A Policy for Success

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MAY-JUNE 2014 Vol. XIII | No. 72

Thought Leaders Golden Bullets in Technolgy

BUSINESS MATTERS— JIM DAVIS OF NEW BALANCE ▼ PANAGIOTIS G. MIHALOS, SECRETARY GENERAL, MFA ▼ GOOGLE, THE INTERNET, AND IMPACTING SOCIETY ▼

PLUS BIZ BUZZ TRENDS & TRADE MAKERS VIEWPOINT MetLife—

AMERICAN-HELLENIC A Policy For Success CHAMBER OF COMMERCE www.amcham.gr Dimitris Mazarakis Vice Chairman BoD & Managing Director, MetLife Register Now Greek Investment June 11-12, 2014 Forum

The Athens Exchange and the AEGEAN AIRLINES American-Hellenic Chamber of Commerce ALPHA BANK are pleased to invite you to this year’s ATTICA BANK Investment Forum: CORINTH PIPEWORKS ELLAKTOR Participants: GR for Growth EUROBANK EUROBANK PROPERTIES JUNE 11-12, 2014 FOLLI FOLLIE GROUP Harmonie Club, 4 East 60th St, GEK TERNA New York, NY 10022 GR. SARANTIS HELLENIC EXCHANGES The Forum will bring together HELLENIC PETROLEUM key government of cials and INTRALOT leading Greek and U.S. LAMDA DEVELOPMENT business leaders to explore Greece’s MARFIN INVESTMENT GROUP improving investment climate, METKA key privatization initiatives MOTOR OIL MYTILINEOS and investment opportunities. NATIONAL BANK of GREECE Institutional investors OPAP will also have the opportunity to meet PIRAEUS BANK with senior executives PLAISIO of Greece’s leading listed companies. TERNA ENERGY THRACE PLASTICS The Forum will take place on June 11. TITAN One-on-one investor meetings will take HELLENIC REPUBLIC ASSET place on June 11-12. DEVELOPMENT FUND

Gold sponsors:

Silver sponsors:

Hellenic American Mag ADV.indd 1 22/5/2014 2:53:19 μμ 1

BUSINESS PARTNERS CE

CONTENTS |

MAY-JUNE 2014

AMERICAN-HELLENIC CHAMBER OF COMMER CHAMBER OF AMERICAN-HELLENIC THE BOARD THE BIZ BUZZ OF THE BOX ECONOMICS—OUT BUSINESS2BUSINESS TREND MAKERS TRENDS & VIEWPOINT CHAMBER NEWS CHAMBER MARKETPLACE REGIONAL ECONOMICS HERITAGE USA TRAVEL INTERVIEW THE LEADERS THOUGHT TECHNOLOGIA INSIGHT ONE WORLD BUSINESS MATTERS MARKETWATCH ALBA BUSINESS REVIEW ALBA NEWS IN THE & FACES NAMES OUT OF THE OFFICE BY LEFT SIKALIDIS A B2B Toolbox an Entrepreneurial Greece by Marcel Cremer 7+1 Ideas For The Big Moment For Culture The Big Moment For BY ZOZO LIDORIKI Discover America—Missouri Dimitris Mazarakis, Vice Chairman BOD & Managing Director, Metlife Bullets Technology—Golden Trends Tech with Dionisis Google, the Internet, and Impacting Society Kolokotsas Panagiotis G. Mihalos, Secretary General for International Affairs, on Economic Relations at the Ministry of Foreign Greece and Global Markets Leading By Example—An interview with Jim Davis of New Balance Real Estate Recovery in Greece: New Principles or Old Practices? Cloud Services Breed Smoother Sailing for Governments Sailing for Governments Breed Smoother Cloud Services BY SPYROS POULIDAS in South East Europe Living “In The Clouds” DRAKOPOULOS BY PANAGIOTIS Improvisation … in Business? Jazz Bands! What We Can Learn from BY DR. KYRIAKOS KYRIAKOPOULOS Eagles Palace: Redefining a Resort In Praise of the Long-Term BY LENA TSIPOURI SMART GOV SMART CE BPONLINE.AMCHAM.GR

5 18 4 20 44 46 48 10 22 23 24 26 34 36 38 40 41 6 12 14 16 .PRESS CHAMBER AMERICAN-HELLENIC CHAMBER OF COMMER CHAMBER OF AMERICAN-HELLENIC

.PRESS CHAMBER OWNER Commerce of Chamber American-Hellenic Center Business Politia Avenue Messoghion 109-111 Athens 26 115 699.3559 210 +30 Tel: 698.5686-7 210 +30 Fax: [email protected] E-mail: BRANCH OFFICE Street Irakleiou Vassileos 47 Thessaloniki 23 546 239.337 286.453, 2310 +30 Tel: 225.162 2310 +30 Fax: [email protected] E-mail: ISSN 1109-4990 CODE: 6526 CODE: ISSN 1109-4990 36 38 24 economic relations Secretary General for Panagiotis G. Mihalos, in Greece, on sustained International Economic Dimitris Mazarakis, Vice Dimitris Mazarakis, Vice DIRECTOR Spirtounias Elias [email protected] PUBLISHER & EDITOR Matera Raymond [email protected] ADVERTISING Loli Alexandra [email protected] DESIGN snack• PRINTING & BINDING S.A. Publishing Greece Northern Policy Manager at Google Policy Dionisis Kolokotsas, Public Relations at the Ministry of era of digital transformation Director, Metlife, on current Director, Metlife, on current Chairman BOD & Managing Chairman BOD & Managing Foreign Affairs, on Greece’s Foreign emergence of technology and PLEASE RECYCLE how Greece is faring during this BUSINESS PARTNERS IS THE BIMONTHLY MAGAZINE MAGAZINE BIMONTHLY IS THE BUSINESS PARTNERS OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE VOLUME XIII | NUMBER 72 XIII | NUMBER VOLUME trends in the insurance industry trends in the insurance DIRECTOR’S DESK

While in Washington and Dallas recently for the annual meeting of American Chambers in Europe, it was clear to me the U.S. is back on track and on a path of steady, although not extraordinary, growth. Unemployment at the national level is about 6.5% and is expected to decrease. Key to the U.S. model is that innovative products and services are being developed daily and investment is rising. A key element on the investment side is the low cost of energy. Shale gas and oil production have contributed significantly to the reduction of energy costs to unprecedented levels. This, along with flexible labor legislation and some very attractive incentives that some states, like Texas offer, are forming a very attractive pack- age that not many international companies can overlook or neglect. Wherever you are in U.S. fundamental differences between the U.S. and Europe become evident. A major difference has to do with philosophy on the use of money. In the U.S. the system is based on the widespread and rapid circulation of money—contrary to what happens in Europe with a far more conservative approach—and with dubious results to date. The smell and taste of the entrepreneurship is everywhere in America, where the ecosystem supports a wide diversity of ideas that could lead to a marketable product. And failure is part of the game. Most support come from private investment as the culture is based on sharing risk and reward. Equally impressive is the way the private sector confronts problems. Players are decisive, want to move to the next chapter, and are reluctant to keep spending time or money on projects that do not show prospects for a positive outcome. It surely helps that the United States is a federal republic, with one common operating language, despite the multicultural mix of its population. Europe still has a lot of ground to cover and must confront some serious problems, among the most important being immigration, the aging of its population and the lack of a true European identity. Eu- rope needs to establish new priorities and redesign its course to become an innovative and competitive continent, for the benefit of its citizens and especially for its youth. To do so, wise and visionary people are needed to lead the way for the next decade.

ELIAS SPIRTOUNIAS Executive Director

The American-Hellenic Chamber of Commerce A DYNAMIC, PROACTIVE CHAMBER

The American-Hellenic Chamber of Commerce was established ber of the U.S. Chamber of Commerce in Washington D.C. and the in 1932 and is one of the largest, most active, and dynamic Ameri- European Council of American Chambers of Commerce (ECACC). can Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber. MISSION STATEMENT The Chamber's membership is comprised of more than 1,000 The American-Hellenic Chamber of Commerce strives for con- proactive companies that seek to expand business horizons, cre- tinuous improvement of American-Hellenic commercial and ate new business partnerships, and take advantage of trade and financial relations, through increased membership and through investment opportunities in today's global economy. the organization of top-quality events, exhibitions, fora, seminars, The American-Hellenic Chamber of Commerce is an active mem- and congresses on both sides of the Atlantic.

2 | BUSINESS PARTNERS | MAY-JUNE 2014

American-Hellenic Chamber of Commerce

EXECUTIVE COMMITTEE COMMITTEES Anastasopoulos Simos President | N. PETSIAVAS S.A. AGROTECHNOLOGY COMMITTEE Members: Argiriou Notis, Bezergiannis Stella, Chriss Dimitrios, Efthymiadis Thymis, Karagiorgos Nikolaos, Katsaros Georgios, Kouides Antonis, Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E. Kouimtzis Athanasios, Koukakis Athanasios, Michailides Ekaterini, Nakas Ioannis, Vergos Evangelos | Coordinator: Nikos Tsavdaroglou Karayannis Angelos Vice President | KARAYANNIS K. GROUP AUDITORS COMMITTEE Members: Felonis Athanassios, Kerameas George, Sabatakakis OF COMPANIES Kyriacos | Coordinator: Andriana Chadjianagnostou CORPORATE GOVERNANCE COMMITTEE Chair: Papacostopoulos Constantine | Members: Panayotopoulos Litsa Secretary General | BOSTON HAMILTON LTD. Apsouris John, Charalambous Yiangos, Dimou Ioannis, Hadjisotiriou Paula, Iliadaki Papadopoulos Thanos Treasurer | CHEVELLAS S.A. Sassa, Petalas Apostolos, Shiamishis Andreas, Theodoulidou Maria | Coordinator: Daphne Constantinidou Canellopoulos Paul Counselor | AIG GREECE CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Members: Alexiou Maria, Kyriacou Marios Counselor | KPMG CERTIFIED AUDITORS Constantelis George, Iliopoulou Sissy, Katsouli Katerina, Lolas Vassilis, Macheras Alexia, Menidiati Manina, Vrachatis Ioannis, Zevgoli Nafsika | Coordinator: Angela Boyatzis Mamidaki Eleftheria Counselor | MAMIDOIL-JETOIL S.A. ENERGY COMMITTEE Chair: Karayannis Angelos | Members: Alexopoulos George, Saracakis John Counselor | SARACAKIS BROTHERS S.A. Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Angeliki Dikeoulia GREEK ECONOMY CONFERENCE COMMITTEE Chair: Αnastasopoulos Simos | Members: Spirtounias Elias Executive Director Antoniades Vassilis, Bacacos George, Mamidakis Eleftheria | Coordinator: Angeliki Dikeoulia INFORMATION TECHNOLOGY & COMMUNICATIONS COMMITTEE Chair: Poulidas Spyros | Members: Antonakou Peggy, Galani Agathi, Kolokotsas Dionisis, Monokrousos Antonis, Moraitis Andreas, Papadimitriou Pythagoras, Peppas Nikolaos, Sabatakakis Kyriakos, Tsiboukis Antonis | Coordinator: Georgia Mamali BOARD OF DIRECTORS INNOVATION, EDUCATION & ENTREPRENEURSHIP COMMITTEE Chair: Panayotopoulos Litsa | Members: Darda Dimitra, Lelakis George, Makios Vassilios, Papadakis Georgios, Alexopoulos George | HELLENIC PETROLEUM S.A. Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Antonakou Peggy | MICROSOFT HELLAS S.A. Rizopoulos Yannis, Tsiboukis Antonis, Tsigos Dimitris, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki Antoniades Vassilis | THE BOSTON CONSULTING GROUP INSTITUTE ON ECONOMIC POLICY AND PUBLIC GOVERNANCE President: Yanos Apostolides Pascal | ABBVIE PHARMACEUTICALS S.A. Gramatidis | Steering Committee: Kotsalos George, Koussia Venetia, Mina Zooullis, Nordkamp Erik, Van Pappelendam Robert | Executive Officer: Angeliki Dikeoulia Bacacos George | P. BACACOS, CHEMICAL & PHARMACEUTICAL INSURANCE, SOCIAL SECURITY & LABOUR MATTERS COMMITTEE Chair: Kremalis Konstantinos | Members: Abatzoglou Theodore, Andriopoulos Stavros, Apostolopoulos PRODUCTS CO. S.A. George, Berti Alberto, Canellopoulos Paul, Christidou Agni, Ioannou Christos, Kikilias Costopoulos Alexandros | FORESIGHT STRATEGY & Elias, Kollas John, Konstantinidis Theodore, Kouskouna Froly, Koussia Venetia (Dr.), Lisseos Panayotis, Lyssimachou Triantafyllos, Michos Stathis, Oikonomopoulou Antouaneta, Pelidis COMMUNICATIONS Manos, Perpinia Antigone, Poulias Alkiviadis, Prountzos Michael, Sarantopoulos Dimitris, Spyrakos Fotios, Spyropoulos Rovertos, Tompras Theodossis, Tzotzos Apostolos, Vafeiadis Coustas John | DANAOS SHIPPING CO. LTD Ioannis, Vlassopoulos George | Coordinator: Voula Tseritzoglou Kafatos Vassilis | DELOITTE BUSINESS SOLUTIONS S.A. IPR COMMITTEE Members: Ailianou Andromahi, Economou Alexandra, Galanopoulou Katerina, Kargarotos Iakovos, Kyriakides John, Makris Antonis, Michos George, Kartsanis Georgia | CEO CLUBS GREECE Paparrigopoulos Xenophon, Zachou Dora | Coordinator: Daphne Constantinidou Kokorotsikos Paris | EUROCONSULTANTS S.A LEADERSHIP COMMITTEE Chair: Miropoulos Artemis | Members: Kalligeros John, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Mamidakis Eleftheria, Mavropoulos Kosmatos Makis | JOHNSON & JOHNSON CONSUMER S.A. Michael, Olympios Spyros, Panteliadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Roussos Michalis, Saracakis Alexandros, Vlachos George | Coordinator: Ritana Xidou Kostas Stavros | Economist LEGISLATIVE REFORM COMMITTEE Chair: Kyriakides John | Members: Alexandris Kouidis Marilena | KOUIDES A.P.L. S.A. Panos, Alexandris Spyros, Margaritis Evangelos, Scorinis George, Tsibanoulis Dimitris | Coordinator: Daphne Constantinidou Koussia Venetia | MANPOWERGROUP S.A. MEDICAL DEVICES & DIAGNOSTICS COMMITTEE Chair: Liakopoulos Theodore | Koutsoureli Eftychia | QUEST HOLDINGS S.A. Members: Anagnostopoulos Stefanos, Anastassiou Yannis, Baracos Christos, Boulougouris George, Christopoulou Martha, Deligiannis Konstantinos, Derkos Kalogridis, Hoffman- Kyriakides John | KYRIAKIDES GEORGOPOULOS LAW FIRM Luecke Manuela, Krinos Gregory, Maroutsis George, Nikas Dimitris, Politis George, Strouzos Lazaridis Socrates | ATHENS EXCHANGE Anastasios | Coordinator: Voula Tseritzoglou NORTHERN GREECE COMMITTEE Chair: Bakatselos Nikolas | Members: Alexopoulos Lekkakos Stavros | PIRAEUS BANK S.A. Charis A., Gigilinis Alexandros, Kafatos Vassilis, Kanelakis Ioannis, Katsaros Georgios, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Athanasios, Koukountzos Konstantinos, Manos Alexandros | PIRAEUS BANK S.A. Vlachos Panos | Coordinator: Nikos Tsavdaroglou Mytilineou-Daskalaki Sophie | MYTILINEOS HOLDINGS S.A. PHARMACEUTICAL COMMITTEE Chair: Pascal Apostolides | Vice Chairman: Filiotis Dionysios | Members: Ahmad Haseeb, Capone Carlo, Charalampidis Savas, Commissaris Nordkamp Erik | PFIZER HELLAS A.E. Jeroen, Dakas Christos, Filiotis Spyros, Frouzis Konstantinos, Gerassopoulos Marcos, Papadimitriou Pythagoras | HEWLETT-PACKARD HELLAS E.P.E. Greco Roberto, Kefalas Nikos, Lakatos Matyas, Lorge Emmanuel, Nordkamp Hendrikus Hermannus (Erik), Pateraki Evangelia, Tarou Iphigenia | Coordinator: Voula Tseritzoglou Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. PUBLIC AFFAIRS COMMITTEE Members: Canellopoulos Paul, Kyriacou Marios, Papazoglou Panagiotis | ERNST & YOUNG (HELLAS) S.A. Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana TAXATION COMMITTEE Chair: Stavros Costas | Members: Achilas Ioannis, Altiparmakis Passaris Despina | PROCTER & GAMBLE HELLAS M.E.P.E. Christos, Ampeliotis Evangelos, Anastasiadis Harris, Desipris Antonis, Doucas Spyros, Filippopoulos Dimitris, Gigantes Stavros, Govaris Vassilis, Kanellatou Athena, Kerameus Stylianopoulos Andreas | NAVIGATOR TRAVEL & TOURIST George, Kyriakides Stelios, Laskaratos Panagiotis, Leventis Thomas, Lianopoulos Themis, SERVICES LTD. Mitsios Stephanos, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Cristina, Pothos Panagiotis, Samothrakis George, Savvaidou Katerina, Savvas Evangelos, Sfakakis Thomas Athanasios | DOW HELLAS A.E. Konstantinos, Spyriouni Litsa, Stavrides Vassilis, Stavropoulos Ioannis, Tapinos Grigoris, Trakadi Maria, Tsakonas Yannis, Yiannacou Sofoklis | Coordinator: Katerina Tzagaroulaki Tsamaz Michael | HELLENIC TELECOMMUNICATIONS TOURISM COMMITTEE Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Argiri ORGANIZATION S.A. (OTE) Byron, Fokas Makis, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Winkel Bart, Vrachatis Ioannis | Coordinator: Angeliki Dikeoulia Tsiboukis Antonis | CISCO HELLAS S.A. WOMEN IN BUSINESS (WIB) COMMITTEE Chair: Kartsanis Georgia | Members: Adamopoulou Xenokostas Panagiotis | ONEX S.A. Efi, Anagnostopoulou Popi, Athanassoulas Elena, Dimou Maria, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Milona Martha, Panagopoulou Varvara, Tzimea Deppie, Velliotou Peggy | Zanias George | NATIONAL BANK OF GREECE S.A. Coordinator: Angela Boyatzis

