stronger, specialized, medium-size bank which will contribute to the Greek economy’s return to growth; a bank that, apart from ETAA, will have other healthy pension funds and private sector investors among its shareholders. In today’s market, marked by crisis, severe uncertainty, a looming “fiscal cliff” if you like, how is Attica Bank positioned to respond, and serve its customers? Customers, faced with a strong sense of insecurity, are looking for security in their financial transactions. How does Attica Bank address these needs at the retail level, both for individuals and business clients? Attica Bank has always boasted of the loyalty of its customers. This has become even more evident in recent years, especially related to deposits. As you know, deposits in the Greek banking system have been dropping dramatically. Attica Bank has also seen its deposits decrease, but at a slower pace, which disproves the argument that customers feel more comfortable doing their financial transactions with larger banks. Attica Bank’s credit policy, on the other hand, has been based on the following points: • Supporting existing customers by entering into debt settlement arrangements • Providing loans to selected, promising businesses that need resources for investment purposes Having full knowledge of the decisive role the banking system can play in the recovery of the economy, Attica Bank focuses its efforts on supporting businesses that operate in sectors with encouraging prospects and that have an export-oriented focus. At the same time, we are examining all relevant parameters in order to be in a position to take advantage of opportunities that will allow us to widen our customer base.

Today, Attica Ventures is considered one of the most successful venture capital firms in Greece

And how do you believe the bank will emerge from the crisis in Greece? For Attica Bank, the critical condition of the Greek economy constitutes an opportunity to set objectives and fulfill them by using expert knowledge, through a carefully designed business plan. I believe that the model of the large bank that offers all types of banking products and services is not the only answer to the challenges faced by the banking system. There is always room in the market for specialized banks, as international experience shows. The fact that Attica Bank today is the only Greek bank that not only has positive, own equity, and does not plan to rely on the Hellenic Financial Stability Fund for its recapitalization, provides further evidence which supports this argument. Over the years to come the bank’s primary aims are to grow and to expand its operations into sectors that display positive growth prospects while at the

same time ensuring sufficient capital adequacy, properly managing our loan portfolio, ensuring satisfactory liquidity and placing emphasis on additional revenue sources. Please discuss Attica Ventures and how this adds value to the bank and the community. Attica Ventures is living proof of our commitment to support Greek entrepreneurship in promising areas of economic activity and turn to additional sources of revenue for the bank. The company was established in 2003 and is part of the Attica Bank group. Attica Ventures invests in innovative small and medium enterprises (SMEs) that are in their development phase, display distinctive competitive advantages, and can compete internationally. The partnership between a company and Attica Ventures is not limited to financing, but extends to a series of benefits founded primarily on the added value Attica Ventures can offer through the consultative and financial services it provides. Today, Attica Ventures is considered one of the most successful venture capital firms in Greece, having completed twelve investment projects involving Greek SMEs, contributing in this way to the creation of more than 800 jobs. Four of the companies Attica Ventures has invested in are listed on the Athens Stock Exchange.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 25

Thought Leaders

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Should I stay or should I go? Will I find a job? Is there a future for me in Greece? There is a crisis, but what can I do? These, and many similar questions, jolt young people every day in Greece. But for many young people, their answer is found in one word: entrepreneurship. Business Partners is pleased to present six young entrepreneurs who share their stories on how and why they decided to take their fate into their own hands and build a future that offers yes, challenges, frustrations, and difficulties, but one that is self determined and, more than anything else, offers the greatest reward of all: satisfaction! Raymond Matera

Entrepreneurship

Be The Change

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 27

Thought Leaders

Greece as the New Start-Up Hub?

Yiannis Zafiropoulos Founder of www.AZshop.gr

ntil approximately 2.5 years ago I was very actively searching for a job in Greece. Every day, for more than 12 months, I was reviewing job posts and sending my resume to apply for positions that best suited my professional and academic profile. I had just finished my MBA at Greece’s top business school (ALBA) and I was full of energy, full of modern business knowledge and full of innovative ideas. More than 200 Greek companies received my resume; however only three invited me for an interview (two of them by mistake!) and none of them offered me a job. At first, I thought “why me?”, but after a lot of thinking and talking to people who knew me well, I decided to reverse my fundamental existential question to “why NOT me?” After all, I was not the only person in this country who felt underestimated. Around this time I also read an interesting article. It was about young Greeks who become entrepreneurs not because they choose to, but because no one is willing to hire them. So, I decided to invest all the money I had (just €500) in a new kid’s fashion e-shop (AZshop.gr), which is now a successful, fast growing business. During these 2.5 years I’ve been happy to see that many other young Greeks have taken the entrepreneurship path and are thriving in an environment that discourages new investments. So, why is this happening now? In my opinion, there are four factors that contribute to what is

At first, I thought “why me?”, but after a lot of thinking and talking to people who knew me well, I decided to reverse my fundamental existential question to “why NOT me?”

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known as the “start-up revolution” in Greece: 1. The crisis creates opportunities. This expression has become a cliché, but it’s one of the most successful and inspiring clichés of all times! As consumers’ disposable income is reduced, new ways have to be found to satisfy existing needs. Start-ups like cookisto.com approach an important need (I need to buy food) from a new perspective (I buy food from a neighbor, online, at a significantly lower price). 2. Technology and tech knowledge is accessible to anyone. Nowadays, products like computers, smartphones, cable and 3G internet connections are affordable for most Greeks. And services like taxibeat.com solve specific problems (I cannot find a taxi) in the most effective and efficient way (I call a taxi with just a tap on my smartphone’s screen). 3. Low investment = low risk = potential for high return! I have started my business with just €500 and I thought that was a very small investment, until I realized I could have done it with even less money! Because of the existence of and accessibility to technology, the risk factor of starting a new business is lower than ever. Entrepreneurs now even have the luxury of testing various ideas before proceeding with the one that has the most potential. 4. Greece is a vast pool of talent. Just like me 2,5 years ago, millions of young and educated people are unemployed in our country. Many of them are shifting their mentality from risk averse to risk loving and new, magnificent ideas are becoming businesses! The traditional view of entrepreneurship is changing in Greece and a seed of hope has been planted. The soil (state, infrastructure) might be dry, but as more water (talent) is coming, the start-up plant will grow. And, yes, Greece has the potential to become the new start-up hub in Europe!

Unemployment Creates Entrepreneurship

iving in Greece in our thirties, admittedly the most productive period of our life, is a tough task itself. We have to survive, not only in a declining—almost dead—business environment, but also to resist all negative signals of the market, let alone the bad psychology, the lack of capital and the total absence of future propsects. However, the end of the story is not written yet. Having your back against the wall always gives you two options. You either fall or you move on. And the latter is the case in Greece of 2012. We have nothing to lose. We are probably among the best educated in the world. We are young, we have faith and we have the vision to create a better future than the one we have inherited. What if the rate of unemployment is at historical high levels? Unemployment creates entrepreneurship. This is the good impact of the Greek crisis. Greeks have started to mobilize the rotten gears inside them. You can feel this creativity that was hidden for several decades, blooming in all business sectors. We young Greeks have put the words “entrepreneurship,” “value creation,” “meritocracy,” “innovation,” and “business opportunity” in our daily parlance. Technology offers the fertile ground to create value in any field that one can imagine. Reboot is the keyword. So this is not a lost game. New businesses, based on innovative ideas, start up every day. Teams of talented and ambitious individuals are formed. Ideas are put on the table and seed capital becomes the paramount objective. Initiatives for networking, incubators, co-working hubs and technology parks interconnect the new business ecosystem of modern “bankrupt” Greece. Information is power and people are ready, more than ever, to exploit it. The affliction

of finding a permanent job in the public sector is now regarded as toxic. Young Greeks become public sector averse and invest time and effort on personal development and private initiative. Such is our venture, www.studenthouse.gr, that was born in the middle of the crisis. It came to serve a very fragile part of our society, university students who are looking for a cheap house to rent. The collapse of the real estate market gave us the chance to create a whole new business around low-cost rentals, by matchmaking individual house owners with potential tenants (not only students), without any brokerage commission. The global tendency for free services has been the vehicle for our success. The large majority of our customers has embraced and established our service among the important

