The submission of business ideas for the 6th cycle of the egg – enter•grow•go Innovative Youth Entrepreneurship Programme an initiative jointly designed and implemented since 2013 by Eurobank and Corallia, has been successfully concluded.
The assessment of the entries is already under way, and around 30 teams will be qualified by June, which will be hosted and supported by the Programme for 12 months, so that they may transform their idea into a business.
A record number of entries was recorded this year for egg. Specifically, we had:
- more than 3,000 registrations in the online platform,
- 270 completed applications submitted,
- 191 entries, the highest number ever in the history of all the egg, were qualified to the next phase, based on the completeness and correctness of the submitted entry file (checking of eligibility criteria); the assessment of the business plans is next.
The business ideas submitted cover all the sectors of the economy. The sectors with the most interest are Innovative Tourism Applications (19%), Information and Communications Technology (ICT), and mainly Internet of Things and FinTech (17%), e-Business (15%), Creative Industries / Gaming (13%) and Social Entrepreneurship (11%).
The factors that contributed decisively to the increased number of entries and the enhanced competition among participants were the changes adopted in 6th cycle and, specifically, the provision of a comprehensive package of financing options, ranging from microfinancing and business working capital to venture capitals.
The Deputy CEO at Eurobank, Mr Stavros Ioannou, stated, Our country has received a blow in the last few years by the greatest drain of talented young people in its history. A strategic priority for us at Eurobank is to create the right conditions that will enable entrepreneurship, especially youth entrepreneurship, to become a central cog in the economic growth machine and the prosperity for the Greek society. Through egg, our goal is to create viable, innovative, competitive and profitable new businesses, with an outward-looking potential. The business world and large businesses have a duty to keep investing in new efforts so they may grow. In the area of youth entrepreneurship, they will certainly find competent partners, and great ideas that can be transformed into quality products and innovative services, so that both they and the economy may benefit exponentially.”
The General Director at Corallia, Professor Vasileios Makios, stated, For yet another year, egg attracted talented Greek people, who dare to try and get tested in the entrepreneurship arena. The multiple records during the application process demonstrate the important role egg has in the Greek startup ecosystem as well as the recognition of the substantial support provided to it by its main contributors, Eurobank and Corallia, and by a whole range of great mentors, sponsors and supporters who assist in implementing the Programme. We are anticipating, with eagerness and responsibility, the teams that will join egg 6th cycle, so that we can abundantly offer them all the necessary tools for a flying business start.”
This year’s entries stand out based on the new quality criteria. Specifically, increasing the limit of people per team to up to 6 people this year resulted in the participation of more mature, 5- and 6-member teams for the first time, at a rate of 5% among all qualified business plans. Women also reached an impressive 31% among all submitted business plans. What’s more, 12% of all participants in the business teams are over 40 years old, demonstrating in practice that innovative entrepreneurship is expanding in terms of age as well.
It is also the first time at this stage of the Programme that a two-digit participation rate (10%) was recorded by business teams that have already set up a business to implement their business plan. This is seen as another positive sign that the Greek startup ecosystem is mature, which is a strategic objective of the egg.
Programme information
egg – enter•grow•go is a Eurobank Corporate Social Responsibility initiative, jointly designed and implemented by Eurobank and Corallia of the Athena Research Centre, aiming to create a favourable environment for stimulating young innovative entrepreneurship.
In addition, a number of leading companies and organisations in the Greek and international markets are participating as sponsors and supporters, providing critical services and high-level infrastructure to the participating business teams free of charge.
The sponsors are: ALBA, Cisco, COSMΟΤΕ, Microsoft, Grant Thornton, The Hellenic Initiative, Pitch and Xerox. The supporters are: EEDE, ImageFlow/Polycom, CEO Clubs, KEMEL, Entrepreneurship Club, Odyssey, MPlegal, SEPE, Tribe and SETE.
The supporting actions and tools of the Programme include:
- Facilities with fully functional and well-equipped office spaces near the centre of Athens (190 Syngrou Avenue, Kallithea).
- Mentoring by distinguished and acclaimed individuals, across all sectors of the economy and science.
- One-stop-shop Support Services for all key issues relating to setting up and operating a business (such as accounting and corporate management, human resources management, corporate identity and communication, intellectual property protection and legal patenting services, technical support for IT and communications, as well as financial advice and networking with potential clients / strategic investors).
- Business training through a predefined intensive 3-month business bootcamp to offer participants the necessary knowledge for their future progress.
- Financing tools and business networking to support the business operation and development of new teams and to enhance their financial viability during the incubation stages of the Programme.
egg – enter•grow•go Innovative Youth Entrepreneurship Programme: www.theegg.gr
Eurobank Ergasias SA: www.eurobank.gr
Corallia, Athena Research Centre: www.corallia.org