The participants discussed the challenges and opportunities presented by technology transfer in Greece, finding that despite the production of high-quality research results, successful technology transfer requires a holistic approach.
The inaugural event of CORALLIA VENTURES Technology Transfer A.K.E.S. was completed with great success.held on Tuesday, July 23, 2024 at the “Konstantinos Michalos Center for Entrepreneurship” of ACCI. The event was an important milestone in promoting technology transfer and innovation in Greece, attracting prominent personalities and institutions from the wide spectrum of economy, entrepreneurship and education.
The event was honored with the presence of the Deputy Minister of Development, responsible for Research and Innovation, the leadership of the Hellenic Development Investment Bank as the Fund’s main investor in the framework of the AccelerateTT investment tool, as well as numerous players of the Greek innovation ecosystem and distinguished investors from the entire spectrum of economy, business and technology.
Mrs. Zoe Rapti, Deputy Minister of Development, said during her speech: “Innovation, born of strong research, is the catalyst for progress. Progress that improves our quality of life, fuels technological advances, and addresses societal needs in ways previously unimaginable. And I am very happy because today we are presenting another lever of progress, I would like to congratulate CORALLIA VENTURES TT, the Hellenic Development Investment Bank, as well as the contributors to this effort. I would like to take this opportunity to encourage other initiatives to support similar investment schemes to pave a bright road towards an innovative, more sustainable future.”
Mr. Mr. Nikos Papathanasis, Alternate Minister of National Economy and Finance, conveyed his greeting, stating: “HDBI’s participation in CORALLIA VENTURES TT demonstrates in practice the stable and strong will of the Government to finance innovation, especially Greek start-ups and spin-offs with prospects of significant scaling-up. Thus, with the European resources flowing through the Recovery and Resilience Fund and the NSRF 2021-2027, but also with the financial tools we have, academic research acquires more possibilities to finance technology transfer and connection with the needs of society aiming at the resilient and sustainable development of our country“.
Mr. Haris Lambropoulos, President and Mrs. Antigoni Lymperopoulou, CEO of HDBI, stated: “The signing of the contract for CORALLIA VENTURES TT, with the participation of HDBI from “AccelerateTT” funds and private and institutional funds, gives us great pleasure, as it addresses the dynamic and promising sector of research and innovation extroversion of our country. At the same time, it highlights that the relevant investment programs we have designed and are implementing are more timely than ever, as they address the real needs of the venture capital market with complementarity and effectiveness.”
Mrs. Sofia Kounenaki-Efraimoglou, President of ACCI, said in her address that “Greece in recent years has made impressive progress in the field of innovation and start-up entrepreneurship. The national challenge of the next decade is to make innovation a strong pillar of growth and quality jobs, acquiring a critical mass of innovative companies with skills for rapid growth. The establishment of the new Fund CORALLIA VENTURES TT is an important positive step as it can be a lever for further strengthening the domestic innovation ecosystem“.
Corallia Ventures Fund Partners, Messrs. Nikolaos Vogiatzis, Georgios Doukidis, Stefanos Kapsaskis and Jorge-A. Sanchez-P., presented the Fund stating “The Fund aims to finance innovative early-stage businesses with high scalability prospects that have resulted from technology transfer, revealing disruptive and untapped technologies in the Greek research and innovation ecosystem“.
The Fund’s Partners also stressed that “in recent years, important steps have been taken towards improving the technology transfer ecosystem in Greece, such as the creation of an institutional framework for spin-off companies, the relevant windows for Funds by the Hellenic Development Investment Bank, the coordinated efforts of universities and research centers with the creation of a second Level Technology Transfer Hubs, and examples to be emulated that enhance the ecosystem. However, the question remains whether the current incentives and framework are sufficient to accelerate the growth of the Greek innovation ecosystem compared to wider competition first in Europe and around the world in general.
The event included a roundtable discussion on “Technology transfer as a driver for the development of the economy, innovation and society“. The discussion was attended by representatives from the Rectors’ Conference of Greek Universities, the Conference of Presidents of Research Centers and Technological Institutions, the Hellenic Association of Entrepreneurs, the National Network of Technology Transfer Offices and the Hellenic Development Investment Bank.
The participants analyzed the challenges and opportunities presented by technology transfer in Greece, finding that despite the production of high quality research results, successful technology transfer requires a holistic approach. This includes the training of the academic and research community in entrepreneurship, the continuous support of Technology Transfer Offices, the management of intellectual property produced, access to capital, as well as the development of strategic partnerships, the interconnection with markets and the branding that will result from success stories.