Panos Vergos Startup Entrepreneur, Founder & CEO, www.studenthouse.gr

Opportunities are endless and the question whether to stay and create value or abandon the Greek ship is a pseudo-dilemma players in the Greek e-market of real estate, in only 20 months. Impossible is nothing. Opportunities are endless and the question whether to stay and create value or abandon the Greek ship is a pseudo-dilemma. We are experiencing a long period of redistribution of wealth. Those who are participating in this “pole position” race will eventually manage to put Greece back on track. This is the time for all of us.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 29

Thought Leaders

The Challenge of Getting Back to Our Roots “Some people want it to happen Some wish it would happen Others make it happen.”

Konstantina Zoehrer Cofounder Loft2work Social Enterprise, Repower Greece Ambassador

his quote is written on the wooden picture frame in my office. It is a present from one of our co-founders, more experienced than me, making me realize that there are people who seem to do larger and more glamorous things, much faster than I do. However, what matters is groundwork in order to stand on solid foundations. This is one point that Greece seemed to have forgotten through the years, but the recent socioeconomic circumstances are a strong reminder of what Greece stands for: not only democracy, but social and cultural human capital. Philoxenia (hospitality), synagonismos (competition), meraki (love for what we do), and critical thinking describe the core of our society, community, family, the place where ideas and actions flourish. Thinking big while taking small steps towards great actions.

Leaving the country might be the easy way out, but surely it does not change the current situation in the slightest Leaving the country might be the easy way out, but surely it does not change the current situation in the slightest. Waiting for the country to change without becoming actively involved might not be effective, and moving small steps toward its change seems like a challenge. But what does change require? Let’s face it, it is about time

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to work with what we have and build on it, apply new techniques and richer know-how. Rather than aiming to be the Silicon Valley or Apple of the Mediterranean, why not aim for Greece to be the Mediterranean star of Europe? The entrepreneurial ecosystem, or what we consider as such, is not only facing the recent socioeconomic circumstances, but is also going through some childhood, sometimes childish, diseases, sometimes getting lost or becoming foolish, sometimes pushing forward like a stubborn teenager and then being afraid to take a step like a child, scared of possible responsibilities. Greece is not only facing a financial crisis but also social instability, which some years ago was not part of the business world, or at least did not appear to belong there. Micro-environments of stability that provide solutions to social issues and overcome social, cultural, financial, technological barriers are needed more than ever before. The business community needs to be more like a family, more interconnected, in order to stand united against the cold wind and share the warm sun, at the same time becoming more productive, or even creative, if you prefer the term. It is time for us to remember and return to our roots, our values. Young entrepreneurs, less experienced professionally, often think that an idea makes a business opportunity. The truth is that its implementation and who is executing it makes the business a reality. Most ideas have existed long before you thought of it and have even been implemented before, but within a different framework, at a different point in time. The entrepreneurial path has not changed that much through time. It still takes courage, it still requires the ability to learn and recognize, it still needs people and it’s still not just about making money—but about creating value, equally for shareholders and society, preferably through the materialization of dreams.

Crisis and Entrepreneurship

owadays we are experiencing the 5th continuous year of GDP reduction in Greece. The crisis is well established. Everyone is talking about it, many people are suffering from it. A lot of people are looking for a way out of it. Apart from the word crisis, another word that is the “talk of the town” is entrepreneurship. How can these two combine or, conflict? The old model of the economy is changing. We our facing many changes in economic wealth, consumer habits, trends and ideas. Some, in fact, are not that new; they are old but we tend to forget them. Recycling, environmentally friendly products, less consuming and spending, are creating this new, fluid economic environment. Taking all these changes into consideration, it is hard for an entrepreneur to implement his or her business plan. In these difficult times one has to be innovative. Innovation does not necessarily mean creating something new from the scratch. It may also mean implementing an existing idea, product or service and improving it, adding extra value. When I started my business idea, By Nature, in 2008 the economic environment was totally different. I saw the idea, met the challenge, and implemented it. A lot of people may have nice ideas, but implementation is a major obstacle for most of them. In those cases you just have to “seize the day” and move on. There are many obstacles, the most important thing is to have the will to cope with them. The economic crisis affected the cosmetics business, like many other businesses in Greece and Europe. People often say that a major way out of the crisis is to turn your interest to other markets, especially those affected less from the crisis. So I decided to expand By Nature mainly

to Arabic and Mediterranean countries, via Single and Master Franchise agreements. In order to do that properly I joined forces with a person that is exclusively responsible for this expansion, Christos Loukas, Franchise and Export Manager of By Nature. Following trends, we also upgraded and translated our company web page, which is now available in English and other languages. Since smartphones and applications are the future, we also developed the By Nature app for iPhone. You can find us at http://www.bynature.gr Every person is familiar with the crisis. Almost

Vasileios Dimtsas By Nature

Innovation does not necessarily mean creating something new from the scratch. It may also mean implementing something existing everyone is talking about how to get out of the crisis and many interesting ideas arise. I always thought that in these cases we have to lessen talking and to implement more, search for opportunities and act. This is what I’m trying to do, it is my own response to what we are facing.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 31

Thought Leaders

The Crisis Paves the Way for Responsible Entrepreneurship

T Alexandra Choli Metavallon Founder & Executive Director

he current socioeconomic crisis, which Greece is facing, is not simply a sign that something is not working, that something needs to change, but that change is imminent. The mere observation that we live in turbulent times, a turning point in history, is insufficient. The truth is that we are the ones shaping our future—our ideas, choices and undertakings are shaping today the world in which we shall all live tomorrow. It is indeed a huge responsibility, largely brought on by the previous generations, their acts and omissions. We, however, could either bend under the weight of our responsibility or choose to look at it another way: that, though unwittingly, those who came before us offered us a unique opportunity—to create the world we want to live in. In this rapidly transforming global landscape, where the public sector appears dysfunctional and its action toward change weak and slow, private initiative becomes even more critical—it is our core tool and the only true way toward the results we wish to see in our lives and in society. What is more, business and entrepreneurship are also changing. The “old” economy, aimed solely at maximizing profit regardless of the means, is crumbling to give way to a more integrated and mature structure, which places people and society at the heart of business and where profit is necessary for sustainability as well as a clear indication of business success, but not an end in itself. We are moving, therefore, and aiming at substantive results: responsible entrepreneurship. Irrespective of the legal entity—nonprofit, social enterprise, company or corporation – business and entrepreneurship are now extending their impact and contribution beyond economic value: to employees, customers, local communities and the environment. By focusing on all these areas, and balancing them equally, both the organization and the ecosystem in which it operates benefit and flourish. What are some simple steps to create a business of