4 | BUSINESS PARTNERS | MAY-JUNE 2014 SMART GOV

Governments are complex and fragmented

BY SPYROS POULIDAS organizations by nature. GENERAL MANAGER, IBM GREECE & CYPRUS

Another development that’s making cloud- Cloud Services Breed computing even more powerful, is the growing embrace of the OpenStack design for cloud-computing infrastructure. Cloud com- Smoother Sailing for puting was invented as a way to provide great value to customers while locking them in for future improvements. OpenStack provides a Governments widely available platform that anyone can use free. If a city creates a private cloud based on OpenStack, it can easily move it to a public cloud hosting center later. hatever the structure, gov- smartphone application or a PC. It’s similar Many of the biggest companies in the com- ernments can be sure of to the way the electric-utility infrastruc- puting industry including IBM, and other one thing: they have one ture is separated from the consumer who leaders in the industry support OpenStack constituent, the citizen. switches on a light bulb or a food processor. by writing updates and improvements and And the newly digitally One big benefit of cloud computing is its contributing them to the OpenStack com- engagedW and mobile technology empowered flexibility. Because the same computer in munity free of charge. We aren’t being al- citizen has only multiplied their requests and the cloud can handle weekly payroll over- truistic. We make money by providing stacked their needs. night on Wednesdays and switch to monitor related services and software and selling Chiefly among those requests is transpar- traffic flow at rush hours, cities don’t have more computers. We just don’t think the ency and openness of and within govern- to spend as much of their scarce budget on central architecture is the place to compete. ments, an effort which could be accelerated We’d rather create a bigger marketplace. through technological innovation. Gov- We know this open-source movement can ernments are in position where they must pay off. We saw a similar opportunity in lead, convene and collaborate, and can no 2000 when we promised to invest $1 billion longer afford to be a distant follower of the to support Linux, the open-source oper- private sector. WE DON’T WANT ating system that accelerated the develop- Cloud computing is a way for governments TO RECREATE SILOS ment of low-priced server computing, and to achieve this goal. It can be the enabler THAT PREVENT THE now provides the heart of the dominant of relentless innovation needed for gov- Android operating system for smartphones. ernment transformation. Because a great GOVERNMENT FROM As governments continue to embrace clouds deal of what governments do is open and SHARING DATA IN THE of different sorts with multiple vendors, the transparent for its citizens, adopting and CLOUD need for data and application portability be- dispersing cloud services though realign- comes more acute. We don’t want to recre- ment of citizen services and governmental ate silos that prevent the government from departments is a natural eventuality. sharing data in the cloud. Governmental Cloud computing involves designing com- hardware. And they can handle a burst of cloud computing solutions built on open puter systems in which data and software citizen inquiries from smart phones when standards will ultimately allow governments applications run in central cloud-comput- hundreds of thousands of people gather to to focus on delivering value to citizens. ing centers. The software can be accessed by watch a parade or a sporting event. More and more, governments are recog- authorized users over the Internet. Typical- Local governments are often eager to share nizing that cloud will enable solutions that ly, the infrastructure of communications, best practices with other cities towns and deliver better services to their constitu- data storage and processing is separated states rather than hoarding them as a com- ents. Cloud computing and government from the user who reaches it through a petitive advantage. are made for each other.

MAY-JUNE 2014 | BUSINESS PARTNERS | 5 CHAMBER NEWS

Education Innovation Entrepreneurship CHAMBER International Conference AT DETROP The Chamber participated in the DE- The Education Innovation Entrepreneurship International Conference 2014, hosted by TROP International Exhibition of Food Chamber and its Education, Innovation and Entrepreneurship Committee, took place and Beverages held March 14-16 in May 14, 2014 at the American School of Classical Studies, Cotsen Hall. Athens. Visitors had the chance to get The conference gathered innovation and education experts—teachers, professors, uni- information about AmCham’s proj- versities, start-ups, venture capitals and individual professionals, incubators/accelera- ects designed to boost Greek exports, tors/angels as well as State decision makers, agencies and government elites. support SMEs to expand in the U.S., Speakers included Katherine Fleming, University of Piraeus, Deputy Provost; Vice and showcase Greek best practices. Chancellor, Europe; Jeff Borden, Education Consultant, Enriched Lecturer – Cham- The American-Hellenic Enterprise inade University VP of Instruction & Academic Strategy - Pearson LTG; Odysseas Initiative (AHEI) presented its new Charalambous, Managing Director CEE, Cisco; George Doukidis, Professor, AUEB, services regarding market research Member, College of Scholars, The Institute on Economic Policy & Public Governance, reports, buy product, for the U.S. American-Hellenic Chamber of Commerce; Jan Versteeg, Ambassador, Embassy of the market. The first market research Kingdom of the Netherlands in Greece; Nikos Komninos, Professor, Aristotle University report, Analysis of Table Olive in the of Thessaloniki. USA – A Qualitative and Quantitative LITSA PANAYOTOPOULOS KATHERINE FLEMING JEFF BORDEN Analysis, provides a detailed perspective regarding • International Competition • U.S. Domestic Supply • Greek Production Landscape • Consumer Trends • Export Kit This is the first of many new services to be offered that also include Export B2B Fora and business dele- gations. For any further information contact Mr. John Moisoglou, AHEI Executive Officer: (+30) 210 699 3559 ext. 25 | E: [email protected]. WIB Forum 2014 The Chamber of Commerce, MDA HELLAS in conjunction with its Women in Business (WIB) Committee, MDA Hellas, with the support of the held the WIB Forum 2014: The Chamber, the Federation of Industries of Workplace Through the Eyes Northern Greece, the German-Hellenic of Generation Y on March 31, Chamber of Commerce and Industry and 2014 at the Michael Cacoyannis the Italian-Hellenic Chamber of Thessa- Foundation. loniki, organized a dinner with keynote This unique event focused on speaker Mr. Lucas Tsoukalis, Professor at understanding Generation Y the University of Athens and President of – what challenges them, moti- The Hellenic Foundation for European vates them, and inspires them. & Foreign Policy, at The MET Hotel on WIB FORUM PRESENTERS KPMG presented the results of Monday, March 17, 2014 in Thessaloniki. their survey on the workplace through the eyes Generation Y, commissioned especially The dinner’s purpose was to underline for the Forum. Academics and representatives of both Generation X and Y shared their the important and multifaceted work of insightful perspectives. The theatrical style format injected an energetic dynamic to this MDA Hellas. Mr. Tsoukalis spoke on: WIB Forum, captured the attention of the attendees, and engaged them in a positive and Greece & Europe: will they get out of the interactive dialogue. crisis together or separately?

6 | BUSINESS PARTNERS | MAY-JUNE 2014 Exposec-Defenseworld EU-U.S. BUSINESS LEADERS The 2nd Exposec-Defenseworld International Defense & Security Conference, Defense & Security Policy—Meet the Future Challenges, took place on April 7 & 8 at the Hotel FORUM Grande Bretagne and was marked by great success and participation by all stakehold- The Chamber participated in the closed ers of the defense and security sectors of Greece. Council of Foreign Affairs (Trade) EU- The conference was organized by the American-Hellenic Chamber of Commerce and US business Leaders Forum, held in Ath- Symeon G. Tsomokos S.A., under the auspices of the Ministry of National Defense, with ens on February 28. the support of the Hellenic Manufacturers of Defense Material Association (SEKPY), the The Chamber, represented by President Hellenic Aerospace and Defense Industries Group (HASDIG) and the Centre for Security Simos Anastasopoulos, actively partic- Studies (KEMEA). ipated in the formation of the business More than 250 distinguished guests attended the conference, partook in the constructive team that represented the U.S. corporate dialogue and shared the valuable knowledge and expertise of the conference speakers. side in this forum, held by the Ministry of YANNIS TAFYLLIS MILTIADIS VARVITSIOTIS Development and Competitiveness. The U.S. corporate side was represented by Randall Stephenson, Chairman and CEO of AT&T and Hendrik Bourgeois, Vice President-Europe of General Elec- tric and President of AmCham EU. The discussions focused on the current negotiations between the European Union and the United States on the Transatlantic Trade and Investment Partnership (TTIP)

FOFI GENNIMATA, DAVID D. PEARCE, that would further remove barriers to ERNEST HEROLD SIMOS ANASTASOPOULOS NIKOS DENDIAS trade and facilitate investment between the two largest trade blocs in the world.

THE DEVELOPMENT OF CITIES—DIFFERENTLY The five bilateral chambers: Ameri- can-Hellenic Chamber of Commerce, British-Hellenic Chamber of Commerce, Press Conference on IOBE-BCG Study French-Hellenic Chamber of Commerce On May 20, the Chamber, in and Industry, German-Hellenic Chamber cooperation with the other bi- of Commerce and Industry and Ital- lateral Chambers, the British, ian-Hellenic Chamber in Thessaloniki, French, Italian, German, Dutch successfully organized an event—The and Swedish, held a press confer- Development of Cities--Differently— ence at the Hotel Grand Bretagne within the Money Show conference, with in Athens to present an updated keynote speaker Mr. Stavros Kalafatis, version of the 2009 Chamber Alternate Minister of Environment, En- study on recommendations for ergy and Climate Change on Sunday, March 30 at the Hyatt PRESIDENTS OF GREECE’S PARTICIPATING BILATERAL CHAMBERS the Greek economy. The study was prepared by the Foundation Regency Hotel. Speakers also included for Economic and Industrial Research (IOBE) and the Boston Consulting Group (BCG). Demetris Samaras, President, Samaras Chamber President Simos Anastasopoulos discussed the course of the economy from the & Associates Consulting Engineers, and perspective of the American-Hellenic Chamber as did the Presidents of each bilateral Petros Papaioannou, President, Busi- Chamber. Nikos Vettos of IOBE and Vassilis Antoniades of BCG presented the results of ness Association for Quality and Con- the study to the Greek and international media. struction Development.

