NBG Business Seeds: 15th competition focusing on fintech and financial literacy
This year’s 15th Innovation and Technology Competition NBG Business Seeds, which is organized every year by Ethniki Bank, marks a new beginning, with its theme expanding and aligning with the bank’s strategic priorities. The Competition, which is now an institution in the startup business ecosystem, is enriched and strengthened even more, with new thematic sections, which concern current cutting-edge areas, such as Fintech, Deep Tech, Climate Change, Financial Literacy, Financial Empowerment and Inclusion.
The Innovation & Technology Competition of the National Bank, which turns 15 years old, is the longest innovation competition in Greece, which started shortly before the start of the economic crisis in our country and managed to support the domestic start-up ecosystem from its inception until today. In total, during the 14 previous years of its organization, participations have risen to over 8,200 with formulated almost 4,800 business proposals, while NBG has given almost 700,000 euros in prizes to the 140 winning teams.
National Bank supports the Greek startup ecosystem
Competition winners are many well-known companies in the ecosystem today, such as Avocarrot, Pollfish and Mist.io which have been acquired by international companies, as well as e-table, Ferryhopper, Clio Muse, DoctorAnyTime, and many research and student groups.
The National Bank has around 15 million euros available to support the Greek innovation ecosystem, participating in companies and funds. Specifically, he participates in 9 VC funds (Big Pi, Uni.Fund, Metavallon, Marathon, Synergia) and has made direct investments in 11 startups, with a total investment of over 5 million euros: Blueground (from which he has disinvested), nestcargo, bubblz, InSyBio, Goodvidio, Covve, Giaola, Fieldscale, Mist.io (Exit), Sourcelair, PD Neurotechnology. According to the bank’s executives, these investments have managed to bring the bank to a breakeven point.
Through the competition, direct partnerships have also emerged with various bank functions and services, such as Linked Business for KYC, Sourcelair and more recently Quadible for transaction fraud detection.
Finally, the bank provides support to start-ups with products and service packages specifically for startups, as well as networking and mentoring. It participates in Elevate Greece, the official registry of startups in Greece, and in the selection and evaluation committee of the competition. It also participates in Smart Attica, the EU program. to connect researchers and startups with companies leveraging AI/Blockchain/Big Data, working with VC funds.
NBG Business Seeds supports the development of the National Bank
The annual Competition is an initiative of the NBG Business Seeds program of the National Bank, which is an element of the wider Business Strategy to support entrepreneurship and create partnerships. The program has turned into an accelerator that promotes business ideas through the Innovation & Technology Competition, providing infrastructure, guidance and access to the innovation ecosystem to groups from all over Greece and now also from Cyprus.
The categories of the NBG Business Seeds competition
The NBG Business Seeds Competition highlights start-up enterprises that NBG has the opportunity to support in the future, both with financial means, such as lending or investing in their equity capital, and with strategies movements through commercial partnerships and agreements that contribute to their development and to the Bank’s digital transformation and ESG direction. Thus, the NBG Business Seeds program actively supports Greece’s path towards competitiveness, extroversion and sustainable development for 15 years.
More specifically, after the enrichment of the thematic sections, participants in this year’s competition are invited to submit proposals in the following categories:
- Financial Technology (Fintech), i.e. proposals for new business models, applications, processes or products with a significant impact on the financial sector and the provision of related services.
- Digital Entrepreneurship & Ecosystems (Digital Ecosystems), i.e. proposals on Digital Entrepreneurship in all branches of activity, with an emphasis on ideas and solutions that cover the entire ecosystem of each branch with an end-to-end approach or one-stop shop solutions.
- Advanced Technologies & AI, i.e. proposals concerning the creation and commercial exploitation of cutting edge technologies which can contribute to the overall technological development and transition of the Greek economy to high added value services, but also to the retention and attraction of highly qualified human resources.
- Environment/Climate Change, Society & Governance (ESG), including Financial Literacy & Financial Empowerment, such as proposals regarding climate change and its response, as well as the general green transition of businesses and households. Specifically for the field of Financial Literacy, proposals for applications (apps), tools (tools, gamification) and other digital solutions (e.g. e-learning apps) with the aim of acquiring basic financial knowledge and skills.
The first 3 winners of the 15th NBG Business Seeds Competition will receive cash prizes with a total value of 40,000 euros:
- 1st Prize: twenty thousand (20,000) euros
- 2nd Prize: twelve thousand (12,000) euros
- Third Prize: eight thousand (8,000) euros
Emphasis on female entrepreneurship and financial literacy
- Special Award for Female Entrepreneurship with a cash prize of 4,000 euros for the best entry within the first 20 entries of the Competition.
- Special Financial Literacy Awards for Empowering Households in their Financial Decisions, totaling up to 10,000 euros for the best entries on a topic related to Financial Literacy and especially Households.
Proposals are submitted onlineat nbg.gr/competition – submissionsend on Wednesday, October 9, 2024, at 3:00 p.m.0.
For more information those interested can visit the Competition site at nbg.gr/competition or contact e-mail competition@nbg.gr