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both economic and social value? 1. Invest in employees and partners. 2. Cultivate relationships with customers (responsiveness, continuous improvement in service). 3. Pay attention to resources and processes (savings, legality, transparency). 4. Support your community. 5. Explore environmentally friendly options. In short, are you profitable? Are you creating something great? Do you care for your people? Are you giving substantial attention to your customers? Are you contributing to your extended community? Then you should take pride in belonging to the new generation of responsible entrepreneurs. It is true that, for a time, we might have strayed from what really matters. But the new generation, armed with the ideas, the skills, and the will, now has the power to pursue its ventures with vision and determination. Metavallon is young organization aiming to establish a supportive structure for early stage entrepreneurship. The first and only of its kind in Greece, Metavallon is working with leading companies worldwide, and is officially one of the proud grantees of the Stavros Niarchos Foundation since April 2012. The Startup Series, Metavallon’s proprietary catalytic program for aspiring entrepreneurs, fully covers their needs in their path from idea to business launch, securing funds, and first venturing footsteps. It comprises three stages (Gymnasium: startup idea development; Academy: acceleration; Institute: incubation), after the completion of which its select participants will have gained valuable entrepreneurial skills and will have transformed their ideas into dynamic new ventures. The program relies on practical learning, visits to international startup centers like New York and Silicon Valley, and the guidance of an international network of mentors and experts.  For more information: www.metavallon.org

Incubator in Greece? You’ve Got to be Kidding, Right?

ntrepreneurship in Greece was always a joke. Start-ups were always struggling to climb up the hill, chasing ideas and dreams. The truth is that this is not a recession issue. It is a mentality issue. I have been helping startups for the last ten years. For the last five, I have been a mentor, helping them launch, grow, scale, and raise funds. I moved back and forth between Greece and Silicon Valley and at some point I decided to relocate there so I can really breath. “Breathing” for me means a nice business ecosystem. And when it comes to startups this is vital. Right? “Nice” is the value proposition word here. Such a spark will not come from government. Causes trying to ignite government support and involvement are wrong. It is not just that you can’t teach an old dog new tricks; it is that your dog is dying while biting the hand that feeds him. People alone will bring change and work against corruption and negativity. To cut to the chase, my latest pet project is an incubator – another romantic initiative. While I am raising funds for my latest business in California I decided to launch this in Greece. Why? Because it is all about an incubator when it comes to startups in a hostile business environment. It is not about the money, it is not about government. It is about the place you start, the people you interact with, the inspiration and the know-how you get and, most important, the threats you avoid! I worked in many incubators in the Valley and I know what makes such a “wishful thinking project” a real business and what makes such a business viable. It has to be big (up to 5.000 sm, so it makes enough money to support its operational expenses from tenants) while offering great value to the tenants and visitors (know how, acceleration, access to talents, networking) and it has to attract funds (up to $5 million for the first five years to support the first crème de la crème startups and to make some

money). Incubators make money from funding and not from leases! My incubator dream is not similar to the ones you probably know in Athens like Colab, 123P or Loft to Work. Those guys are doing a great job, but I am aiming for another component, size, which will attract growth and added value beyond a rental space. The problem I am trying to solve is: startups in need of a place to work while interacting with a) knowledge b) acceleration and training c) networking, d) events f) talent scouting with access to universities and finally g) funding! Try to project that nice picture in a nice climate offering fun! Yeah that’s right: fun. Startups move to Chile instead of being in rainy London, suicidal Luxemburg, the bubble of Dubai or boring California after work. So why not? Greece

Tolis Aivalis Business Strategy Mentor

It is not that you can’t teach an old dog new tricks; your dog is dying while biting the hand that feeds him is perfect for this. Great climate, a great dating scene, and fantastic landscape, activities, and entertainment. And crisis has brought Greeks to a state of facing entrepreneurship as a must do. While this is emerging, recession brought salaries and wages down so now you can also find well-priced talent. So the next big thing is an incubator! My current stage is construction of a great accessible venue. While this is under development, I posted my incubator summary as a note on my personal page facebook.com/ TolisAivalis. Feel free to contribute! A bout.me/aivalis

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 33

Defense

Lockheed Martin and the Hellenic Defense Industry

70 Years of Trust Dennys Plessas, Lockheed Martin Aeronautics/ International Vice President for Business Development Initiatives, discusses the recent agreement between Lockheed Martin and Hellenic Aerospace Industry (HAI), a major strategic cooperation indisputably providing the Greek defense industry with a vote of confidence from the American colossus. Congratulations on this important cooperation. To what is it due? What exactly does it mean for the Hellenic industry? For 70 years now, Lockheed Martin has developed a strategic cooperation with the Hellenic Armed Forces and the Hellenic defense industry based on mutual trust, absolute transparency, and the achievement of common goals for the defense and security of Greece. Within this framework, Lockheed Martin has subcontracted to HAI a considerable workload for the manufacture and assembly of structural units for the F-16 and C-130J aircraft, which are realized following significant investment initiatives by LM concerning technology transfer, modern facilities, and equipment.

The latest agreement signed, amounting to 38 million dollars for the year 2014, pertains to the extension of the five-year “mid panels and plugs” co-production program for the C-130J transport aircraft, while the negotiations for an additional extension are under way for the 2015-2019 period. The value of this new program is expected to be over 100 million dollars. Meanwhile, a five-year (2012–2017) agreement worth 114 million dollars has been in effect since the beginning of 2012, concerning the extension of the program for F-16 assemblies. The total amount of all the new programs above exceeds 250 million dollars. It should be emphasized, however, that during the last seven years HAI has become Lockheed

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Martin’s sole source, worldwide, for specific F-16 fighter aircraft structural assemblies (about 30% of the fuselage). The F-16 and C-130J co-production programs are providing more than 700 permanent job positions in Greece. You served initially as an HAI executive, and later as a Lockheed Martin executive, since 1976. Could you recount the itinerary of this common course traveled by HAI and Lockheed Martin? The relationship between Lockheed Martin and HAI is known, as Lockheed Corporation was the company to which the Hellenic Government entrusted in 1976 the planning and the development of a modern

aircraft industry. Lockheed Martin is proud of completing the establishment of HAI in less than three years, a record time by any standards. Since then, HAI’s development has been quite rapid. Soon, under Lockheed Martin’s guidance and technical assistance, HAI developed capabilities for the general overhaul of many aircraft and helicopter types, as well as for hundreds of their accessories. The acquisition of F-16 fighters by four different Hellenic governments provided HAI with the opportunity to develop even further by claiming major programs through the implementation of Offset Programs. The accumulated expertise of HAI employees, combined with the continuous technical assistance by LM, led HAI to the undertaking of the Hellenic Air Force F-16 structural upgrade programs (FALCON UP and FALCON STAR). The close cooperation with LM was catalytic for the undertaking by HAI of USAFE’s F-16 fighter upgrade program, which was recently concluded with absolute success. HAI delivered about 100 upgraded F-16 fighters to USAFE, eliciting kudos from the USAF for the professionalism of its employees. What is the Lockheed Martin experience with the Hellenic OB programs? What would you say to HAI today in order to exploit this opportunity and to successfully implement this project? Lockheed Martin, within the framework of the F-16 fighter acquisition, has implemented during the last 20 years, with absolute success, a number of Offset Benefit programs aiming at the upgrade of the Armed Forces operational capabilities and at the enhancement of the domestic defense industry. The technology transfer to HAI and the development of new infrastructure constituted basic factors for the development of the company. New facilities (like the aircraft dry-stripping unit), as well as the expansion of existing ones, today comprise a security for HAI’s future. I should tell you that in most cases we did not stop at the narrow confines of the OBs; we willingly advanced our cooperation many notches ahead, the most characteristic example being the coproduction of C-130J aero-structural parts.