MAY-JUNE 2014 | BUSINESS PARTNERS | 7 CHAMBER NEWS

10th Athens Tax Forum AMCHAM DIRECTOR ELIAS SPIRTOUNIAS The Chamber and its Taxation Committee organized the 10thAthens Tax Forum under the title: Taxation—At the Turning Point of the Greek Economy, on March 28, 2014 at the AT TRANSATLANTIC Athenaeum Intercontinental Hotel. CONFERENCE Speakers shared and discussed with participants “smart” proposals in view of planned IN WASHINGTON tax measures, both temporary (radical) and structural, aimed to secure fiscal stabiliza- AND DALLAS tion and trigger economic growth in Greece. The Athens Tax Forum 2014 was designed to offer delegates first-hand knowledge of crucial taxation issues and provided the decisive platform for high-level dialogue between the public and the private sectors in Greece. Delegates included distinguished State officials, taxation experts, accountants, consultants, professors, decision and policy makers, and members of the Greek business community. Greece’s Deputy Minister of Finance was present at this event. The Forum, attended by over 300 delegates, focused on those tax policies to be followed that will lead to healthy fiscal positions and economic growth.

SIMOS ANASTASOPOULOS STAVROS KOSTAS HARRY THEOHARIS TRANSATLANTIC CONFERENCE DELEGATES IN DALLAS Amcham Greece Executive Director Elias Spirtounias participated in the annual Transatlantic Conference held in Wash- ington and Dallas between May 4 and 9. Twenty-two delegates representing twenty-one American Chambers of Commerce from Europe and wider Eu- rope came together in Washington, DC and Dallas, Texas this week for a series of high-level government and stakehold- er policy meetings as part of their annual FRANK VAN DRIESSCHE NIKOS KARAVITIS GEORGE MAVRAGANIS Transatlantic Conference. The five-day trip saw the launch of their latest publication Together for Jobs & Growth: The Transatlantic Trade & In- vestment Partnership, as well as the presentation of the updated Case for Investing in Europe at a cocktail reception hosted by the US Chamber of Com- merce, with over 100 Washington figures from key government institutions and businesses in attendance. The delegation also met with senior State and Commerce department officials, where the advocacy work of Amchams, Institute Holds Political Debate in their countries was lauded by both Ju- The Chamber’s Institute on Economic Policy and Public Administration held a debate, on lieta Noves, Deputy Assistant Secretary Greek Priorities in Europe, among candidates for Euro MP on May 15 at the Theocharakis for Europe and Eurasia US Department Foundation in Athens. Chamber President Simos Anastosopoulos welcomed the partici- and Ambassador David Thorne, special pants and Institute Steering Committee member George Kotsalos briefly spoke about the advisor to Secretary of State Kerry. objectives of the Institute. Participating in the debate were Zoe Gerganta, Anexartitoi Ellines; The delegation continued to Dallas George Ioannidis, DIMAR (Democratic Left); Vassilis Korkidis, New Democracy; Antigoni where the Dallas Regional Chamber of Lyberaki, Gefyres; George Mavrotas, Potami; Katerina Batzeli, Elia; Dimitris Papadimoulis, Commerce hosted a cocktail reception in Syriza. Yannis Perlepes, Director General at Naftemporiki Newspaper was moderator. honour of ACE’s visit.

8 | BUSINESS PARTNERS | MAY-JUNE 2014 Institute Meetings with KKE, TTIP Survey Deputy Minister Mitarachis, The Chamber conducted a survey among its members and the greater business Opposition Leader Alexis Tsipras, community in Greece on their familiar- ity with TTIP, the Transatlantic Trade and Deputy Prime Minister and and Investment Partnership. Foreign Minister Venizelos Results show that half of the respon- dents were not at all aware of TTIP, 40% The President of the Chamber Simos Anastosopoulos and members of the Chamber’s slightly aware of it, and only 10% quite Institute on Economic Policy and Public Administration, led by its President Yanos aware of it. Of the participants, 30% Gramatidis, has held a series of meetings with Greece’s political leaders in an effort to have developed trade activities with the present the objectives of the Institute, promote the Institute’s call for a National Consen- US and they consider as major barriers sus, and present the first major research study carried out by the Institute: the Codifica- to trade the high costs and bureaucratic procedures at customs, incompatibility of tion of Reforms 2009-2013. Meetings were held with Deputy Prime Minister and Minister standards, differences in the marketing of of Foreign Affairs Evangelos Venizelos, Leader of the Opposition Alexis Tsipras, Deputy their products, and the appreciated Euro Development Minister Notis Mitarachis, and KKE General Secretary Dimitiris Koutsoum- compared with the dollar. 75% stated bas. A meeting with Fotis Kouvelis of DIMAR was held in 2013. they should be more aware of TTIP and At each of the meetings, the political figures commended the Chamber and the Insti- the remaining 25% were not sure. Almost tute for its initiatives to codify—for the first time in Greece—all legislative acts. The re- 72% of the businesses questioned are not sult is to be made available to all interested parties and stakeholders via an electronic satisfied by the information on TTIP pro- platform that may be filtered according to sector, year, and ministry, and will be online vided to them while nearly 24% is only on a subscription basis. More information will be sent to Chamber members following slighted satisfied, and only the remaining 4% is completely satisfied. its launch. The Transatlantic Trade and Investment POLICY INSTITUTE MEMBERS MEETING Partnership (TTIP) is a trade agreement DEPUTY PRIME MINISTER AND MINISTER OF POLICY INSTITUTE MEMBERS MEETING FOREIGN AFFAIRS EVANGELOS VENIZELOS DEPUTY DEVELOPMENT MINISTER NOTIS MITARACHIS that is presently being negotiated between the European Union and the Unit- ed States. It aims at removing trade barriers in a wide range of economic sectors to make it easier to buy and sell goods and services between the EU and the US. On top of cutting tariffs across all sectors, the EU and the US want to tackle barriers behind the customs border – such as differences in technical regulations, standards and approval procedures.

POLICY INSTITUTE MEMBERS MEETING POLICY INSTITUTE MEMBERS MEETING LEADER OF THE OPPOSITION ALEXIS TSIPRAS KKE GENERAL SECRETARY DIMITIRIS KOUTSOUMBAS Chamber Calendar

June 11-12 New York - TBA, 3rd Investment Forum in US (in cooperation with Athens Stock Exchange)

June 13 Thessaloniki, American Farm School, 3rd Agrotechnology Conference

June Athens, Annual General Assembly Meeting

TBC Athens, Data Protection Forum

MAY-JUNE 2014 | BUSINESS PARTNERS | 9 REGIONAL MARKETPLACE

Data protection and cloud A Global Leader in Employee Benefits computing in a diverse legal environment BY PANAGIOTIS DRAKOPOULOS

Living “In The Clouds” in South East Europe

loud computing is coming of outside the EU, the Directive’s “Article 29 support an efficient system for personal data age and 2014 will mark the year Working Party” applies, setting common protection, but their legislative procedures when businesses realize the safety principles on international data ex- remain idle and meager, and of pre-emerg- cloud’s significance and critically change, such as the Safe Harbor Principles ing economies that are eager to modernize examine the idea of fully inte- in the EU–US agreements. and strengthen their legal mechanisms, but gratingC cloud services into their operating The legal system governing cloud computing are excluded from European guidelines and systems. As a disruptive and cutting-edge in an “emerging” economy, such as Romania, harmonization processes. technology, the concept of global and cen- does not seem to deviate, in essence, from the To cope with the challenges, ideally a single tralized online storage and processing is con- Greek practice. Romania, which was granted regulatory framework on cloud computing sidered to be the Internet’s “next big thing” EU membership as late as 2007, has no spe- should apply across South East Europe, en- and a scalable technology infrastructure that cific provisions on utility computing issues suring continuous harmonization of na- all enterprises should try their hand at. and takes advantage of both its national leg- tional laws. In the absence of such a setup, However, things cease to be that rosy when islation on the protection of individuals and which in any event does not seem realistic it comes to the current legal framework data transfer (Law 677/2001) and the Euro- at present, an urgent need arises for em- MetLife is Employee bene ts plans are modern and dynamic business surrounding cloud and utility computing in pean Directive 95/46/EC on cross-border ploying regional firms with global knowl- tools that can enhance productivity and accelerate top respect of data security and protection, es- and international data exchange. edge in the area, able to provide uniform the strategic performance. pecially in economies and markets without The legal regime on data protection appears legal services on data protection and confi- harmonized legislation in this area, such as to be scantier in a “pre-emerging” economy dential information, so that international partner trusted by An eective employee bene ts plan can assist employers South East Europe. Drawing on the diversi- and jurisdiction that is unable to resort to players can have access to quality advice on to attract and retain quality human resources, directing their ty of jurisdictions in the region, with econ- European legislation, such as Albania. Of- security issues, potential risks and protec- the leading companies eorts towards the achievement of business goals. omies varying from “mature”, to “emerging” ficially recognized as a potential candidate tion policies. and “pre-emerging,” it is worth looking at country, Albania is among those South East in Greece MetLife, a leader in Life insurance and employee the current data protection regimes in one Europe countries that made great strides in bene ts, provides exible and innovative solutions and jurisdiction of each kind, taking Greece, the use of cloud computing in the public comprehensive services to companies and their employees. Albania and Romania as examples. sector. However, standardizing its public Panagiotis Drakopoulos is the founder and senior partner of Drakopoulos Law Firm, a regional firm This is why one out of three leading local and international Greece, which first joined the EU in 1981 IT sector with cloud services proved to be offering legal services in 11 countries across SEE. and is now the only “mature” economy in a challenging job for Albania, given that, He has over 20 years of experience in advising cor- companies operating today in Greece, trust MetLife for their SEE, has no established legal framework in since it had no recourse to the EU Direc- porations, management, institutions and entrepre- employee bene ts plans. neurs on both domestic and cross border transac- respect of cloud computing and all issues tives, it had to regulate all aspects through tions. He specialises in various areas of corporate arising within this context are treated as its national legislation and Data Protection activity, including M&As, partnership structures, data transfer within the EU and are regulat- Act 9887/2008. venture capital and joint ventures assisting private and institutional investors to invest in the SEE ed by Directive 95/46/ΕC on Data Protec- In a nutshell, South East Europe appears to region is President and CEO of elpis and serves tion and the national Data Protection Act be a jigsaw of mature and emerging econo- currently as the Programme Director for the EEA implementing it. In respect of data transfer mies that have the necessary experience to Grants for NGOs Programme in Greece.

119, Kifissias Avenue, 151 24 Maroussi, Athens Tel: +30 210 8787 000, Fax: +30 210 6123 722 10 | BUSINESS PARTNERS | MAY-JUNE 2014 e-mail: [email protected] © 2014 METLIFE www.metlife.gr A Global Leader in Employee Benefits

MetLife is Employee bene ts plans are modern and dynamic business tools that can enhance productivity and accelerate top the strategic performance. partner trusted by An eective employee bene ts plan can assist employers to attract and retain quality human resources, directing their the leading companies eorts towards the achievement of business goals. in Greece MetLife, a leader in Life insurance and employee bene ts, provides exible and innovative solutions and comprehensive services to companies and their employees. This is why one out of three leading local and international companies operating today in Greece, trust MetLife for their employee bene ts plans.

Competition from overseas, flimsy customer BY DR. KYRIAKOS KYRIAKOPOULOS ASSOCIATE PROFESSOR OF STRATEGY AND MARKETING AT preferences, and an ALBA GRADUATE BUSINESS SCHOOL AT THE AMERICAN COLLEGE OF GREECE avalanche of technological inventions challenge formal planning as the IMPROVISATION … IN BUSINESS? major vehicle for decision What We Can Learn making in business. harmonious results, without the benefit of from Jazz Bands! a pre-existing music score (the example of a classic orchestra). But how do they coordinate if they do not know what to play in advance? The answer lies into two essential ittle wonder, firms increasingly adapt real time to unpredictable change. principles: “being present in the moment” rely on improvisation as a crit- Though improvisation seems to be spon- and the “yes-and.” As jazz music is created ical capability for adapting to taneous and ad hoc, in reality master jazz in real-time, players should be attentive to surprises and turbulence. When improvisers are not just self-taught genius- each other’s music, develop empathy, and improvising, employees act out- es: they spend years in learning and prac- even anticipate colleagues’ music. That al- sideL of formal plans as they think on their ticing before they go on stage to perform lows them to extend what they have just feet. Improvisation is, therefore, about live and avoid the perils of cacophony or heard. Instead of being absorbed with what adapting creatively in real-time without uninspired repetition of their music. First, to play ahead of time, they are alert to what the benefit of prior planning. In my re- they have invested tremendously in ac- is going on in that moment, including fel- search on 130 innovation teams, I have quiring musical knowledge about notes, low band members or audience reactions. found that innovation happens frequently chords, harmony, orchestration, or melo- The “yes-and” principle refers to accept- and, if managed properly, improvisation dies. They also practice solo so they build ing and building on the music a fellow can improve the speed, creativity and mar- a strong memory of classic music themes player has produced. Instead, of “yes, but” ket success of new products (2011, 2012, from jazz or other music traditions. Inter- response, they suspend judgment of each 2013). Instances of improvisation abound estingly enough, these music fragments other’s ideas in order to build flow, encour- in business; front-line employees spon- become the material they tweak, extend or age experimentation and accept risk inher- taneously respond to unusual customer combine when generating their music live. ent in real-time performances. requests, innovation teams ad lib product Finally, though solo jazz players appear to With rigid and hierarchical structures being design in response to unforeseen product catch our attention, one should not forget the business norm in the twentieth century, mishaps or managers improvise responses that jazz is a group music accomplishment. managers are addicted to routine behaviors, to an unexpected crisis. Bearing this social aspect in mind, band well-defined job tasks, and predictable In these and many other circumstanc- members should coordinate to produce change. Yet, businesses have recently begun es firms face new challenges on how they to discover what jazz bands practice as a process ambiguous information, engage in norm. They make “live,” irreversible” deci- creativity, innovate, build trust and commu- sions, they face equivocal situations, they act nication among their members, and how THE ANSWER LIES without the certainty of results, and they they practice leadership. Oddly enough, top INTO TWO ESSENTIAL learn about the future as it is created by their companies like P&G, Ford, GSK, Capital PRINCIPLES: “BEING own actions. Though thedangers of improv- One, Siemens, and PepsiCo turn to rather PRESENT IN THE isation should not be underestimated, man- unusual places to learn to build improvisa- agers begin to appreciate the necessity and tional skills. Jazz music has become a prime MOMENT” AND THE the beauty of leaping into the unknown, platform in business schools like Columbia, “YES-AND” crafting novelty on the spot, and being in- MIT, and Duke for teaching firms how to quisitive in learning about the future.