Mr. Dr. George Nounessis, President of NCSR “Demokritos” and Coordinator of the Conference of Research Centers and Technological Institutions, said during the panel: “Historically, great successes in innovation and technology have come from truly important scientific discoveries and progress that has international impact. To produce such results it is important to have research teams that can be competitive. So I would like us to have an ecosystem that can offer opportunities, especially to young researchers, who can make big breakthroughs. Warm congratulations to CORALLIA VENTURES TT for giving such an opportunity to these young people through its action“.
Mr. Pavlos Avramidis, Vice-Rector for Research and Development of the University of Patras and Representative of the President of the Rectors’ Conference of Greek Universities, said during the panel: “The climate within and around the Universities has now changed. There is a comprehensive legislative framework from 2021 where spin-offs can be hosted within universities, and a lot of experience has been accumulated on their operation. The number of spin-offs and usable patents is now growing steadily. Our goal is to highlight and exploit even more the research results and connect them with the productive part of society and entrepreneurship that has its roots both inside and outside the academy“.
Mr. George Kalavrouziotis, President & CEO of Eunice Energy Group and Member of the Board of Directors of the Hellenic Association of Entrepreneurs, said during the panel: “We insist on the cooperation of industry with universities. Young people should have the opportunity, in addition to their theoretical training, to be able to train and work in industry, even before completing their studies. We need to immediately follow and implement relevant models that seem to have succeeded in other developed countries abroad in order to provide such opportunities.”
Mr. Dr. Nikolaos Mylonas, Professor Emeritus of the National and Kapodistrian University of Athens and Coordinator of the National Network of Technology Transfer Offices, said during the panel: “Greek businesses (especially SMEs) find it difficult to run their own basic research programs. On the other hand, universities and research centres are doing just that. Both sides can benefit from cooperation, but they will have to change their mindset. On the one hand, researchers, in addition to the scientific, technological, and social impact, should also take into account the business potential of their solutions. On the other hand, the industry should have the will to invest in these solutions and not just wait to reap the final results and pay for their further development and adoption.”
The event was a unique opportunity to exchange views and experiences on the challenges and opportunities of technology transfer in Greece. Attendees agreed that an enhanced link between research, innovation and entrepreneurship is crucial to improve the Greek innovation ecosystem.
The event was honored, among others, with the presence of: Pericles Mitkas, President of the National Authority for Higher Education, Mr. Spyridon Kintzios, Rector of the Agricultural University of Athens, Mr. Ioannis Emiris, President of the Athena Research Center, Mr. Yiannis Papadopoulos, President of the Association of Greek Venture Capital Companies, Ms. Litsa Panagiotopoulou, President Innovation Committee of the American-Hellenic Chamber of Commerce, Mrs. Frangiskos Theophylaktos, CEO of Elevate Greece, Mr. Michalis Vlastarakis, General Manager of Marketing and Corporate Communications, Eurobank Group, Mr. Lefteris Vlachogiannis, Assistant General Manager and Head of Global Transaction Banking, Eurobank Group, Mr. Evangelos Kalomallos, Director Group Participations of Piraeus Bank, Mrs. Eri Toka, Head of Technology Transfer Office, Aristotle University of Thessaloniki, Ms. Roula Bachtalia, Director egg-enter•grow•go, Mr. Kostas Axarloglou, Dean of ALBA, Mr. Nikos Efthymiadis, Chairman & CEO of Thess INTEC, and Mr. Panagiotis Papageorgiou, Innovation Director of the Hellenic Development Bank.
The participation and cooperation of all stakeholders underline the common commitment to promote innovation and technological development in Greece, creating new opportunities to strengthen our economy and society.
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About CORALLIA VENTURES TT A.K.E.S.
The Fund aims to finance innovative early-stage businesses that have emerged from technology transfer. Technology transfer, especially by academic and research institutions, is a key lever linking research, innovation and entrepreneurship, as has been proven in the most successful innovation ecosystems worldwide. The Fund focuses on business groups coming from the technology transfer process in areas such as Artificial Intelligence, Health Sciences, Food Technologies, Energy Technologies, Transport-Logistics Technologies, Agricultural Technologies, Digital Tourism, Augmented/Virtual Reality, Space Technologies, Cybersecurity, IoT, Nano/Microelectronics, 6G, Industry 5.0, The Fund, with a total size of €22.5 million, can invest in each selected startup initially up to €300 thousand, and then, in one or more stages, follow-on investments in the same company with larger amounts up to €1-1.5 million. The Fund places particular emphasis on investment strategies that create long-term, sustainable value, and meet high ESG standards. The main investor in the Fund is the Hellenic Development Investment Bank (HDIB) under its investment tool “AccelerateTT”, as well as distinguished private investors from the entire spectrum of economy, business, and technology. The Fund’s management team has contributed significantly to the development of the Greek innovation startup ecosystem over the past 20 years, through innovative initiatives of business clusters, business incubators, youth entrepreneurship accelerators, national innovation funding programs, and other startup support tools.
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