The specific subcontract work was awarded to HAI despite the strong international competition and the pressures exerted by a number of countries, several of which already have or intend to acquire the C-130J. A continuous effort by all HAI personnel is necessary to maintain the high level of quality and manufacture and the preservation of cost at competitive levels. The continuous performance improvement and maintaining competitiveness over other subcontractors are absolutely necessary in the difficult aircraft-building sector. This year Lockheed Martin is celebrating its 100 years in business. What would you like to say about this milestone? What mark is being left by the company on the world aerospace firmament? During these many years, Lockheed Martin employees have left a strong technological mark on the course of aerospace technology. Lockheed Martin laboratories and factories hosted the development of some of the most advanced and technologically pioneering achievements of aerospace technology. The most essential element of these 100 years of operation, however, is that Lockheed Martin advanced aerospace science, as much at the basic research level as well as in industrial applications. This technological leadership graced the company with tens of industry firsts and world records. In recent years the company has expanded its activities in the areas of electronics, defense systems, IT, and energy. Today, Lockheed Martin is continu-

ing its technological leadership with an emphasis on finding solutions for our customers, with consideration for the environment and absolute adherence to transparency. What programs do you see advancing toward the reinforcement of the Hellenic Armed Forces deterrence capability? Our country is today, more than ever, in need of participating in large international defense programs, providing an increase to our deterrence capability and enhancing domestic industry. The Hellenic F-16 fleet upgrade and the P-3C maritime patrol aircraft illustrate such cases. The upgrade of the F-16s, in addition to the substantial operational and technical-financial advantages offered to the Hellenic Air Force, will secure 400-450 job positions at HAI, while it will offer the opportunity to participate in similar upgrade contracts for thirdcountry F-16s. Corresponding benefits, albeit at a lesser scale, will also be afforded by the upgrade of P-3C aircraft, the only aircraft in the world that can cover complex maritime surveillance missions in the Southeast Mediterranean and the Hellenic Exclusive Economic Zone (EEZ) under proclamation. Lockheed Martin, respecting today’s difficult financial situation, is currently offering to the Hellenic Armed Forces modernization and upgrade programs for existing weapon systems, yielding the maximum operational advantage combined with the least possible cost.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 35

Labor and Employment

by Dr Venetia Koussia Managing Director, ManpowerGroup

2nd Annual Labor & Insurance Conferenceâ&#x20AC;&#x201D;

A Fairly Good Start

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Dr Venetia Koussia, Labor Affairs Head, Insurance, Social Security and Labor Affairs Committee, American-Hellenic Chamber of Commerce, and Managing Director of ManpowerGroup, gives us her overview of the conference, along with her thoughts on what success looks like.

“L

abor market efficiency and unemployment issues are today the top priorities in the Ministry of Labor planning agenda. This is wrong! Employment should be the single most critical macro-economic component on which growth policies should be focused.” This is what Dr Duncan Campbell, ILO’s (International Labor Organization) Director for Policy Planning in Employment told me in our early communications regarding the organization of this conference. His words had a lasting effect on our thoughts when planning for both the main topic and the structure of this event. Employment and the labor market were, therefore, at the center of our attention, but not in a theoretical manner. They were examined as the major constituents of growth—which should not come jobless—when it finally comes. And since creating the conditions that will enable recovery and growth will require the contribution of at least three ministries and all social partners, all involved were invited to participate in a multi-voiced format. Indeed, during the event we had the opportunity to address critical issues and hear varied opinions. If I had to choose what still

stays in my mind, I would say the following: • The issue of employment should concern us not only as a macro-economic aspect, but also as a factor that significantly affects social stability. • By allowing youth unemployment to boom, we passively create a lost generation, permanently “scarred” by the effects of social exclusion and inequality. • Entrepreneurship is not synonymous to self-employment. The first—when viable and sustainable—is scalable, creates jobs and contributes to growth. Since not all have what it takes to be entrepreneurs, we should ensure that those who are “fit for the job” are selected and supported. • We have to guard against the deterioration of trust and order, instead of allowing it in the pretext of change. An efficiently well-regulated market, without unjustified restrictions, where the labor force feel safe and are treated with respect and fairness, will have a positive effect on overall productivity. If we had to assess the conference’s success (and I am definitely tempted to assess every single initiative I participate in), one could be fairly content in terms of participation. All who had to be there honored us with their presence: government and opposition, academia, trade

The success of this collective initiative will require that each and every one of us assumes personal responsibility

unions, vocational training organizations, business, NGOs, and young entrepreneurs (with what seemed as a well-grounded common sense and no-frills approach to the issues discussed). And this is definitely a great start, if we are to promote an inclusive, constructive dialogue that leads to viable, practical results. Interestingly, we all agreed upon the need of a 5-year strategic plan for growth that will— although with considerable delay—lead us on our combined effort to return to growth. There are specific consequences and needs that arise from this agreement: • We need to find ways to work together, making sure that all voices are heard and that different opinions do not act as impediments, but are synthesized into a comprehensive common vision. • Efficient synergies and partnerships will be of key importance for our success, as we will have to work together not just in the planning stage, but also throughout implementation, to make sure that we monitor, measure the results, and review when appropriate. But—most importantly—the permanent and intensive collaboration of all parties is possibly the most decisive factor in attaining the social cohesion and stability this country so urgently needs. • The success of this collective initiative will require that each and every one of us assumes personal responsibility. In this context, the success of this conference should be better assessed a year from now. That would be a good time for all of us to revisit what we promised on stage and assess our actions. And since actions always speak louder than words, our actions will have to be analogous to our promises.

NOVEMBER-DECEMBER 2012 | BUSINESS PARTNERS | 37

Marketplace

Investing in Greece—

The Right Place at the Right Time Stephanos Issaias, CEO at Invest in Greece Agency, discusses how the investment landscape in Greece today has dramatically improved in just a short period of time. How has Greece evolved as an investment destination during recent years? In some ways we could say that Greece has moved from being a high-growth economy with an inadequate investment framework to being a challenged economy with a superior investment framework. But the key feature to bear in mind is that Greece offers superb investment opportunities. How should investors view the current environment? The current environment is marked by a convergence of a number of factors. As I said, our economy faces immense challenges, as we all know. But we must recognize that the uncertainty that has dogged us for so long is beginning to be replaced by a sense of continuity, a sense of stability that has been missing from our macro picture. The coalition government has identified a

common national purpose and legislation regarding the investment framework is being implemented that is characterized by its comprehensive scope, its integrated nature, and results-oriented purpose. What are some of the changes that you mention that are part of this investment framework? The enhanced Fast Track Law has produced impressive results in a very short time. Currently, there are 11 projects with a value of approximately 7 billion Euros that are included in the Fast Track process. Our taxation system is being overhauled in a way and manner that it never has before. And here I must congratulate the American-Hellenic Chamber of Commerce on its highly successful, proactive efforts spearheaded by the Chamber Taxation Committee. In addition, I can mention the facilitated

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process for starting a business, the lifting of cabotage, new RES laws, streamlined environmental permit process, and new investment incentives that are all now in place, not in the planning stages. And I’d like to say that we view Fast Track as pilot process. In the future, all investment proposals should be fast tracked in the sense that the system will have changed as a matter of course. What are some of the success stories that illustrate the changes you mention? Allow me to mention a few: • A 58-million Euro buyout of a highly innovative Greek company by a U.S. equity fund. Specifically, a Paine & Partners affiliate purchase of Eurodrip S.A. shares, a global leader in manufacturing and supplying drip irrigation solutions. • The go-ahead for a gold mine project by