12 | BUSINESS PARTNERS | MAY-JUNE 2014

NAMES & FACES

ENTERPRISE GREECE ...in the news Enterprise Greece is the new, official agen- cy of the Greek State, under the supervision of the Ministry for Development and Com- ▼ HERBALIFE PROMOTION petitiveness, to showcase Greece as an Herbalife Ltd. announced the promotion of Mano- outstanding destination for investment and lis Leontzakos (photo) to Senior Country Director, to promote the highly competitive products assuming responsibility for Bulgaria and Hunga- STEPHANOS ISSAIAS and services produced in Greece for export. ry, in addition to his current responsibilities for Enterprise Greece is the enlargement of Greece, Cyprus and Lebanon. This expansion of his Invest in Greece S.A.—incorporating, among others, the duties comes as recognition of four successful years mandate of the Hellenic Foreign Trade Board—to a new and managing the company in Greece, Cyprus and Leb- innovative outward-looking body. Stephanos Issaias retains anon with a significant improvement of the shares and sales growth the title of CEO; he was CEO of Invest in Greece. in challenging conditions. Mr. Leontzakos joined Herbalife in 2010.

▼ GREEK DIARY PRODUCTS TO THE USA CONSTANTINOS ANTONOPOULOS Dodoni, Greece’s biggest feta cheese producer, AWARDED has reached a cooperation agreement with one Constantinos Antonopoulos, chief executive of the biggest distributors of dairy products in of Intralot Group, won the Manager of the the USA, Arthur Schuman Inc, which is based Year 2013 award of the Hellenic Manage- in New Jersey. The deal, valid as of April 1, con- ment Association (EEDE). Receiving the cerns the importing and distribution of Dodoni award, Mr. Antonopoulos said the Manager products across the US, with an emphasis on feta. of the Year award was an initiative aimed to promote and award healthy business activity ▼ ONEX TO INVEST IN AQUACULTRE CONSTANTINOS ANTONOPOULOS in the country. “My professional career is Onex will use the technology of U.S. defense company Lockheed Mar- characterized by extraversion and it is closely related with tin for aquaculture in the open seas, creating the first greater amber- the course of a great company, Intralot, which with hard team jack fish farms in 15 areas in international waters to the north of Crete, effort managed to conquer the top in the gaming industry provided it gets the necessary clearance by authorities. This will be a worldwide. The main ingredient of this success is Intralot’s 42-million-Euro investment that is expected to create some 100 jobs people and it the company’s workers who are also awarded. for highly specialized staff. Most of the production (90 percent) will be The vision, hard work and passion for achieving high goals directed to Europe, the US and Japan. were the main ingredients of our successful course,” Mr. Antonopoulos said. ▼ GREEK-AMERICAN SCIENTIST WINS AWARD Costas Soukoulis, a senior scientist at the U.S. Department of Ener- gy’s Ames Laboratory, Distinguished Professor of Physics and Astron- GREECE TO INVEST omy at Iowa State University and associated member of IESL-FORTH €500 MILLION ANNUALLY IN TOURISM in Greece, has won the 2014 Max Born Award from the Optical Soci- The number of foreign tourists in Greece could rise by 50 % in ety of America. The award honors a scientist who has made outstand- the next decade, exceeding 30 million visitors annually, Prime ing contributions to the scientific field of physical optics. His research Minister Antonis Samaras said during the annual general interest is to develop theoretical understanding of the properties of dis- meeting of SETE. ordered systems, with emphasis on electron and photon localization, photonic crystals, random lasers, and metamaterials.

KNOW YOUR POSITION THE TROOPS OF TOMORROW SPEAKER’S Lead me, follow me or get out of A competent leader can get efficient service the way. from poor troops; an incapable leader can —George S. Patton demoralize the best of troops. CORNER —John J. Pershing

14 | BUSINESS PARTNERS | MAY-JUNE 2014 ▼ LIBRA GROUP INVESTS IN COCO-MAT The Libra Group has announced that it is the principal investor in 50% of Coco-Mat and has formed a joint venture with the leading Greek manufacturer of specialist mattresses, other natural HARRY AMALIDIS sleep products and furnishings. Partnering with the Libra Group in this OMBUDSMAN, ENTERPRISE GREECE investment is the independent investment firm, the Cycladic Group. This alliance between privately-held family businesses is designed to facilitate the global expansion of Coco-Mat through access to the Libra Investor Group’s extensive global infrastructure.

Ombudsman ▼ CONSTANTINOS STAVROPOULOS APPOINTED Constantinos Stavropoulos (photo), Certified Management Con- What is the Ombudsman? sultant and Founder of InnoValue, was recently The Enterprise Greece Ombudsman facilitates the in- appointed Member of the Professional Standards vestment procedure by mediating during the implemen- Committee (PSC) at the International Council tation process if specific bureaucratic obstacles, delays, of Management Consulting Institutes (ICMCI) – disputes or other difficulties arise, related to State ser- http://www.icmci.org. The PSC mission is to offer to vices and State actors. The Investor Ombudsman is an the National Institutes, in 50 countries around the internationally recognized practice, which makes Greece globe, professional standards and guidelines that pro- a friendlier and more open destination for investors. mote excellence in the consulting profession. His initial appointment will have a biennial tenure for the period 2014-2015. Who does the Ombudsman serve? ▼ The Enterprise Greece Ombudsman serves all invest- IBM TO OPEN BIG DATA & ANALYTICS CENTER ment projects—foreign and domestic—exceeding two IBM announced on April 15 its plans to establish a new Big Data and million Euros. The service is provided free of charge to Business Analytics Centre of Competence in Athens, to expedite its investors, by contacting Enterprise Greece regarding ability to deliver technical and consulting capabilities in the region by drawing on an emerging generation of highly-skilled local expertise. the problem they are facing. The Ombudsman does not The new Centre will lead big data and business analytics client en- provide mediation between private parties; rather, it gagements in the region, working closely with IBM’s global network facilitates the process between investors and the State. of Business Analytics Centres in Berlin, Beijing, Dallas, London, New York, Tokyo, Washington and Zurich. How can this facilitate investment? “We believe that big data, business analytics and cognitive computing The Ombudsman operates as a statutory mediator on have a crucial role to play as enablers and as a source of competitive behalf of the investor for 1) the resolution of specific advantage for the Greek economy,” said Spyros Poulidas, General disputes or other difficulties while implementing an Manager for IBM Greece & Cyprus. investment project; and 2) the overcoming of delays in the implementation of investment projects. ▼ 19 GREEK OLIVE OILS AMONG THE WORLD’S BEST The Ombudsman also actively contributes to the improve- Nineteen Greek olive oils earned a coveted spot as ‘one of the world’s ment of the investment framework in Greece through the best’ at this year’s New York International Olive Oil Competition. The submission of reports, identifying key issues for improve- judges awarded 12 Greek brands Gold Award status. It was a record ment and submitting proposals for such improvements. number of awards given to Greek producers at the yearly competition. Greece remains one of the top olive oil producing nations in the world and boasts the highest consumption of olive oil per person.

LEADERSHIP OFFSPRING DON’T BE SO BOSSY CULINARIA The function of leadership is to produce Remember the difference between a Success without honor is an unseasoned more leaders, not more followers. boss and a leader. A boss says, Go! A dish; it will satisfy your hunger, but it —Ralph Nader leader says, Let’s go! won’t taste good. —E.M. Kelly —Joe Paterno

MAY-JUNE 2014 | BUSINESS PARTNERS | 15 OUT OF THE OFFICE

EAGLES PALACE Resort hotels that combine an eclectic selection of Redefining a Resort activities, a luxurious environment, spa, fine cuisine, as well as sea, agles Palace is a hidden gem that shines in all categories. Perched on a sandy beach sand, and sun, are often an near Mt. Athos on Halkidiki, Eagles Palace offers guests a secluded environment, luxury accommodation, wonderful dining and activities to suit every taste. ideal choice. A property of Macedonian Hotels, Eagles Spa is a member of the Small Luxury Hotels of the World and was awarded with the “International 5 Star Diamond Award”E by the American Academy of Hospitality Sciences. The newly-refurbished hotel offers 164 rooms, suites and bungalows – some with a private pool—and each has its own design. Many have balconies or terraces with stunning views over the bay. Nestled in the gardens with direct sea views are the individually styled bungalows, perfect for guests who want more privacy. Other key attractions are the Eagles Spa by Elemis, a variety of dining options, bars, and a well-equipped watersports center. The hotel prides itself on its eco practices and is regarded as one of the leading green hotels in Europe. Guests may enjoy diving, mountain and hiking routes, water skiing, yoga, spa activities and fishing. Cultural events include live music and art exhibitions, and one of the most popular attractions center around gastronomy and wine. A new KIDS Center has special facilities to ensure youngsters have ample options for play, learning and entertainment. The port and helipad ensure direct access by land, sea and air, especially convenient for VIP guests who expect high-end services. The hotel also arranges group and private excursions to the many sites nearby, including cultural and archaeological sties, as well as visits to natural landscapes that feature unique flora and fauna. A key attraction is the Aristotelian Route. Business needs are looked after with facilities for meetings and conferences of up to 220 persons. What better way to encourage out-of-the-box thinking? Eagles Spa also hosts private celebratory events, including weddings, showers, and baptisms.  http://www.eaglespalace.gr/

16 | BUSINESS PARTNERS | MAY-JUNE 2014 on ! http://bponline.amcham.gr BIZ BUZZ

From Assistance to Empowerment Paul Kidner, Program Manager at PRAKSIS Business Coaching Center, on the new face of social assistance— empowerment.

Praksis is known for helping the vulner- pasted throughout regions in Greece and able. How does your new program, BCC, eventually expand into other countries. address this? The Praksis Business Coaching Center How have the participants reacted to date? supports the unemployed from socially We are now into our third week of train- vulnerable sectors by helping to get them ing and we’ve already received incredible up and running, mentors, financial man- back into meaningful employment —spe- feedback from our participants so far. One agement services, in-kind donations and cifically self-employment. The BCC func- participant said that if he were offered a more. The program is being sponsored by tions as a hub to support selected partic- job tomorrow he wouldn’t take it so that the JP Morgan Chase Foundation and the ipants and offers training, coaching and he could continue the course, as it gives US Embassy. If companies are interested in mentoring to assist them in materializing him something far more precious. Profes- helping us achieve our goals through their their entrepreneurial goals. sional skills and learning that he can use CSR programs, we would be happy to hear to create something for himself. For us, from them at: [email protected] What are your strategic goals with BCC? that is hugely rewarding. However, we still The short-term goals of the BCC are to pre- have a way to go until July when our first pare individuals sufficiently so that they program will be completed and we can re- PRAKSIS is an independent can create their own small businesses. By view and measure how well we have done. N.G.O. that provides hu- manitarian support—med- helping one individual create a viable busi- ical, legal, social welfare, ness, you are in turn helping to support an How can businesses help? psychological and finan- average of 4 people directly—within that Businesses can help by supporting our can- cial—to socially vulnerable groups in need regardless family unit. Indirectly we are creating eco- didates directly. Once they have completed of color, race, religion, age, nationality, ideology nomic and social multiplier effects within their training, we aim to provide those political beliefs and sexual orientation, through an local neighborhoods. Our strategic goals who are ready with a variety of services, in- array of programs. are to create a model which can be copy/ cluding seed capital, to get their businesses  www.praksis.gr

LOWER COSTS WITH IT Technology has facilitated procedures and eHealth Forum helped overcome red tape in services of- CREATING PARTNERSHIPS IN eHEALTH SOLUTIONS fered by Greek diplomatic missions in the United States, Greece’s General Consul in Athens hosted the eHealth Forum 2014 May New York George Iliopoulos and Consul 12-14 at the Megaron Athens Conference Center. Organized during the Greek Pres- Manos Koumbarakis said. They cited the idency of the European Union, eHealth Fo- Consulate General in New York as an ex- rum 2014 was the premier health IT event ample, saying that it had kept up the level for the exchange of experiences, good prac- of services offered in spite of problems tices and innovation between the U.S. and caused by constant cutbacks. At the same the member states of the European Union. time, efforts aimed at promoting Greece’s The event is a meeting point for high-level image have been reinforced, they said. eHealth experts, politicians, academics, medical professionals, and the healthcare in- Noticeable progress has been made in dustry. The US Commercial Service organized the U.S Pavilion at eHealth Forum, where services offered to Greek-Americans in U.S. companies were present to discuss solutions and build partnerships with their Eu- the context of their transactions with the ropean counterparts. Greek state.

