When the cash prize works as “fuel” for the development of a startup



A distinction or an award in one of the dozens of competitions for startups that are still held in our country can be the first and important step for the development of a team and its work. Especially if the distinction is accompanied by a cash prize. It is no coincidence that several well-established companies that emerged from youth entrepreneurship competitions in the first years of 2010 managed to “set up” a small viable company thanks to the small prize money. – in the beginning only with the members of the founding team- and to walk the way out in the difficult and demanding market. Of course, there is the other side of the coin. Teams that have won on many occasions and big cash prizes – tens of thousands of euros – are not even on the map today due to wrong choices and behaviors. In other words, contests and cash prizes provided the first step to the difficult sequel strategy and the “mind in the head” took advantage of the offer and the opportunity. Their study shows that “Greek tenders function as an important tool for financing, promotion and provision of consulting and other services. It is characteristic that in the 13 years that we have expanded our research, € 3.3 million in prizes and € 5 million in funding have been given. ”The picture of Innovation competitions held in our country is as follows: 44 Greek innovation competitions, of which 9 are Greek international competitions. Currently 22 Competitions are active. Duration Six competitions have been organized more than 6 times. 30% of the competitions were organized for 2 years while 20% for only one year. 50% of the tenders are organized by companies while the other half by institutions. 20% is a partnership of more institutions and companies. Cash prizes In 2019, € 454,000 were given in cash prizes. In a total of 13 years, € 3.3 million in prizes and € 5 million in funding have been given to a total of 164 companies. Several successful startups have skillfully used, in their first steps, competitions as a primary source of funding and as a stepping stone to accessing mentoring, legal and accounting support services. With this fact, we wanted to study in depth the opportunities offered by the Greek innovation competitions and we proceeded to study them in depth of 13 years “. Follow it on Google News and be the first to know all the news See all the latest News from Greece and the World, in the



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