El Dorado Corporation that is on course to become the largest in Europe. The total value of this investment is 128.960 million Euro. • Switzerland’s Dufry AG has agreed to purchase a 51% stake in Hellenic Duty Free from Greece’s Folli Follie for 200.5 million Euro. • U.S.-based Diamond Resorts International, through a subsidiary, has acquired all the shares of Greece’s Aegean Blue Holdings, adding five hotel resorts on Crete and Rhodes to the Diamond portfolio. • The professional property market in Greece recently received a much-needed boost in Canadian investment group Fairfax Financial Holdings’ acquisition of Lamda Development’s 14.78 percent stake in real estate investment company Eurobank Properties, for a total amount of 42.8 million euro. • COSCO is about to build a third pier at the Port of Piraeus, in addition to the modernization and upgrade of pier two. This, of course, represents a very large investment by the Chinese conglomerate, who understands that Greece is a logistics dream come true for businesses that want access to the markets of Europe and North Africa. • And I’d like to note that the Minoan project on Crete is, after interminable delays, moving forward as it should. What about investors who are eying Greece presently? We all know that timing is critical in business and investment decisions. I believe that Greece today represents the right place to be at the right time. Greece will reward those investors who are willing to see just beyond the horizon and recognize their first mover advantage. It is a huge competitive advantage that will reward investors handsomely. It is vital that they also recognize that the momentum has begun. Following our reform program, as we have seen, we have a significant number of success stories—in only a few months. Being positioned atop the wave of opportunity is a good place to be. And third, the government fully committed to supporting FDI. This is crucial and

a crucial change from the past. And Invest in Greece is prepared to help every investor succeed, at every stage of the investment process. Has the investment community and the media picked up on the shift in Greece? Following a number of discussions I have had in the last month or so, and the Investment Forum in New York that AmCham organized with the Athens Stock Exchange, which I attended, it is apparent to me that the perception is shifting. It was evident that there is a significant adjustment by investors in the United States in their attitude toward Greece. They see not only the potential—sure, everybody likes to anticipate forward-looking growth—but they see the results of this government coupled with that potential. They see the untapped human resources—in software engineers for example, in innovative scientists, in global minded— and internationally educated—executives. They see Greece as the Florida of Europe, with all that means in terms of real estate development, travel and leisure services, medical services, and the like. And the media began to report on this event with fresh eyes, recognizing that, yes, Greece is changing after all, Greece presents great opportunities, Greece is a unique location bridging Europe, the Middle East and North Africa, that is Western in orientation, a member of the EU and the Eurozone, yet uniquely positioned to reach—and serve—the markets of the entire Southeast European region, the Eastern Mediterranean, and North Africa.

Do you see the privatization program as part of this opportunity? Yes, and it is necessary to underline the vast potential that investors and businesses have in Greece’s privatization process. State assets that are an integral part of the Greek economy, as well as underutilized assets such as real estate, represent opportunities whose importance should not be downplayed. Investors may capitalize on literally thousands of opportunities that represent huge growth potential over the long term. There is such a large variety of assets, in such a diverse number of sectors, that this program alone is spectacular in its attractiveness. It is one of the largest, if not the largest, privatization programs in the world and offers small-, medium-, and large scale investors a rich portfolio from which to choose.�

Invest in Greece Invest in Greece SA (http://www.investingreece.gov.gr) is the official Investment Promotion Agency of Greece, supervised by the Ministry of Development, Competitiveness, Infrastructure, Transport and Networks, that promotes and facilitates private investment. Invest in Greece is committed to helping businesspeople discover the many opportunities in Greece, the gateway to Southeast Europe and the Eastern Mediterranean.

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Leadership Tales From Ancient Greece

by Artemios Miropoulos

The Nameless King In the south west tip of the Peloponnese, in Pylos, on top of a hill overlooking the surrounding valleys of olive trees and vineyards, lies the Mycenaean palace of Nestor.

uild round 1300 BC, almost a hundred years before the War of Troy, it comprises of a maze of store rooms, workshops, corridors, baths, ceremonial and living quarters, a wine magazine and of course the Throne Room. The palace blueprint numbers more than 105 distinct spaces—and only at the ground floor in which excavators have unearthed numerous vases and pots, artifacts, massive oil jars, arrowheads and more than 6000 complete pieces of pottery in one storage pantry alone.

Linear B It is better preserved, but not very different, than others of the same era excavated in Tiryns or Mycenae, however it has excited the archaeologists since 1939 as this has been the place where hundreds of clay tablets were found in the mysterious—at the time—Linear B script. When Michael Ventris finally managed to decipher the inscriptions in 1956, scientists bent over them, eager to unravel centuriesold mysteries, maybe even unveil the mystery of the lost Atlantis. But the scientists

realized that they stood in front of a meticulously inventory of the riches--the merchandise, the agricultural production and the goods--that filled the warehouses of the palace. The inscriptions recorded what had been found in the excavations next door. Olive oil of different purities, scented with various herbs and aromas used in cosmetology or for religious purposes, vintage wine in jars sealed with clay lumps bearing inscriptions to state a particular bouquet. Bronze provided to local blacksmiths for the manufacturing of weapons and utensils, gold for the royal jewelers, pairs of chariot wheels, cattle, servants and slaves owned by the wealthier families of the kingdom. Even more, military and naval agreements for the defense of Pylos, all written by 45 identified different ‘hands’—selected scribes supporting a sophisticated bureaucracy and detailed palace archives.

Distant Empires Jack Davis, Director of the American School of Classical Studies at Athens, the leading excavator of the Palace of Nestor, together with his wife Sharon Stocker, in a brief dis-

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cussion we had about Pylos early in the summer of 2012 said: “from the Linear B tablets and material finds we realize goods arrived in the palace from all corners of the known world. There were ties with distant empires and civilizations; this was not a mere local kingdom. Its elite had knowledge and influence over all of the East Mediterranean.” This fitted with the fact that from all the known Mycenaean palaces of Southern Greece, including the Acropolis of Athens, this was the only one that was not defended by fortification walls. Like their Minoan ancestors in Crete; too powerful to have enemies. “Was this the power of Nestor?” I asked, “the wise elderly king, one of the Greek warlords during the seize of Troy? The one whose opinion was respected and whose words bridged differences and grudges between the kings and princes of the Greek expedition? Was he then more powerful than Agamemnon of Mycenae, Menelaus in Sparta, Ulysses or Achilles, all of whom reigned within a radius of a few hundred miles?” I was astonished as Nestor was a reverent figure in Homer’s Iliad, but not anywhere close to the

power and glory of these prominent leaders. “We don’t know if it’s Nestor’s” Jack sighed. “We had to name the palace after someone. Although the tablets do tell us that this place was called Pylos, the truth is we can’t be sure of the king’s name. On the tablets he is referred to as wanax, O ANAΞ, THE KING. In all this affluent literature of a thousand tablets there is not a single reference to the actual name of the king.”

It is said that Carl Blegen of the University of Cincinnati, the first excavator together with Konstantinos Kourouniotis back in 1939, in his effort to identify the place, walked an hour from the beach up the hill, following Homer’s instructions on the location of Nestor’s palace. The true story is that Heinrich Schliemann was the first who tried to find Pylos but looked in the wrong place. The Palace was discovered by a Greek school teacher probably when he noticed large stone blocks and Mycenaean pottery on the ground surface. Blegen however assumed where the birthmark of the building was to be found. He spotted it when he found large stone blocks and Mycenaean pottery on the ground surface; he even assumed where the birthmark of the building was to be found. At the southern corner of the palace perimeter, on a foundation block beneath the floor of the archive rooms where the Linear B tablets were found, there was a curved Minoan double axe. The constructors’ blessing sign for the longevity and prosperity of the building. Everything was there but not a mere clue to the name of the king. The palace was destroyed and obliterated by a massive fire around 1200 BC, right after the victory in Troy and the adventurous return of its heroes back home. Almost simultaneous fires burned and vanished Mycenae and Tiryns and the whole of the Mycenaean civilization. This was the beginning of what is known as the centurieslong Greek Dark Ages. The curse of Troy.