18 | BUSINESS PARTNERS | MAY-JUNE 2014 RESTAURANT INDUSTRY TRENDS 2014 Kitchenall predictions on this year’s hot trends in F&B • The rise of eggs • Brazillian Food and Drinks are hot • Traditional drinks make a comeback • New Syrups from new sources to be used in drinks • More tech interaction with guests via The “Luke” Arm— smartphones and tablets • Social media becomes more import- From R&D to Market ant for engaging diners The era of real cyborgs has begun. The U.S. Food and Drug Administration (FDA) gave its • Theme nights, especially on slow nights first approval for the sale and marketing of a prosthetic arm that translates signals from • In the US, Hispanic gains in importance a person’s muscles on Friday. • The integration of retail into the ding- Informally known as the “Luke” arm (a reference to Luke Skywalker’s robotic arm in ing environment Star Wars), the Deka Arm, which is controlled by electrical signals from electromyo- • Plush aesthetics: from modern and gram (EMG) electrodes connected to the wearer’s muscles, can now move from re- stark to leather and dark search experiment to full-fledged commercial product.  Mashable.com

CALL FOR DIGITAL Atom Laser Breakthrough on Crete AFFAIRS COMMITTEE A team of scientists working on the island of IN EUROPEAN Crete have created the world’s most powerful atom laser – fully seven times stronger than PARLIAMENT any developed to date. The new ‘ultra-bright Marietje Schaake MEP (NL, ALDE) says that atom laser’ was presented in a paper submitted the European Parliament needs to “wake to the international science periodical “New up” and set up a committee dedicated to Journal of Physics” published on March 28. digital affairs and technology. The team is based at the Institute of Electronic Structure and Laser at the Foundation “New technologies and the internet have for Research and Technology (FORTH) in Crete. Now still at an early stage, there are a an increasing impact on our societies, but number of issues that need to be resolved before atom lasers can find practical applica- the European Parliament has not yet woken tions. According to the researchers, among the most exciting possible applications for a bright atom laser will be a matter–wave interferometer, where the wave-nature of the up this fact,” she said, “Digital issues are atoms will be exploited to make ultra-accurate measurements of gravitation or rotation sometimes dealt with in one committee, or to probe the magnetic and electric properties of surfaces. sometimes in another. This fragmentation  Source: ana-mpa is part of the reason why we are not ahead of the curve.” “The Parliament is still not tech-savvy enough to deal with developments in New Fund Created ICT and online,” says Schaake. “Creating Following the founding of a Greek investment fund—the Institution for Growth (IfG) in one committee responsible for all digital Greece—it was announced that the fund will start disbursing money to small and medi- themes, from net neutrality to online cop- um-sized enterprises (SMEs) as of September. yright and from cyber security to internet Development Minister Costis Hatzidakis said that Greek SMEs will be able to receive governance, should allow for a better allo- loans of up to one million euros via the fund, especially from its first sub-fund for the fi- cation of knowledge and resources. With nancing of SMEs, at interest rates that are expected to be between 1-3 percentage points more focus comes more impact.” lower than market rates.

MAY-JUNE 2014 | BUSINESS PARTNERS | 19 ECONOMICS— OUT-OF-THE-BOX Economics—Out of the Box is a Business

BY LENA TSIPOURI Partners series by PROFESSOR, DEPT. OF ECONOMIC SCIENCES, UNIVERSITY OF ATHENS members of the Chamber’s Institute on Economic Policy and In Praise of the Public Governance. Long-Term

reece achieved a double sur- trines tend to forget: development is not tion, demand stimulation and financial in- plus in 2013 and by April equivalent to GDP growth. Many countries centives. However, this is not sufficient: for the government returned to (including Greece) have gone through peri- people to investment a good business plan the markets, raising €3 bil- ods of high growth—only to then derail into is not enough. A sound investment needs lion ($4.1 billion) in five-year stagnation and decline. Others, however, four to five years to be amortized; if not in- bondsG at a yield just under 5%—in a heavily have taken advantage of periods of growth vestors will limit themselves to short-term oversubscribed issue. The Economist her- to transform their public and private sector investments in stocks and bonds that can alded the Greek market re-entry with “the into a modern, mutually reinforcing part- be rapidly liquidated. Value extraction, not journey has been an epic one, but Greece nership. If Greece fails to achieve this trans- value creation. Long-term administrative has reached, if not the destination, at least formation, even if it enjoys a few years of stability is needed and there are tools and a waymark.” Short-term financial invest- anemic growth, it will remain condemned methods to achieve this. ments started flowing in, but with GDP at in the long run: it will continue to grow in When long-term investments begin, based only 3/4 of pre-crisis levels and almost 1/3 fits and starts. on sound calculations of favorable wage-proof the labor force unemployed, access to in- ductivity ratios and administrative stability, ternational finance is of little comfort. Such the revenue generated from taxes will need financial success stories may be a good IF GREECE FAILS to be primarily invested in physical infra- omen but the proof of the pudding is in the TO ACHIEVE THIS structure and human capital. Not in ensuring eating: long-term sustainable growth will TRANSFORMATION . . . votes. These are the crucial policies to gener- not happen automatically; only with invest- ate a virtuous circle of investments in higher ments in the real economy. IT WILL REMAIN value added activities—rather than re-estab- Everybody agrees: the next target is devel- CONDEMNED IN THE lishing direct state-business clientelism. opment but there is fundamental disagree- LONG RUN I do not mean to underestimate the role of ment on what development is and how to financial constraints or sound competition achieve it: for some people (and scholars) rules. I rather want to make the point that development is simply GDP growth which surpluses, liquidity and competitive labor can be achieved by low labor cost and sound The challenge is to ensure synergies of prof- costs are necessary but not sufficient for de- competition. For others growth will only itable private investments with social re- velopment. As long as Greek economic pol- come if aggregate demand will be stimulat- sponsibility and the respect of public goods. icy does not recognize this we will be bound ed via public investment in infrastructure This may generate costs in the short term to fail again eventually. It may take two dec- and human resources. And still for others but it is the only recipe to compete in the ades to turn the vicious cycle into a virtu- (and the government) growth will come if knowledge society. Can this be achieved? ous circle. But some countries have suc- the public administration succeeds in de- Turn a vicious circle of mutual distrust into ceeded in this turnaround, often after signing effective incentives to attract pri- reciprocated respect? serious crises (hence the statement “a crisis vate investment. Economic theory tells us that growth needs is too big an opportunity to be missed”). If There is, I am afraid, something these doc- investment, hence competition, liberaliza- they could, so can we.

20 | BUSINESS PARTNERS | MAY-JUNE 2014 EXPRESS YOUR SELF

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ECONOMICS HERITAGE Working exclusively in the area of culture for the

BY ZOZO LIDORIKI last twenty years, both in PRESIDENT, INTERNATIONAL RELATIONS FOR CULTURE Greece and abroad, I insist on something that often distresses the people of The Big Moment culture. For Culture

insist that the people of culture must Who is going to find other ways of solving tries too. The tourist product as a part of the speak the language of economics. I have the economic problems of culture? Who will cultural product should be based on our insisted on this for years, before the eco- show us the new way of managing organi- unique culture, it should optimize comple- nomic crisis, including during the “pros- zations and institutions? Who will teach us mentary ways to help economic growth. perous” times of the Greek public sector. how culture can achieve self-financing? A serious strategy to date has been applied Nowadays,I in the years of crisis, we realize by certain private cultural organizations— that we have never had a substantial strategy CULTURE, ENTREPRENEURSHIP major foundations managing their econom- for our unique—and unique it is— national AND DIPLOMACY—TOGETHER ic and legal matters in the right way, offer- product, the global trademark of Greece. IN THE FIRST LINE ing a lot to our cultural landscape, pursuing Greece, the mother of science, arts, Olym- The Ministry of Culture is not the only min- their goals regardless of public policies. pic ideals, theater, democracy, has not been istry responsible for this. This national prod- So, now is the time—The Big Moment—for able to develop a policy for its culture. uct should be the concern of many minis- a new private organization, without any de- The cultural product, which should be ex- tries. The Ministry of Foreign Affairs, the pendence on the public sector like, for in- portable, competitive, outward looking and Ministry of Development, the Ministry of stance, a Private Ministry of Culture, that a basis of development, has never used ap- Labor, the Ministry of Education, the Min- will not distribute money, posts and clien- plied economics and well-defined business istry of Health, the Ministry of the Environ- tele relations but will be able, with the right strategy to become the focus of investment, ment, and last but not least, the Ministry of consultants (legal, economic and cultural) for Greeks and foreigners. Tourism. They all play a part in the cultural to design a new strategy, a reformation, a What are we waiting for? Are we waiting for product, they all should invest in it, they all complete reconstruction, a radical change the public sector to take action? The public sector is busy with other things. The public sector administrators are politicians who have different visions: votes, Parliament, ARE WE WAITING FOR THE PUBLIC SECTOR TO keeping their posts. TAKE ACTION? THE PUBLIC SECTOR IS BUSY WITH The world of culture, the people who create OTHER THINGS. culture, the artists and the scientists, cannot and do not want to be involved in the political clientele system and even if some of them do, believing that they will help in should promote it and be promoted through of cultural policy, and present it as a gift, some way, soon become disappointed, reit. Otherwise, even the flourishing of tour- as “manna from heaven” to all the people gret it and quit, letting the failed state con- ism we are enjoying will go down the drain of culture, agencies, and particularly to the tinue its course and making small transient in the long run. The old song “some wine, Ministry of Culture as a blueprint for its fu- “gifts” to certain cultural organizations. some sea and my boyfriend” does not work ture policies. Who is then going to make a completely for tourism anymore. Nice beaches and year Otherwise a crime without punishment will new strategy for culture? round sunshine are available in other coun- go on forever.

22 | BUSINESS PARTNERS | MAY-JUNE 2014 TRAVEL USA On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

Discover America—Missouri ★

issouri is at the heart of Real America, partly because of its location and the major gateway of St. Louis, but mainly because it offers so much history, THE SHOW ME STATE culture and warmth. The city of St Louis is located on the banks of the Mis- LAND AREA 70,000 square miles sissippi River and offers a unique blend of East and West. Its most famous symbol is the Gateway Arch, the tallest monument in the United States. The POPULATION 5,911,605 old Route 66 runs through part of the city. Two hours north, and you are in Mark Twain M STATE CAPITAL Jefferson City country – see his boyhood home and other literary sites. St Joseph, on the Missouri River in northwest Missouri, is forever associated with the famous Pony Express which started LARGEST METROPOLITAN AREA St. Louis there in 1860. See where outlaw Jesse James hung out with his gang. Then visit Kansas LOCAL TIME CST - 8 hours behind Greece City, renowned for its beautiful fountains, museums and jazz clubs. Few destinations across the world have as much to offer the music lover as Missouri. Jazz CLIMATE Long hot summers and cold win- became famous in Kansas City, which still has a thriving jazz culture. In St. Louis, you can still ters. Moderate rainfall throughout the year. visit the authentic blues clubs where Chuck Berry, Scott Joplin and Miles Davis all began their NATIONAL PARKS Jefferson National careers. Branson, in southwest Missouri, is considered the “live music show capital of the Memorial and another four sites under world,” with dozens of theatres hosting nearly 100 shows per day during the peak season. National Parks administration. There are GATEWAY ARCH, ST. LOUIS 87 State Parks and Historic Sites.

 For more information: Missouri Division of Tourism Tel: 00 1 573 751 4133 E-mail: [email protected] Website: http://www.visitmo.com/

MAY-JUNE 2014 | BUSINESS PARTNERS | 23 THE INTERVIEW METLIFE— A POLICY FOR SUCCESS

• Assurance, reliability, financial solidity and solvency, which have always been DIMITRIS MAZARAKIS, MetLife’s strong suit VICE CHAIRMAN BOD & • Our high levels of productivity • Our people’s talent and passion for their job MANAGING DIRECTOR • The high professional standards of our Sales Force • Our local market knowledge which complements MetLife’s international ex- AT METLIFE IN GREECE, pertise

SPEAKS TO BUSINESS What are the key contributors for your 50 years of success in the Greek market? PARTNERS ON THE First and foremost, our people. Both in Sales and in Administration, whose passion and dedication, as well as their professional skills and determination in de- COMPANY’S NEW BRAND livering, have ushered MetLife Greece to one of the top positions of the Greek insurance market, successfully promoting the role of private insurance in Greece. STRATEGY—AND PLANS Second, the company’s consistency throughout these years. As an indication, one could highlight the following: FOR GROWTH. • From our first day of operation in Greece, we have been employing full-time professional agents, who work exclusively for MetLife • In 1999, amidst the local stock market craze, we instructed our clients to hold Can you please tell us a few words about MetLife’s onto their existing—and guaranteed—policies (contracts) presence in Greece and worldwide? • We do not hesitate to move contrary to market trends, whenever such a trend MetLife in Greece is privileged to be part of one of the does not serve the best interests of our policy owners, as has been the case of leading life insurers in the world, a company with a hospitalization cards, which we never adopted. Instead, we choose to propose strong financial position, high levels of expertise and in- products and services that last the test of time. ternational experience, as well as an organizational structure and processes that ensure services of the highest What do you think about the future of Life Insurance and the market chal- standards. lenges and opportunities? Should I be asked to quote the key elements which There are a number of good reasons why one should be optimistic. The gradual identify and mark our presence in Greece, I would recovery of the Greek economy, the overhaul of the state pension funds, as well briefly highlight the following: as of the entire Greek Health System, and the relatively low penetration of life

24 | BUSINESS PARTNERS | MAY-JUNE 2014 insurance products in the Greek market are just a few of these reasons. Notwithstanding current challenges, it is clear that really interesting prospects for growth lie ahead of us. Personally, I am fully convinced of that.

What do you believe regarding Pension and Health system reform? In our times, with all the difficulties in pension and health care systems, it has become clear that people can no longer rely entirely on public policies and pension funds. In this context, the role of private insurance in the future of social security could be complementary to that of the public organizations. International experience provides a number of serious and tested models of collaboration between the public and the private sector which could be used as a reference for our market. We believe that a multi-pillar system, where the pension burden is shared between the state and the private sector to better manage demographic change, is the best approach going forward. This means moving from Pillar 1, which is a State pay-as-you-go system to Pillar 2, a mandatory DC scheme. The Second Pillar is an important element of a multi-pillar system. If we properly modify and adjust these models to our particular needs, as well as to Greece’s current capabilities, we believe that we will be in a position to draft a realistic plan that could be implemented through the joint efforts of both public and private organizations.

