4th Innovation Challenge: The competition for innovation by HDB and Elevate Greece begins

The dynamics of Greek innovation is at the heart of the 4th Innovation Challenge, a innovation and entrepreneurship competition, by Hellenic Development Bank–HDB and Elevate Greece.

The start of the 4th Innovation Challenge was announced at a special event in the presence of many representatives of the business world at the “Konstantinos Michalos” Entrepreneurship Center of EBEA.

There are two topics where those interested should submit proposals:

• Creating a digital (AI & New Technologies) Platform for Interfacing Spin-Offs and research results (patents) with Investors, Researchers and Industry.
• Creation of a GIS application through a mobile application that will collect information for the management of each lot-crop before the sale of the production.

The best ideas and implementations will win 20,000 euros and the opportunity to collaborate with the Hellenic Development Bank.

The Deputy Minister of National Economy and Finance, Nikos Papathanasis, said in this regard: “Strengthening entrepreneurship, competitiveness, extroversion and innovation is a strategic choice of the government of Kyriakos Mitsotakis. Serving this strategy, we activate targeted support programs for small and medium entrepreneurship through the Hellenic Development Bank. With TEPIX III and the Innovation Guarantee Fund, we are expanding the perimeter of SMEs that have access to reduced interest financing from banking institutions, combining, for the first time, the grant of a large part of the loan capital with a high guarantee rate of up to 80%. In fact, with the Innovation Guarantee Fund – the first financial tool that aims to support start-ups and existing small and medium-sized enterprises that promote research and innovation – also for the first time, 20% of the loan is converted into a free grant, if specific innovation criteria are met. At the same time, as the thematic sections of this year’s competition demonstrate, we are strengthening the creation of digital platforms, with the aim of accelerating the interconnection of research with the market, the commercial exploitation of innovation, and in particular the strengthening of the productivity, competitiveness and export character of agricultural enterprises.

We continue the practical support to entrepreneurship to create even more start-up-innovative businesses, ultimately, to create even more and better-paid jobs. We invest in young people, we plan a better future for all our fellow citizens”.

The President of EBEA, Sofia Kounenaki-Efraimoglou, who hosted the event, highlighted the importance of innovation for the development of the business sector and the strengthening of the Greek economy. As he pointed out, “..the Athens Chamber of Commerce and Industry, systematically investing in the promotion of innovative entrepreneurship over the last 10 years, supports in practice the Annual Innovation Competition of the Hellenic Development Bank and Elevate Greece, hoping to highlight innovative business groups and ideas, offering them an impetus to enter the domestic and international market dynamically”.

The General Secretary for Research and Innovation and Chairman of the Board of Elevate Greece, Tasos Gaitanis, stated that “…through synergies, such as the Innovation Challenge, the state and the business community give incentives to young entrepreneurs to create, while the government invests in research and development and provides generous tax breaks to companies that invest in research. Our goal is to continuously create opportunities for new innovations and business activity in Greece”.

The Managing Director of Elevate Greece, Francis Theophylaktos, in his presentation underlined the role of Elevate Greece as a National Register of Young Businesses, stressing the commitment to substantial strengthening of Greek startups through strategic actions, such as the cooperation with the Hellenic Development Bank. The main axes of Elevate Greece include, on the one hand, strengthening the skills of startups in issues such as international development and intellectual property, and, on the other hand, networking them with the market through international participations and events throughout Greece to promote partnerships and investments. The importance of collecting data from the ecosystem was also emphasized, in order to formulate policies that meet the needs of businesses, thus facilitating their development at the international level and their contribution to the Greek economy.

The Managing Director of the Hellenic Development Bank-HDB, Ismini Papakyrillou, addressing an invitation to companies to participate, emphasized: “For the 4th consecutive year, we are organizing the successful Innovation Challenge Competition with Elevate Greece, supporting innovation and start-up entrepreneurship. Specifically, the Hellenic Development Bank offers the two companies that will be selected the possibility of PoC (Proof of Concept) financing up to an amount of 20,000 euros each, with the prospect of concluding a commercial cooperation agreement. We are demonstrating in practice the importance of creating a platform to connect technoplants with investors, using artificial intelligence, as well as capturing the environmental footprint of production management through the development of a geographic information system for agricultural enterprises. These are two initiatives that function as tools to strengthen Greek small and medium entrepreneurship on the basis of the central mission of the Hellenic Development Bank”.

At the event, the conditions for participation in the 4th Innovation Challenge were also presented by HDB’s Innovation Director, Panagiotis Papageorgiou, while two winners startups from previous Competitions presented their successful their innovative solutions, “ESG tracker” and “Innovation Scorecard”.

The deadlines for participation in the 4th Innovation Challenge

The deadline for proposals is 12/12/2024 and the winners will be announced on 1/15/2025.

Applications for participation in the competition on the website of Elevate Greece here.