The Nameless King and Personal Branding Up to now I have been skeptical regarding notions such as “personal branding” or

Drawing by Vasilis Evdokias

Identifying Nestor’s Palace

“reputation management.” I believed that the effort to secure and develop one’s public profile and image definitely supports one’s career aspirations but rarely adds any value to the organization. On the contrary, it might serve as an excuse for individualism and a display of inflated egos. We can’t tell what was the case for the wanax, but in the modern corporate world there are leaders, senior executives or even business owners who consistently choose to keep a low profile, avoiding public speeches and appearances, sometimes with poor, underdeveloped personal networking and a low level of influence on their external environment, to the disappointment of their subordinates. This of course might be due to a lack of self confidence, but it can also be a deliberate choice, stemming from an introverted inclination, a sense of humility and personal ethics that I have so far respected. The story of the Nameless King has made

me think differently. Leaders are defined by their deeds and the decisions they make and they need to sign at the bottom. It’s not enough to make change, you need to make sure it lasts and this goes along with your personal footprint in time. This is also a matter of fairness, since the name of the leader should be both a repository of glory and a bold stance in assuming responsibility of past choices and risks taken, a key indication of his or her personal values. In the last days of the kingdom, on the eve of the destruction, a sacrifice to Poseidon was organized. A Linear B tablet describes the sacrifice and feast offerings from wealthy families of Pylos, a bull, barley and cheese, honey, wine and anointing oil. The biggest contribution comes from an individual whose name must have sounded as Enkhelyawon. According to D. Wesolowski, this is thought to be the name of the king.

Artemios Miropoulos is the Managing Director of Linkage in Greece, a leading U.S. Leadership Development organization and the Chairman of the AmCham Leadership Committee Vision 2020. The LCV 2020 thanks the scientists and staff of the American School of Classical Studies for their precious support, especially that of ASCSA’s Director Dr Jim Wright and the School’s GM Pantelis Panos.

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EU Today by Andreas Galanakis Policy Director, American Chamber of Commerce to the EU (AmCham EU)

Growth and Job Creation—

The European Commission Work Program for 2013 Europe is arguably facing its most serious economic challenge since the Second World War. Growth on the continent is sputtering and job creation remains stagnant.

he European Commission recently announced that GDP in the European Union in 2012 is expected to contract by 0.4 percent while unemployment will continue to remain high, at slightly over 10 percent (and remain at that level for the next several years). Even more worrisome, in certain EU countries the unemployment has surpassed 20 percent. Debt levels in the EU is also continuing to march upwards

reaching an average of over 85 percent of GDP and are projected to increase slightly in the coming years. Against this backdrop of worrisome economic data the European Commission issued its work program for 2013 with concrete growth enhancing proposals to tackle the economic crisis and put Europe back on the road of solid recovery. President Barroso in presenting the work program to the European Parliament, in the so called ‘State of the Union address,’

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detailed a long term vision for Europe that also raised the prospect of what the Union could look like in a genuine economic and political union—a democratic federation of nation states that share sovereignty. The creation of such a federation would of course require bold decisions by European leaders and necessitate a change of the EU treaties. The European Commission work program for 2013 is structured around seven broad policy headings.

Economic Governance A primary objective is completing the new economic governance system for Europe. The EU member states have already agreed to a new European Semester and the six-pact legislation (on economic governance). The aim ahead is the two-pact legislation (surveillance of national budgetary and economic policy and further economic policy coordination)

and the continuing efforts on reforming the financial system (including reaching agreement on banking supervision). Quickly implementing all aspects of the new economic governance structure would help stabilize the European economy and provide credibility, stability and predictability for business invested in Europe; an important element in generating growth and employment.

The EU Single Market The Commission will continue efforts to deepen the EU Single Market. The 20-year anniversary of the Single Market Act gave a renewed impetus on the need to complete the internal market, one of the main pillars of European integration. Through the Single Market Act (SMA) I (2011) and II (2012) the European Commission detailed two dozen proposals to help achieve the goal of a truly integrated single European market. SMA I contained initiatives from worker mobility to small- and medium-size enterprises financing and consumer protection, to taxation and trans-European networks. In Single Market Act II, the focus is on four main drivers: networks, mobility, the digital economy, and cohesion. The aim for next year will be to ensure the relevant legislative proposals are adopted by the European Council and the European Parliament. Studies show that completing the single market could increase Europe’s GDP by about 4 percent over the next decade. It would help increase productivity, investment and trade and create new jobs. While progress has been made in completing the single market, barriers remain. The free movement of goods, people, services and capital has yet to be fully achieved. Europe needs to improve the ease with which economic activity can take place across national borders. It needs to complete the EU digital market. In all sectors, full liberalization and functioning markets need to be achieved.

Transport and Energy Networks The Commission will also take steps to modernize Europe’s transport system and support investment in high speed networks. Proposals will be forthcoming on rail and freight transport, goods traffic between

ports and the Single European Sky. The completion of a single transport market is critical to generating growth and making Europe competitive. Europe needs to accelerate investments in well functioning energy, transport and communication systems that have adequate connections, reduce congestion and enable innovation. Such actions will open markets, create jobs, bring cohesion, build lasting assets, enhance global competitiveness and improve the EU’s attractiveness for industrial investment.

Jobs and Skills Job creation is central to combating the crisis and the Commission plans to work closely with the member states to address the high levels of unemployment. Labor market reform is vital to generating more jobs. Labor market regulations should be made much more flexible and facilitate cross boarder movement. The tax burden on labor also needs to be reduced and flexicurity should be used more often. Europe also needs to invest in training, education and lifelong learning in order to ensure its labor force has the right skills to help build sustainable growth.

Energy Policy and Resource Efficiency The Commission plans to continue efforts on a low-carbon economy, review waste legislation, and adopt an EU policy framework on air quality. A transition to a low-cost carbon economy brings a number of opportunities, and Europe could be a leader in innovation and rapid deployment of green technologies, products and services. To achieve this, EU legislation needs to provide appropriate incentives to assist the up-front costs of the deployment of energy efficient solutions. In addition, a liberalized, but fully functioning, competitive internal energy market is the best way to ensure secure and competitive energy supplies, particularly in the electricity markets where deficits still exist. Affordable energy is key to a competitive manufacturing sector in Europe and this should be fully taken into account as the European Commission implements its legislative proposals on energy. Europe should also give priority to a continuous renewal of the

European energy infrastructure. A legislative framework which encourages investment in energy infrastructure would be a positive development and would allow the use of innovative technologies like smart grids and smart metering, which are the precondition for using renewable energies and a more decentralized energy production.

Importance of TransAtlantic Trade Cooperation between the U.S. and EU remains critical to ensure the global economy and markets are safe, sound, and well-regulated. The EU and U.S. are more deeply integrated across more economic areas than any other two regions in the world. The trans-Atlantic economy generates close to 5 trillion Euros in commercial sales a year and employees 15 million people. The EU and U.S. are each other’s primary source and destination of FDI. By the end of 2010, U.S. firms had invested nearly 1.5 US$ in the EU and European firms invested and equivalent amount into the U.S. Europe and the U.S. also share a similar history and values. Because the economies are so intertwined, it is important that leaders on both sides of the Atlantic collaborate closely in finding solutions to the economic challenges faced. At the EU-U.S. Summit last November the leaders took the decision to establish a HighLevel Working Group on Jobs and Growth with the aim of exploring the benefits a free trade agreement. Areas to be addressed are tariff and non-tariff barriers to trade in goods and services, investment, regulatory cooperation, intellectual property protection and innovation, public procurement, crossborder data flows, and business mobility. The high-level working group will issue a report at the end of the year on whether Europe and U.S. should move to negotiate a free trade agreement. The economic benefits of such an agreement could be substantive. Given the level economic integration across the Atlantic it makes good sense for goods, services, people, capital, data and ideas to be able to flow freely. A comprehensive trade agreement would certainly be a boost to the trans-Atlantic market and encourage the creation of jobs and growth.