Are you confident about the positioning and capability of MetLife to take advantage of emerging opportunities? Our primary goal For us to benefit from the expected growth and further strengthen our position is to understand what in the local insurance market, we have set four strategic priorities: We re-brand from MetLife Alico to MetLife and we become aligned with our customers need and MetLife’s global corporate identity. To us, this serves, as a symbol of upturn and gives us the opportunity to reconnect with our clientele, and to talk about look for ourselves in a fresh and differentiated fashion. Also, we remain dedicated to the implementation of our strategy, which will securely lead us to a path of continuous—and profitable—growth, while safeguarding the commitments we have made to our policyholders, our people and our shareholders. Day by day we further improve our organizational structure by leveraging tech- There is a similar picture beyond our borders, as for nology and innovation, to increase our productivity. example in the U.S., where 90 out of the 100 of the For- Fourth, we work on preparing the effective implementation of the new regula- tune 500 list companies trust MetLife. tory framework, Solvency II, for we believe that capital robustness and solvency are two of the most fundamental pillars of future growth. Can you tell us a few things about your innovative MetLife Life Changer? Is customer centricity a priority for you? This program—an outcome of our longstanding commit- Customer centricity is a notion that has long been an integral part of MetLife’ s ment towards corporate contribution and community in- corporate values and strategy. Our primary goal is to understand what our cus- volvement—aims at improving the level of financial and tomers need and look for, to focus on finding appropriate solutions and to pro- entrepreneurial understanding among children and young vide a level of service that goes beyond what’s expected by an insurance compa- adults with limited access to this kind of knowledge. ny in terms of customer experience. This strategy is under full implementation, MetLife Life Changer aims at improving the lives of un- and the first customer satisfaction surveys indicate some very positive results. derserved individuals through their long-term participation in the program. The program is implemented in How active is MetLife in the Employee Benefits sector? collaboration with MetLife Foundation, with Junior MetLife is the No1 choice in Employee Benefits in Greece. MetLife is a strate- Achievement Worldwide and, most importantly, with gic partner to most of the major companies operating in the country. Our first the participation of our volunteers, a factor with key policy was signed with Esso Pappas in 1966 and since then hundreds followed. importance for the success of this initiative.

MAY-JUNE 2014 | BUSINESS PARTNERS | 25 THOUGHT LEADERS TECHNOLOGY 12 GOLDEN BULLETS

26 | BUSINESS PARTNERS | MAY-JUNE 2014 BUSINESS PARTNERS PRESENTS 12 GOLDEN BULLETS, A SERIES OF SUGGESTIONS BY THOUGHT LEADERS ON HOW TECHNOLOGY CAN PROVIDE BETTER SERVICES IN EITHER THE PUBLIC SECTOR, THE PRIVATE SECTOR, OR THE TWO IN PARTNERSHIP. —Raymond Matera

MAY-JUNE 2014 | BUSINESS PARTNERS | 27 THOUGHT LEADERS Greece & Border Protection

order control protection has been S57/S63). Such a solution will provide increased a challenge for Greece’s and EU’s situational awareness and complete surveillance territorial safety and security in re- while at the same time back up and support the cent decades. The daily struggle of remarkable effort of all the people in the field. the security forces to curb an influx Reduced response time, optimized decision in Bthese activities is being hampered by budget making and personnel management, real time PANTELIS STOUMPIS restrictions, decreased personnel and outdat- analysis of each operation and minimization of LUCIAD ed technology. There is an immediate need for operational costs are only some of the immedi- a geospatial solution that will unify all existing ate operational needs that have to be fulfilled in infrastructure such as radars, UAVs, AIS signals, order to increase Greece’s national sovereignty. cameras, VHF radios, and maritime charts (S52/ Secure yourself on all sides and at all levels!

LTE Technology

s a society, we place many demands on the first responders who safeguard our communities. Thus, the mission critical technologies our public safety officials use every day must meet ex- ceedingly high standards. NewA Public Safety 4G Long Term Evolution (LTE) broadband ANDREAS MORAITIS networks will enable powerful and innovative solutions for bet- COUNTRY MANAGER, MOTOROLA ter protecting our first responders, providing them with the real-time information, the control, the reliability, the security and the performance that are at the core of mission critical technology required in mission critical situations. Motorola Solutions state-of-the-art Public Safety 4G LTE technology combines with other new and legacy network elements and applications, such as TETRA, and can be an integral part of an innovative and powerful new network structure that will transform mission critical public safety communications into a powerful platform enabling better response to incidents and streamlining workflows and efficiency.

28 | BUSINESS PARTNERS | MAY-JUNE 2014 Web Entrepreneurship— A TOOL FOR EXITING THE CRISIS

ince 2008 Greece has been suffer- nity collaboration towards entrepreneurship. ing the effects of a severe econom- As such, it will bridge the gap between entre- ic crisis with unemployment rates preneurial need and action, reducing barriers reaching 28%. According to EU for both individuals and embryonic start-ups. reports, entrepreneurship is con- The ecosystem will provide business, techni- sideredS a powerful driver of economic growth cal and community services, so as to enhance and can help create numerous new jobs. In start-up growth and maximize their chances DR. ERI GIANNAKA this context, AIT came up with the idea of a of survival. The online character of VOICE is SENIOR RESEARCH SCIENTIST, virtual innovation and entrepreneurship eco- important for weakening existing imbalances RESEARCH IN INNOVATION AND ENTREPRENEURSHIP GROUP, ATHENS system (EU project VOICE) based on open for entrepreneurs between urban and rural INFORMATION TECHNOLOGY innovation, crowdsourcing and co-creation areas and for offering equal opportunities to principles. VOICE will provide an innovative individuals and community groups with risk virtual platform for facilitating open commu- of exclusion. (to be launched in Q3)

Mobilizing Innovation THE CHANGING LANDSCAPE OF DISRUPTIVE TECHNOLOGIES CAN HELP GREECE

f we are asked to predict technology trans- ent in the workforce; moreover infrastructure formations and their potential applicability readiness for cloud and mobile is at high lev- to Greece’s return to growth, we could turn els—especially for mobile. to KPMG’s “Innovation Survey” results Cloud computing can unleash effectiveness, drive run by our Global Technology Innovation transformation and further improve productiv- Center.I In this survey, the following insight is ity, both to private and public sector, especially provided by technology leaders: when combined with the clever use of “sourcing.” BILL DEMAKAKOS • Cloud and mobile will continue to be major Mobile payments can change the way we pay, DIRECTOR, ADVISORY, KPMG forces of technology change affecting also State income (i.e. tax evasion is • Cloud is seen as the most impactful force for zeroed); Mobile Healthcare (mHealth) can im- enterprise prove access to healthcare and become a doc- • Mobile is predicted to have the strongest in- tor’s tool, for easier test assessment for exam- fluence on consumers ple. At a business level, mobile payments and The convergence of these two powerhouses m-working can enforce cross-industry collabo- will be driving even more tech disruptions in a ration (for example Banks and Telecoms) lead- country like ours, known for well educated tal- ing to higher efficiency levels.

MAY-JUNE 2014 | BUSINESS PARTNERS | 29 THOUGHT LEADERS Private Clouds

n today’s fast-paced business environment, • Increased Agility. Faster solutions’ deploy- organizations need to be agile enough to ment through Self –Service and elasticity respond to market shifts and innovative • Cost Reduction. Saving on CAPEX and OPEX enough to over-perform the competition. through resource sharing, automation, and Their IT can address these challenges by metering. deployingI their private clouds. Oracle’s Private • Risk Mitigation. Improving level and quality ANTONIS MONOKROUSOS Cloud solution, with the powerful combination of service, better control and visibility through COUNTRY LEADER ORACLE HELLAS, of Oracle Database 12c, designed to enable en- higher availability and reliability, higher securi- CLUSTER LEADER GCMM CLUSTER terprise clouds, Enterprise Manager 12c, that ty and compliance, good isolation and privacy. enables complete automation for cloud lifecycle Oracle’s Cloud solutions help many organiza- and the Oracle Engineered Systems (Exadata, tions achieve significant results, deliver and de- Exalogic and Supercluster), for building the ploy solutions up to 1000x faster, lower total cost shared cloud platform, can help them immedi- of ownership by 50% and improve service levels ately realize: up to 100%.

Digital Currency

o more paper money! Getting rid of all paper money will shed light to the informal economy, bringing it to the forefront, create an impediment to many illegalN activities (so long bank robberies!), MICHAIL BLETSAS streamline VAT collection, and create tremen- DIRECTOR OF COMPUTING, dous opportunities for the high tech and tele- MIT MEDIA LAB communications sector. The costs of making all transactions digitally is rapidly dropping and achieving that goal rapidly is well within the capabilities of the country’s infrastructure. Such an action will put Greece on the forefront of the digital currency arena and will create ex- portable products and expertise. And let’s keep the coins for psychological support...

30 | BUSINESS PARTNERS | MAY-JUNE 2014 Internet Infrastructure AS A DRIVER FOR ECONOMIC GROWTH

ecent discussion regarding entrepreneurship and innovation driving economic growth has brought the “start-up” ecosystem into the spotlight. Start-ups often focus on online services to reshape existing markets and create new business opportunities. They are there- foreR inevitably dependent on a high quality and cost-efficient In- ternet infrastructure. ZENON MOUSMOULAS Most news and entertainment online services targeting the Greek IS A NETWORK APPLICATIONS market are presently hosted abroad for better quality and cost. DEVELOPER COLLABORATING WITH THE GREEK RESEARCH AND For this trend to change, online businesses should be able to get TECHNOLOGY NETWORK (GRNET S.A). competitively priced hosting-collocation services in domestic data centers and also peer with network access providers in domestic Internet exchange points (IXPs) at a very low or zero cost. Such a development would lower the barrier of entry and foster innovation, enabling the “export” of successful online services to other regional markets. Both public and private sector efforts toward such an infrastructure in Greece are strategically important for the development of a digital-knowledge economy.

Roving Mesh Networks MEASURING TRAFFIC, POLLUTION, NOISE & GENERAL CITY CONDITIONS

e need cleaner cities. erate or decelerate traffic and improve con- Wouldn’t it be great to ditions overall. These sensor bots would be have a real-time report of connected to each other and share each oth- conditions in and around er’s networks, if one node fails another takes a city from a roving net- up the slack. City dwellers will have a direct workW of sensors mounted on taxis? The tech- connection with the pollution they create nology is available and such a project would or mitigate. Stakeholders will understand at STAVROS MESSINIS be simple to implement. A fleet of connected a moment’s notice where action needs to be FOUNDER OF THE CUBE STARTUP sensors measuring levels of pollution, tem- taken. We need smarter, cleaner cities. The ECOSYSTEM perature, and noise. It could even report on technology is readily available and the cost traffic conditions, reprogram intersection to society is far less than the damage being traffic lights so as to re-route traffic, accel- caused without such measures.

MAY-JUNE 2014 | BUSINESS PARTNERS | 31 THOUGHT LEADERS Enterprise Mobility Solutions

very business nowadays needs to be needed. The benefits are multiple and above all fully harmonized with the new tech- measurable and this is why mobility is success- nology trends to be distinguished fully implemented internationally in vital fields, from the competition. An integrated such as Sales Force Automation and Logistics. solution based on mobility contrib- Companies that use Enterprise Mobility fre- utesE in the normalization of operational proce- quently see a significant return on investment ANDREAS ZERVOS dures and further development of a company’s from having the information they need, when PRESIDENT, MOBILE TECHNOLOGY SA activities. By allowing mobile, instant commu- and where they need it. Mobile Technology’s nication and access to important information solutions include all the latest technological de- to the workforce, a company improves its pro- velopments and fully respond to the needs of ductivity and competiveness through providing fields such as Industry, Transportation, Trade, the information at the moment it is actually Health or Public.

The Third Platform

big topic nowadays is the rise of the so-called “third platform” of IT and the disruptive impact of cloud computing. If the first platform of IT was mainframe and minicomputers, and the second platform was the client-server era, the key underlying technologies of the Athird platform are cloud, mobile, social, and Big Data. AGATHI GALANI The Third Platform is inevitably going to change Enterprise IT. COUNTRY MANAGER GREECE, MALTA, What we’ve been doing at EMC, in setting up our federated business CYPRUS, EMC model the way we have, is to have as many assets addressing this new platform as we can. For example, Pivotal is focused on apps in the new platform only. VMware is helping people improve their client-server infrastructure while addressing their mobile/cloud side of the IT fence. And inside EMC Information Infrastructure, an enormous amount of investment is going towards new object storage, software-defined storage, flash—all of which are really important for winning in the third platform infrastructure.

32 | BUSINESS PARTNERS | MAY-JUNE 2014 Cyber-Crime Protection

yber-crime is not going away so you need to be especially aware anytime you connect to the Internet on your smart-phone, tablet, laptop and desktop. Cyber-criminals have upped their game and are after anything of value, such as bank accounts, passwords, businessC contracts and email or chat based business discussions. Protecting yourself can no longer be thought of as simply install- KIMON SKARLATOS ing an Antivirus program, a firewall or relying solely on ‘some- CHIEF COMMERCIAL OFFICER, one-else’ to take care of security. No, you have to re-activate that OBRELA SECURITY INDUSTRIES part of your brain that reasons, judges, weighs and understands that there is no such thing as a free lunch. Securing yourself while online is about two basic functions, the first is to have adequate protection on all devices you use and, second, using your ability to judge whom to share information with, what sites to browse, what emails to open and what ‘friends’ to make on the myriad social networks available.

