The Greek revival you’re not watching (but should be)

Much of the world isn’t paying close attention to Greece right now. That may be a mistake. Best known for its stunning islands, sun-soaked cities, and deep historical roots, Greece has been quietly laying the foundation for something less expected — a modern, resilient tech economy.

While the international spotlight often misses it, something real is happening on the ground, as this editor discovered this week across dozens of conversations in Athens. The country that once stood at the precipice of economic collapse hasn’t merely rebranded itself as an “Innovation Nation.” It’s turning clever marketing into reality, with policy shifts, investor interest, and a renewed sense of purpose around tech and entrepreneurship.

Indeed, in a sit-down Thursday night with Greece Prime Minister Kyriakos Mitsotakis, he made the case to TechCrunch that Greece isn’t just catching up but is also poised to surprise. “There is significant room to grow,” he conceded, but “the stars are aligned.”

It didn’t happen without effort. Greece, Mitsotakis explained, made a “conscious decision” half a dozen years ago to expand beyond its traditional economic strengths like tourism and hospitality. “Tech could be 10% of our economy. This is perfectly doable,” he said, citing rising startup formation, increased capital flows, and an energized and growing base of founders and VCs in the ecosystem. Drawing from his own background in venture capital — he founded Greece’s first incubator in 2001 — he spoke with a fluency not often heard from heads of state.

While Greece may be arriving late to Europe’s tech party, that timing could actually prove to be an advantage. Because it didn’t have the capital to make bad bets, Greece has sidestepped some of the inflated valuations and failed ventures that are weighing down more mature ecosystems. With a relatively clean slate, the country is moving quickly to seize on emerging technologies — particularly artificial intelligence.

Thanks to AI, in fact, the prime minister sees a chance to potentially skip ahead. “We want to use technology to leapfrog,” he said. “Not just to catch up, but to actually do better than many European countries.” He pointed to Greece’s success in digitizing public services — saying it had far exceeded even Germany in some respects — and to pilot programs like a Microsoft-backed AI system that slashed government contract review times from hours to minutes.

That dual strategy of nurturing startups while modernizing government forms the backbone of Greece’s AI ambitions. Mitsotakis envisions Greece as a laboratory for responsible innovation, particularly in areas like health, civil protection, and defense. “We’re not just talking about what the startup community is doing. We are the clients of the technologies. And we want to have more of a startup mentality as a government.”

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A critical ingredient of this transformation is talent. Greece is working to reverse the brain drain that saw thousands of skilled workers leave during the financial crisis. “The tax breaks are there — a 50% discount on income tax for seven years,” he said. But he also acknowledged that “people are not going to come back just for a tax break. They will come back if they have a good job opportunity, if they feel they can do something rewarding and they can actually grow their business in Greece.”

To that end, in our conversation, we touched on recent changes to Greece’s “Golden Visa” program that now grants a residence permit to third-country nationals who invest a minimum of €250,000 in a Greek startup registered on the Greek National Startup Registry; we also talked about two new programs introduced last year designed to bring skilled foreign workers and entrepreneurs into the country. (While the last initiatives are still in the pipeline, they seem to reflect a broader commitment to openness.) “This is a global war for talent,” Mitsotakis said. “We need to make it easy for either Greek talent to return or for people who can live anywhere to choose to work here.”

Mitsotakis also emphasized the importance of expanding tech beyond Athens, with hubs emerging in Thessaloniki, Heraklion, and other university cities. “This should also be a story about regional development.”