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TRENDS & TRADE MAKERS

Gas for Industry Greece’s Regulatory Authority for Energy (RAE) is preparing a plan that will enable industries within the boundaries of the Attica Gas Corporation (EPA) network to get cheaper natural gas for their operations. For the first time, Attica industries will be able to use suppliers other than state-owned EPA, which currently has the monopoly in Attica, as well as Thessaly, central Greece (EPA Thessalias), and Thessaloniki (EPA Thessaloniki). The industry watchdog intervened following a request by the Hellenic Union of Industrial Consumers of Energy (UNICEN) to allow alternative suppliers to use the state-owned firms’ networks for a price. Such is also the provision of a law passed last year, yet to be implemented. RAE president Nikos Vassilakos said, “It is clear that state gas companies have the legal obligation to open their networks to any natural gas suppliers wishing to transmit gas to their industrial consumers.”

Microsoft Plans to Bring About the Era of Gesture Control October 22, 2012

With its Kinect for Windows program, Microsoft wants to make it common to wave your arms at or speak to a computer, Technology Review reports. “We’re trying to encourage developers to create a whole new class of app controlled by gesture and voice,” said Peter Zatloukal, head of engineering for the Kinect for Windows program. Mr. Zatloukal says the result will be on a par with GestSure uses Kinect for Windows to allow surgeons to look through medical images without hav- other big shifts in how we control computers. ing to touch unsterile equipment (credit: Microsoft) “We initially used keyboards, then the mouse and GUIs were a big innovation, now touch is a big part of people’s lives,” he says. “The progression will now be to voice and gesture.” Health care, manufacturing, and education are all areas where Mr. Zatloukal expects to see Kinect for Windows succeed.

Role Models

Mexican Rock Legends Lead Nation Towards Sustainable Development One of Latin America’s biggest rock bands, the Grammy Award-winning Maná, is leading a novel project that proposes to tackle climate change at a local level while promoting sustainable development in communities. This innovative pilot project is based on the idea of ‘green economies’—the symbiosis between protecting the environment and economic gain—and provides much needed support to an area of Mexico, La Primavera Forest, recently devastated by fire. The goal of the initiative is to compensate citizens for ecological services they provide while, at the same time, promoting rural development. Through local payment schemes for steps to mitigate greenhouse gas emissions, such as carbon sequestration, the project will directly compensate landowners who prioritize conservation and biodiversity rather than simple profitability.

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Sotiria Boukouvala, Assistant Professor (Molecular Genetics), Democritus University of Thrace; 2012-2013 European Fulbright-Schuman Research Scholar

Tell us about your Fulbright project in the United States As a molecular geneticist, I have investigated the metabolic systems allowing the human body to detoxify exogenous chemicals like carcinogens or pharmaceuticals. My surveys of sequenced genomes have further shown that similar metabolic systems exist in microorganisms. Dr. Anthony Glenn (Plant Pathologist in Athens, GA, USA) has linked such metabolic systems to the ability of plant-pathogenic fungi to overcome host chemical defenses. Those fungi cause multi-million dollar losses to farmers and the food industry, by compromising crops and contaminating commodities with toxins. The collaboration aimed to validate molecular targets that will enable the development of effective strategies to control plant disease. Does working at a U.S. institution make a difference for you? My Fulbright-Schuman visit to Dr. Glenn’s laboratory allowed exchange of crucial expertise between us. The result is not only a closer working relationship, but also a scientific and cultural exchange of insight and experiences that enhanced our productivity as well as our ability to transfer the gained knowledge to the scientific and industrial communities. How does the experience impact your career path? By working together in the lab on a dayto-day basis, Dr. Glenn and I have added significant value to an already productive collaboration. To this end, we have initiated discussions with the U.S. division of a Swiss-based agricultural biotechnology company regarding our project and its potential applications to reduce fungal diseases of plants, which is of global concern.

Student Engineers Design, Build, Fly ‘Printed’ Airplane

G20: Travel and Tourism to Help Fuel Global Recovery G20 Leaders recently stressed the role that the tourism industry must play in fostering a global recovery in their recent summit in Los Cabos, Mexico. “We recognize the role of travel and tourism as a vehicle for job creation, economic growth and development” the declaration read. “We will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth.” The United Nations World Tourism Organization (UNWTO) and the World Travel and Tourism Council (WTTC) have also advocated the vital link between economic recovery and tourism development. The global tourism market is anticipated to make up $2 trillion of the world’s GDP and create as many as 100 million new jobs this year alone. In particular, cultural tourism and ecotourism have been flagged as priority subsectors for combatting unemployment and promoting community based development.

The MITRE Corporation hired two University of Virginia engineeering students to build an unmanned aerial vehicle, using 3D printing technology, part of a Department of the Army project to study the feasibility of using such planes. The result was a plane with a 6.5-foot wingspan, made from assembled “printed” parts. It achieved a cruising speed of 45 mph and is only the third 3D-printed plane known to have been built and flown. “To make a plastic turbofan engine to scale five years ago would have taken two years, at a cost of about $250,000,” the students said. “But with 3D printing we designed and built it in four months for about $2,000. This opens up an arena of teaching that was not available before. It allows us to train engineers for the real challenges they will face in industry.”

The unmanned aerial vehicle, “dressed” in U.Va.’s colors. The plane was built entirely from parts from a 3-D printer. (Credit: University of Virginia)

Mechanical and aerospace engineering professor and project adviser David Sheffler, left, with the “printed” plane’s creators, Steven Easter, center, and Jonathan Turman. (credit: University of Virginia)

.U. E invited Europe’s innovators T to come up with solutions for unlockC E R ing today’s potential to create tomorrow’s work. In 2013 three I D outstanding ideas will each be awarded a €20 000 cash prize.

EU Social Innovation Competition Social innovation can create new products, services and businesses to strengthen Europe’s relative position in growing fields such as healthcare and environmental services. Social innovators design public services that are better tailored to citizens’ needs and offer greater value for money. To boost social innovation, European Commission President José Manuel Barroso inaugurated the European Commission’s Social Innovation Prize. Mr Barroso

The Competition is open to everyone (individuals, organizations or groups) established or resident in EU member states and in countries with an agreement to participate in the Competitiveness and Innovation Programme.

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fo in

the organization would cease to exist.” As a part of management theory and practice, stakeholder theory takes a number of forms. Descriptively, some research on stakeholder theory assumes that managers who wish to maximize their firm’s potential will take broader stakeholder interests into account. This gives rise to a number of studies on how managers, firms, and stakeholders do in fact interact. Normatively, other management studies and theories will discuss how corporations ought to interact with various stakeholders. From an analytical perspective, a stakeholder approach can assist managers by promoting analysis of how the company fits into its larger environment, how its standard operating procedures affect stakeholders within the company (employees, managers, stockholders) and immediately beyond the company (customers, suppliers, financiers).