Mobile Technology IS DRIVING THE MOVE TO SMARTER TRANSPORTATION

raffic congestion is a plague on our els of cars perform in different environments, at society; it harms our health, im- any given time. pedes economic growth and im- For cities and populations to really benefit from pacts the environment. And while it the data generated, though, car manufactur- seems like an insurmountable prob- ers need to work with transportation agencies, lem,T it’s not. If we want to reduce it we need to emergency responders and city planners to col- make smarter decisions about how we manage lect, integrate and share data. Mobile technolo- JUAN CASTILLO AMO traffic. With the proliferation of mobile devices gies will play a critical role in the future of traffic MANAGER OF SOFTWARE GROUP, and the ability to analyze quintillions of data management. IBM GREECE AND CYPRUS generated daily, cities are in a position to bet- As long as people need to travel, traffic will ex- ter understand traffic flow and how citizens use ist. But instead of just commiserating about it, their transportation networks. The potential is we can do much to reduce it, effectively manage there to see how many cars are on the road at it, and transform societies with the aid of Big any given location and even how specific mod- Data, cloud, mobile and social technologies.

MAY-JUNE 2014 | BUSINESS PARTNERS | 33 TECHNOLOGIA TOP TECHNOLOGY TRENDS FOR 2014

EMERGENCE OF THE MOBILE Web of Things takes advantage of mobile in data management and analytics, and in CLOUD devices’ and sensors’ ability to observe and 2014 the race will be on to establish leaders Mobile distributed computing monitor their environments, increasing the in the space. paradigm will lead to explosion of coordination between things in the real new services. world and their counterparts on the Web. THE REVOLUTION WILL BE 3D Mobile and cloud computing are converg- The Web of Things will produce large vol- New tools, techniques bring 3D ing to create a new platform—one that umes of data related to the physical world, printing power to masses. has the potential to provide unlimited and intelligent solutions are required to New 3D printing tools and techniques are computing resources. Mobile devices are enable connectivity, inter-networking, and empowering everyone from global corpo- constrained by their memory, processing relevance between the physical world and rations to do-it-yourselfers to create new power, and battery life. But combined with the corresponding digital world resources. devices and realize new concepts more cloud computing, data processing and stor- quickly, cheaply, and easily than ever— age can happen outside of mobile devices. FROM BIG DATA 2TO EXTREME from car parts, batteries, prosthetics, and What IDC calls the “Third Platform” will DATA computer chips to jewelry, clothing, fire- allow for better synchronization of data, Simpler analytics tools needed to arms, and even pizza. A future where digital improved reliability and scalability, in- leverage the data deluge. functionality can be “printed into” a physi- creased ease of integration, anytime-any- It’s more than the three Vs—volume, veloc- cal object will continue to be built on in where access to business applications and ity, and variety—that make big data such 2014, driven by new toolkits, services, and collaborative services, rich user experienc- a difficult tiger to tame. It’s that the tech- platforms and innovative business models es, and an explosion of new services. nology world hasn’t quite caught up with and processes, such as online 3D printing 1 the need for trained data scientists and the bureaus and crowdfunding sites. Digital FROM INTERNET OF THINGS TO demand for easy-to-use tools that can give fabrication is revolutionizing the way that WEB OF THINGS industries—from financial and insurance hardware is designed, prototyped, and Need connectivity, internetworking to companies to marketing, healthcare, and produced. Advances4 in additive processes link physical and digital. scientific research organization—the ability like 3D printing, and subtractive processes Going beyond the Internet of Things, to put the data they gather into meaning- like laser cutting have increased the quali- where identifiable objects are seamlessly in- ful perspective. The current era of extreme ty, speed, and ease of physical prototyping tegrated into the information network, the data3 requires new paradigms and practices while simultaneously bringing down costs. 34 | BUSINESS PARTNERS | MAY-JUNE 2014 SUPPORTING NEW LEARNING gigabit-bandwidth backbones, high-speed ercise, and information provision. Medica- STYLES relays, and unlimited power and recharging tion, surgery, and assistive devices rely on Online courses demand seamless, capabilities. However, many operate within intelligent systems to analyze data and hu- ubiquitous approach. degraded network, power, or computing en- man responses, guiding the implementation These days, students from all corners of the vironments, such as for first-responders in a and management of therapies and interven- world can sign up for online classes to study catastrophe, mobile phone users in remote tions. In addition to work that focuses on everything from computer science, digital regions or countries with degraded commu- individuals, there is a proliferation in use of signal processing, and machine learning to nication infrastructure, or when millions of intelligent systems for large-scale analysis of European history, psychology, and astrono- people watch fireworks and overwhelm the biomedical data, socially relevant data, and my–and all for free. As interest in Massive local networking infrastructure. In these metadata, such as the spread of disease or Open Online Courses (MOOCs) continues scenarios, the needs of mobile customers certain health-habits in populations. to explode, there will be a corresponding can outstrip the infrastructure’s capacities need for technology to support these new and result in degraded performance. Re- E-GOVERNMENT searchers must develop tools, middleware, Interoperability8 a big challenge to learning systems and styles. Platforms such as Coursera, with more than 3 million us- and applications that can help with these delivering information. ers and 107 partners; and edX, a partner- quality-of-service issues. Electronic government, e-government, or ship between Massachusetts Institute of digital government refers to the use of in- Technology and Harvard University with BALANCING IDENTITY AND formation and communication technology 1.7 million users; are 5hosting classes with PRIVACY (ICT) to provide and improve government thousands of online enrollees each. And Growing risks and concerns about services, transactions, and interactions although lectures are still the mainstay of social networks. with citizens, businesses, and other arms of MOOCs, the classes require web forums, Social networks have quickly become the government. Interoperability is essential to online meetups, and keystroke loggers to key organizing principle of Internet com- broad success in e-government. Challenges check identities, as well as powerful servers munication and collaboration. Although emerging in this area focus on e-govern- to handle the volumes. MOOCs and other Internet-enabled social networks offer tre- ment interoperability in cloud computing, new online classes are creating a demand mendous opportunities, widespread inter- open government, and smart city initiatives. for learning that is seamless—happening est in and growth of these systems raises continuously via different technologies; new risks and growing concerns. For in- SCIENTIFIC CLOUD9 COMPUTING ubiquitous—drawing from pervasive and stance, social network users can be bullied, Key to solving grand challenges, embedded technologies; and contextual— their pictures can be stolen, or their status pursuing breakthroughs. drawing awareness from location-based posts can reach unwanted audiences. Even Scientific computing has already begun to and other sensor-based technologies. when profiles don’t list any information, change how science is done, enabling scien- social graphs can be analyzed to infer per- tific breakthroughs through new kinds of NEXT-GENERATION MOBILE sonal information. Risks are also related to experiments that would have been impossi- NETWORKS identity7 management because, in these so- ble only a decade ago. It is the key to solving Mobile infrastructure must catch up cial scenarios, an individual’s online iden- “grand challenges” in many domains and with user needs. tity, which is strictly related to reputation providing breakthroughs in new knowledge, Ubiquitous mobile computing is all around and trust, is less and less virtual and has and it comes in many shapes and forms: us, not only when we use smartphones to more and more impact on real, offline life. high-performance computing (HPC), connect with friends and family across A battle now exists between individual pri- high-throughput computing (HTC), many- states and countries, but also when we use vacy and the interests of the system at large. task computing (MTC), and data-intensive ticketing systems on buses and trains, pur- computing. Big data is generating datasets chase food from mobile vendors, watch SMART AND CONNECTED that are increasing exponentially in both videos, and listen to music on our phones HEALTHCARE complexity and volume, making their analy- and portable music playing devices. As a re- Intelligent systems, assistive devices 10sis, archival, and sharing one of the grand sult, mobile computing systems must rise to will improve health. challenges of the 21st century. Not surpris- the demand. The Cisco Visual Networking Computing plays an important role in many ingly, it becomes increasingly difficult to de- Index: Global Mobile Data Traffic Forecast facets of our lives, increasingly so in aspects sign and operate large scale systems capable Update projects that global mobile data traf- of individual and social well-being. Individ- of addressing these grand challenges. fic will increase 18-fold between 2011 and ual health is encouraged with the develop- 2016. Many systems in urban areas take ad- ment of intelligent systems, apps, gadgets,  IEEE Computer Society vantage6 of robust networking infrastructure, and mobile systems that focus on diet, ex- http://www.computer.org/

MAY-JUNE 2014 | BUSINESS PARTNERS | 35 INSIGHT GOOGLE, THE INTERNET, AND IMPACTING SOCIETY

DIONISIS KOLOKOTSAS, PUBLIC POLICY MANAGER AT GOOGLE IN GREECE, SPEAKS TO BUSINESS PARTNERS ABOUT THE SUSTAINED EMERGENCE OF TECHNOLOGY AND HOW GREECE IS FARING DURING THIS ERA OF DIGITAL TRANSFORMATION.

How important is “digital” for Greece in Digital has been accused of taking away are employed in tech, directly or indirectly, 2014? jobs. Is this a valid argument? is phenomenal. Yes, certain jobs were—and Digital is essential for Greece. It is essen- It would be far more accurate to say that dig- are being—displaced by digital. It should be tial for any country that wants to remain ital, just like any pivotal development, alters national policy to retrain and rehire as fast competitive in the global economy as well the job profile, yes. But we must be careful to as possible since technology is to be ubiqui- as develop an infrastructure that serves its keep a valid perspective. We have witnessed tous. And let’s not forget that for every high citizens well. In some ways, digital, or the an explosion of jobs that did not exist a gen- tech job there are five more created in a com- Internet, is similar to what electricity was a eration ago. And we will witness the same in munity (doctors, accountants, gyms). century ago. Without it, we’ll be in the dark. a decade. The number of young people who Greece did not get off to a very good start in the 1990s, with low Internet penetration and even lower broadband take up later on. There was a spike following the Olympic Games, Google is dedicated to helping solve and with the advent of smartphones, espe- problems. We work with experts cially by the younger generation. We still lag behind, however, with a 53% penetration to- and partners to have a positive impact in day versus an EU average of 73%. And only 8% of small and medium size companies in many different areas Greece are using web marketing. So there is a massive opportunity for growth in this area.

36 | BUSINESS PARTNERS | MAY-JUNE 2014 How does Google impact change and sup- platform in Greece with SEV in 2013, pro- port important initiatives? moting exports, entrepreneurship and in- Google is dedicated to helping solve prob- novation. Last year, we launched our first lems. We work with experts and partners Diversity Event to equip young women to have a positive impact in many different and men with resume-building and social areas. media skills to help them find work in this We are really committed to making a dif- difficult economy; and we’re also helping ference in the world—a difference for the to establish a strong startup community better of course. through initiatives like “Google Launch- We’ve helped preserve a little of Greece’s Pad” and “Idea(l) environment” with Greek incredible history and culture by bringing student associations. museums such as the Acropolis Museum into the Google Cultural Institute. Five mu- You said the Internet will be as common as electricity. Please elaborate. DIONISIS KOLOKOTSAS As Eric Schmidt, our Executive Chairman had said, the ultimate achievement will be when recognition; in security, protecting against technology actually becomes a fully integrated spam and malware. Massive data sets com- Google’s business part of our everyday life. In the future, people bined with today’s computing power enable depends on trust, will have to spend less time getting technology us to tackle problems in new and often un- to work--worrying about which cables work expected ways. so we make sure our with which computers, or where your content Data-driven innovation is vital to the econ- is stored--because it will all be seamless. It will omy and to improve people lives. For the users’ information just be there, exactly like electricity. benefits of data to be fully realized, howev- is secure and they Within that, data collection, storage, and er, policymakers need to understand its analysis are providing amazing insights for power, embrace its utility, and carefully ad- have tools to control the future. Solving problems is becoming dress the challenges it raises without sacri- more effective. Data will bring value and in- ficing the potential it offers. Google’s busi- their information novation to a range of fields: in research and ness depends on trust, so we make sure our science; in economics; in machine-learning users’ information is secure and they have applications, such as translation and speech tools to control their information. seums (Acropolis, Benaki, Cycladic, Nu- mismatic and Islamic Art) and the Patmos Monastery have joined hundreds of well- MY “GOLDEN BULLET” SUGGESTION known museums on our platform, accessi- nternet based applications (also referred to as “cloud”) are all about ble to everyone for free. hosting information and services in data centers around the world In collaboration with Saferinternet.gr and and no longer on your computer, making them easily accessible the Ministry of Education we helped build from anywhere via smartphone or tablet. Adopting the cloud re- the digital literacy of 40,000 elementary quires relatively low investment and drives productivity, as organiza- school children and their parents working tionsI focus on their core business. In a recent study among companies with some 30 local organizations, includ- using cloud, 81% reported a 10 to 20% reduction in IT costs (12% reported ing teacher associations, municipalities savings of more than 30%) and indicated more effective mobile working and the Greek Church. (46%), higher productivity (41%) and better ability to enter new business areas (33%) and new locations (32%). Equally, the public sector benefits from cloud with improved collaboration, easier remote access and ex- In what ways do you interact with other panded storage. For instance, civil servants can work together on a sin- stakeholders to assist Greece in emerg- gle document or spreadsheet and make edits at the same time, without ing from its crisis? back-and-forth email attachments and versions that are impossible to We also work with partners to advance eco- keep track of. Google is already helping over 5 million businesses and nomic growth, good governance, and edu- several agencies and public authorities worldwide (like the City of Los cation. For instance, we launched the first Angeles and the State of Wyoming) with online collaboration tools. MOOC (Massive Open Online Course)

MAY-JUNE 2014 | BUSINESS PARTNERS | 37 ONE WORLD GREECE AND GLOBAL MARKETS PANAGIOTIS G. MIHALOS, SECRETARY GENERAL FOR INTERNATIONAL ECONOMIC RELATIONS AT THE MINISTRY OF FOREIGN AFFAIRS, SPEAKS TO BUSINESS PARTNERS ABOUT GREECE’S ECONOMIC RELATIONS AS IT EMERGES FROM YEARS OF CRISIS.