One very broad definition of a stakeholder is any group or individual which can affect or is affected by an organization.” Such a broad conception would include suppliers, customers, stockholders, employees, the media, political action groups, communities, and governments. A more narrow view of stakeholder would include employees, suppliers, customers, financial institutions, and local communities where the corporation does its business. But in either case, the claims on corporate conscience are considerably greater than the imperatives of maximizing financial return to stockholders. Stakeholder theories have grown in number and type since the term stakeholder was first coined in 1963. According to R. Edward Freeman, whose work in stakeholder theory is well known, the stakeholder concept was originally defined as including “those groups without whose support

Stakeholder Management Theory

B2B

Freeman suggests, for example, that each firm should fill in a “generic stakeholder map” with specific stakeholders. General categories such as owners, financial community, activist groups, suppliers, government, political groups, customers, unions, employees, trade associations, and competitors would be filled in with more specific stakeholders. In turn, the rational manager would not make major decisions for the organization without considering the impact on each of these specific stakeholders. As the organization changes over time, and as the issues for decision change, the specific stakeholder map will vary. Many stakeholder theorists visualize the corporation not as a separate entity, but as part of a larger social enterprise. The corporation is not so much a “natural” individual but rather constructed legally and politically that creates social goods.

Dining: For Business and Pleasure The Parliament

at Athens Plaza Hotel One of the joys of dining out is discovering new creations, new talent, and new pleasures. With Chef Yannis Baxenavis now at the helm at the Athens Plaza Hotel, discovering his new menu is sure to be a joy. Mr. Baxenavis combines his French training and his love for Greek cuisine to create new flavor combinations that are provocative, tantalizing, and delightful. At the Parliament Restaurant, start with fried anchovy with an “eftazimo” bread crust in fresh salad leaves, lentil and herring egg roe salad, or green split peas with mastic, minced octopus with resins and pine nuts and you know this is no ordinary dining experience. Salad with fresh tuna, yellow pumpkin,

Naxian arseniko (traditional goat cheese from Naxos), mint and lime is but one example of combining outstanding local ingredients that redefine “Greek Cuisine.” Fresh lamb chops marinated in carob syrup and mint, served with stuffed mushrooms;

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poached white grouper in an aromatic herb stock with spinach, black eyed beans and walnut bread crust; tenderloin stuffed with Cypriot cheese varieties and figs on a bed of mushroom purée, or lobster with handmade juicy traditional Cretan pasta seasoned with saffron all give a clue to the creative efforts of this talented chef who dares to challenge staid habits with flavors that not only surprise you but have you longing for more. A super option now on the Parliament menu: half size portions. Bravo. Desserts are, wisely, simple and to the point. The Parliament at Athens Plaza Hotel Syntagma Square Tel 30 210 335 2400

The Business Bookshelf

Jargonaut

The Power of Habit by Charles Duhigg, Random House

Coopetition

A young woman walks into a laboratory. Over the past two years, she has transformed almost every aspect of her life. She has quit smoking, run a marathon, and been promoted at work. The patterns inside her brain, neurologists discover, have fundamentally changed. What has she done? Achieved success by focusing on the patterns that shape every aspect of our lives. She succeeded by transforming habits. In The Power of Habit, New York Times business reporter Charles Duhigg takes us to the edge of scientific discoveries that explain why habits exist and how they can be changed. Duhigg brings to life a whole new understanding of human nature and its potential for transformation. Along the way we learn why some people and companies struggle to change, despite years of trying, while others seem to remake themselves overnight. We visit laboratories where neuroscientists explore how habits work and where, exactly, they reside in our brains. We discover how the right habits were crucial to the success of Olympic swimmer Michael Phelps, Starbucks CEO Howard Schultz, and civil-rights hero Martin Luther King, Jr. We go inside Procter & Gamble, Target superstores, Rick Warren’s Saddleback Church, NFL locker rooms, and the nation’s largest hospitals and see how implementing so-called keystone habits can earn billions and mean the difference between failure and success, life and death. At its core, The Power of Habit contains an exhilarating argument: The key to changing habits is understanding how habits work.

A play on the words “competition” and “cooperation,” it is the result of the joint efforts of two competing companies with overlapping products or technology. Companies like this find it beneficial to work together with the goal of increasing sales for both companies.

Day 2 Project Slang for a task that ranks low on the priority list. For example, “Don’t worry about getting to that task today, that’s a day 2 project.”

Floodgaters Individuals who send inquiring e-mail messages and, after receiving only a slightly favorable response, begin flooding you with multiple messages of little or no interest.

Corporate Kabuki Slang for the “yadi yadi yadi” chit chat that seems to occur during the first 15 minutes in corporate meetings.

THE LIST

by Travelogue

Generation Z The generation who are post-generation y, this group is considered to include people born between 1996 to the present

Papingo

Render

By Andreas Stylianopoulos President, Navigator Travel & Tourist Services Ltd

Near the famous Vikos Gorge, the largest canyon in Greece, the village of Papingo is surrounded by snowcapped mountains and great lodging and tavernas serving traditional Greek food. Stay and Eat Avragonion Hotel

Mikro Papigo1700

Avragonion Hotel Archontiko Geki Hotel Mikro Papigo...1700 Dias Guesthouse Pantheon Hotel and Taverna Morfeas Guesthouse Ioannidis Taverna Grilled Specilities

Pantheon Hotel and Taverna

Hiking Rafting Kayaking Monasteries Museums

To depict something. For example, an HTML author creatively renders text and graphics on a Web page into columns and rows, and a browser automatically renders the Web page by interpreting the HTML code. In graphics, rendering is the conversion of an outline drawing into a fully formed, 3-D imag Render Farm is slang for the graphic arts division of a company, or for the actual room in which a bunch of graphic artists work their magic.

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ViewPoint

Promising a new model for IT development, the Center for TeleInFrastruktur (CTIF) was recently launched at Athens Information Technology.

CTIF Global Inaugurates Southeast Europe Headquarters

eading Academics and government officials from six Southeast European countries attended the inauguration in Athens of a well networked global technology hub that could bring a major innovation wave and multiple benefits to the region’s ICT, scientific, and start up communities. Center for TeleInFrastruktur (CTIF), a worldwide research center with headquarters at Aalborg University, Denmark, inaugurated its Southeast Europe headquarters, CTIF South-East Europe, in partnership with the non-profit technology institute AIT (Athens Information Technology) on November 9, at AIT. CTIF South East Europe’s other initial partners are: University of Zagreb (Croatia), Technical University of Sofia (Bulgaria), University Politehnica of Bucharest (Romania), University of Montenegro (Montenegro), University of Cyril I Methodius (Former Yugoslav Republic of Macedonia). Each country will expand its participation

with more partners that will be identified by the initial partners. CTIF is a paradigm shift in innovative research and higher education in the area of emerging communication technologies with presence in Denmark, USA, Italy, India, China and Japan. The mission of CTIF-South East Europe is

CTIF is a paradigm shift in innovative research and higher education in the area of emerging communication technologies with presence in Denmark, USA, Italy, India, China and Japan

The American-Hellenic Chamber of Commerce

to build upon the cooperation framework of CTIF-Global to establish a Telecommunications Laboratory for Fundamental and Transformative Research with Global Impact and support virtual student and research staff mobility. CTIF-South East Europe will function as a research and academic center within CTIF-Global with focus on fundamental telecommunications research and education. Major outcomes of the CTIF South East Europe activities will be Innovation, Standardization and creation of Start-ups. CTIF South East Europe offers students the opportunity to pursue single or joint degrees with one or several of the partner institutions, and makes possible the active scientific and cultural exchange among leading scientists in Southeast Europe at a low cost. Financial support for participants will be sought through project funding from industrial, EU and national funds.� M ore information: http://www.ait.gr/

BUSINESS

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bponline.amcham.gr

To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s most preeminent and proactive business organizations, apply on the Chamber website at www.amcham.gr, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7 and request an application form.

To subscribe to Business Partners, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7.

48 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2012

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