Please give us an overview of Greece’ s How is Greece being viewed today as an in- What geographic areas are dominant in international economic relations today in vestment destination and trading partner? their interest in Greece? relation to those of two years ago. The investment climate has improved con- Recently we saw an increased interest by US Greece is entering a new age. The Greek siderably. There are several new tools im- investors for Greece, namely York Capital, economy survived the perfect storm and has proving conditions for investors, such as the Third Point, Fairfax Financial Holdings, come out of this protracted crisis, stronger Fast Track law for strategic investments, a Oaktree Capital, Blackstone Group, Baupost and much more competitive. The adjust- new Renewable Energy Sources framework Group and Paulson Co., which took aggres- ment of Greece’s economic and fiscal indi- (RES), the establishment of Public Private sive steps in the Greek market and invested ces is the biggest and fastest ever recorded in Partnerships (PPP) as well as the lifting of mainly in shipping, real estate and energy. an OECD economy. This helped us restore cabotage in marine cruises. Greek exports At the same time, NCH Capital won a pub- international confidence, one of the most actually increased by 57% in absolute fig- lic tender for the development of the Kas- important factors helping FDI increase and ures between 2009 and 2013, reaching 15% siopi project in the island of Corfu island, credit ratings improve. Greece is back, pres- of GDP from just 7.5%. This is a living proof Scientific Games was awarded the State ent and credible. From 2012 to 2014 Greece’s that we are quickly adopting a new econom- Lotteries License and Advent International ranking surged by 28 positions with regard ic model based on new investments, expan- has advanced to the second stage of the ten- to its overall international competitiveness sion of our production basis and buttressed der regarding the privatization of regional in the “Doing Business” World Bank report. exports. Greek tourism is also booming and airports in Greece. We are experiencing a We have regained a large part of the compet- ready to set a new record in 2014 with more renewed U.S. interest in Greece. Given that itiveness we had lost, and we remain opti- than 20 million tourists in 2013, including state assets are being privatized through mistic for an even better economic perfor- cruise travelers. Exports, tourism and ship- well prepared international public tenders, mance now that fiscal consolidation is a fact. ping are the main growth drivers. U.S. investors have to compete against com-

38 | BUSINESS PARTNERS | MAY-JUNE 2014 petitors from all other parts of the world. development of the so-called “Blue Econo- Chinese COSCO invested early on and is my,” a critical sector initiative that the Min- still investing in the Piraeus Port, turning istry pursues is the development of the first it into the fastest growing port in the world Greek maritime cluster, aiming at building in 2011, 2012 and most probably in 2013 as a blue investment portfolio for synergies well. Chinese companies are actually very among the maritime economy sectors. The active in Greece. Major investment groups third revolves around the development of from the Gulf countries, particularly the our cultural product and the growth of our United Arab Emirates, Qatar and Saudi cultural industry, building on the founda- Arabia are pursuing Greek assets, compet- tions of a cultural legacy with a universal ing against players from Canada, Russia, appeal, to extend the scope of our tourism France and Turkey, just to name a few. product and correlate culture with modern forms of entertainment. Our fourth is The U.S. has shown more interest in called “The Friends of Greece” that aims Greece of late. How would you character- at mobilizing opinion leaders, academics ize the current status of U.S.-Greece eco- and students from distinguished centers nomic, trade, and investment relations? PANAGIOTIS G. MIHALOS of learning and research to disseminate Our trade and Investment relations remain worldwide the opportunities arising out at a good level, which however does not biofuels) and energy saving technologies, of a New Greece. The fifth is “StartUP reflect its full potential. In 2013 the over- environmental management and technology, with MFA” to help new entrepreneurs and all trade volume was 1.44 billion Euros. information and communication technolo- start-ups in Greece penetrate international Compared to the volume of 2 – 2.1 billion gy, tourism (integrated resorts, conference markets by providing targeted information euro achieved in 2009 and 2011, there is centers, marinas, golf, spa and thalasso- about foreign markets while connecting certainly some room for improvement. In therapy) and life science sector activities new entrepreneurs in Greece with specific 2012, the U.S. stock of direct investment such as software development, microchip initiatives, conferences, funds and mentor- in Greece amounted to 2.2 billion Euros, design, R&D laboratories or regional sup- ing programs abroad. as recorded by the Bank of Greece. The port centers, drug, medical and diagnostic data provided by the U.S. Department of devices development and clinical trials, Greece has had, by all accounts, a suc- Commerce, U.S. registered just 734.4 mil- are some of the fields which we consider to cessful EU Presidency. What are the key lion Euro. On the other hand, the stock of be promising. The emergence of numer- areas in which it has progressed the most? Greek direct investment in the U.S. in 2012 ous brilliant startup companies, mainly We are glad that during the first four amounted to 2 billion Euros, nearly as high from the technology sector, is also a very months of our Presidency around 60 as the U.S. direct investment in Greece. promising sign. agreements have been concluded, impact- Considering the difference in size between ing and improving almost every aspect of the U.S. and the Greek economies, there is a What are your current Economic Diplo- European citizens’ daily life. My personal startling imbalance. We would like to solve macy priorities? estimation is that the most important of a number of accumulated problems swiftly, We are focusing on five priorities, an- them is the Single Resolution Mechanism, as in the field of telecommunications, intel- nounced at the “Ambassadors Circle” on which provides for a central decision– lectual property rights protection, supply of April 29, the first annual event aiming at making board and a single resolution pharmaceutical and medical products and informing the accredited Ambassadors fund. This is a matter of high importance technology and the offsets. We also need in Greece on the latest developments in, for the EU banking sector. We are also to find new ways of cooperation regarding as well as prospects of, the Greek econo- proud of two more achievements of the small businesses and startup incubators. my. The first priority is the systemization European Union during our Presidency, Last but not least, it is about time to see how of Greek Economic Diplomacy through a namely the Agreement of capital increase we can revive the Economic and Commer- series of structural interventions; among of the European Investment Fund (EIF), cial Cooperation Committee (ECCC). others the systemization of the services which will improve access of SMEs to fi- offered to the Greek entrepreneurial com- nance, and the new Trade Enforcement What areas offer the most promise for munity, the active engagement of our em- Regulation (TER), which will allow the growth between the U.S. and Greece? bassies in the promotion of the new Greek EU to take measures against third coun- Food and beverage, especially products mar- brand and the continuous networking of tries that violate obligations emanating keted as “Mediterranean,” renewable energy the Greek diplomatic core with the Greek from international multi- and bilateral sources (wind, solar, geothermal, biomass, business community. The second is the trade agreements.

MAY-JUNE 2014 | BUSINESS PARTNERS | 39 BUSINESS MATTERS LEADING BY EXAMPLE— JIM DAVIS OF NEW BALANCE

JIM DAVIS, FIRST SAY TO YOURSELF SUCCESS IS DEPENDENT WHAT YOU WOULD BE; ON EFFORT. —Sophocles CHAIRMAN OF NEW AND THEN DO WHAT YOU HAVE TO DO. —Epictetus BALANCE, BASED IN To what extent do you think your success MASSACHUSETTS, is dependent on effort and to what extent it What was the driving force that made you is dependent on luck? IS THE SON quit your job, buy New Balance, and be- Oh, everything is a lot of luck. The key, come an entrepreneur? though, is that you have to be able to rec- OF GREEK I was 28 years old when I bought NB and I ognize the luck. Instinctively you know and IMMIGRANTS. HE didn’t really think about that as an entrepre- it is all about taking the risk and learning neurial decision back then. I never thought from that. So people say you are lucky, and IS INTERVIEWED I was going to be an entrepreneur. What in- you are lucky because you had the oppor- fluenced me the most was that I wanted to tunity. Having the opportunity is the luck. FOR BUSINESS work on my own; but now, looking back, it Being able to take advantage of the oppor- was an entrepreneurial decision. tunity is what matters. At the beginning it PARTNERS BY EVA is really a flip of the coin. As you get more ADOSOGLOU. experienced your instinct tells you “this WELL BEGUN IS HALF is what I should do” and you have to have confidence in what you feel inside. DONE. —Aristotle

EVA ADOSOGLOU IS A FULBRIGHT SCHOLAR Starting is always scary. What was the A MAN’S CHARACTER FROM GREECE PURSUING —Heraclitus HER MASTERS AT BOSTON biggest challenge at the beginning? IS HIS FATE. UNIVERSITY. SHE IS Since I bought an ongoing business the SEARCHING FOR INSPIRATION FROM PEOPLE OVERSEAS biggest challenge was to learn the busi- ON HOW TO MOVE GREECE ness. That was the tough part—to learn What is the most important characteristic FORWARD AS PART OF THE of an entrepreneur? NEW FULBRIGHT INITIATIVE. very quickly how to make shoes and also to think in terms of how I could improve it. He or she has to be committed and have te-

40 | BUSINESS PARTNERS | MAY-JUNE 2014 Our core values at NB are integrity, BE CAREFUL TO LEAVE YOUR SONS WELL teamwork and customer satisfaction INSTRUCTED RATHER THAN RICH, FOR THE HOPES OF THE INSTRUCTED ARE BETTER THAN THE WEALTH OF nacity. You don’t have to be smart. If I have te- establishes a strong base and that allows —Epictetus nacity I will try again and again to accomplish you to expand from there. It will take longer THE IGNORANT. what I am after. I will find a way. If I cannot but you have a solid foundation. Otherwise, do that I will find someone else who can. whatever you manage to do won’t last long. I am a Fulbright scholar from Greece pur- Should profit be the only motive of doing suing my master’s degree in business business? here in the U.S. What advice would you give BETTER BE WISE to young Greek people who have the same The most important thing is to offer value to BY THE MISFORTUNES background as me and feel there are not the people you work with. If people don’t care many opportunities for them in Greece? OF OTHERS THAN BY the customer is not going to be happy. Here YOUR OWN. —Aesop is where being a private company makes a Greece is going to turn around; it is just a huge difference because we don’t have to question of when. Therefore, I think that the worry about Wall Street and we do a lot of opportunities in Greece will go up dramati- What did you try to change in yourself to things that we don’t make money on in the cally and those who have the vision and will succeed and what did you learn from oth- short term. We also have five plants in the take a bit of a risk are going to do very well. er peoples’ mistakes? US. If we were a public company we wouldn’t They need to have values though. This time What I tried to change in myself… I think be able to manufacture here. When I bought it needs to be done right. The corruption has it was discipline. That’s really what it takes. the company they were manufacturing ath- to end. People have to pay their taxes and You have to be certain that you are there, letic shoes. So this is part of our culture—this the “φακελακι-envelop” has to go away. make sure things are going well and work is what we do: we make shoes. None of our long hours. You don’t have to be a genius; competitors knows how to make shoes. We you just have to be focused on what you are really try to differentiate ourselves. I like to HAPPINESS RESIDES NOT doing. Most entrepreneurs think they can say that we travel the road less traveled. IN POSSESSIONS, AND do everything. You cannot. You have to have NOT IN GOLD, HAPPINESS a good team and you learn that you have to hire people that are better than you. That’s DWELLS IN THE SOUL. PLEASURE IN THE JOB —Democritus the most important thing that I learned PUTS PERFECTION IN from the mistakes that others have made. THE WORK.—Aristotle As one of the most successful Greek- American entrepreneurs, what is happi- SHORT IS THE JOY THAT How do you manage to keep your em- ness for you? GUILTY PLEASURE BRINGS. ployees motivated and engaged in what To see people develop within the organi- —Euripides they are doing? zation. We have about 5,000 people so that If you hire the right people they want to be means that we are responsible for 20,000 able to make a contribution to the company people—estimating an average family of 4 What do you think Greek entrepreneurs and you have to allow them to do that. That people. That is very important and you don’t should change in the way they do busi- way people have self-satisfaction. You also want to disrupt that. Also, one of the greatest ness, keeping in mind the current eco- have to establish teamwork within the organ- things is being able to do things for the com- nomic situation? ization. Sometimes in large companies peo- munity. Most of what we do is anonymous. They have to have core values. Our core ple are envious—we don’t tolerate that. NB That’s where my wife and I derive great sat- values at NB are integrity, teamwork and is a homogeneous organization—we try to isfaction—being able to contribute to the customer satisfaction. If you establish core make sure that everyone has the same values. disadvantaged and measure how our contri- values that fit into what you want to do that Values are key. bution has affected that person’s life.

MAY-JUNE 2014 | BUSINESS PARTNERS | 41 MARKETWATCH

BY LEFT SIKALIDIS REAL ESTATE RECOVERY MRICS, REAL ESTATE PROFESSIONAL IN GREECE NEW PRINCIPLES OR OLD PRACTICES?

DURING THE LAST FIVE YEARS, WHENEVER I’VE REFLECTED ON THE CURRENT REAL ESTATE ENVIRONMENT IN GREECE, I’VE BECOME DISTRESSED.

his is because I recall the abun- But does the real estate industry have to be- be capable to deliver potential in a con- dance of market deficiencies, have in such a way? Should it? Certainly not. stantly changing market. Otherwise, those including short-sighted—and According to a report from the Royal In- professionals shall be quickly bypassed by short-term—State policies, poor stitution of Chartered Surveyors (R.I.C.S, the competition and ejected from the mar- decision making, market igno- www.rics.org), a leading international pro- ket in no time. rance, T and opportunistic patterns and prac- fessional body for qualifications and stand- With these notions in mind, it is difficult to tices—all of which led us to today’s market ards in the real estate sector, around 70% of point out examples of people or companies imbalances. All this in a market totaling the global economy is, directly or indirectly, who have consistently operated in a pru- 3,500 real estate transactions in 2013, and related to real estate. It is a big number to dent manner in the Greek market. Further- available stock accounting for a remarka- neglect and not to be managed carefully. more, and more frustrating, are the almost ble 35%, in an environment where devel- These particulars carry both an opportuni- insane price levels the property sector in opment has declined to such low numbers ty and a risk in the sector. Real estate pro- Greece commanded during pre-crisis years. for the first time in more than 40 years, in fessionals may easily assume they will nev- Prices in the commercial and residential an industry lacking mature investment and er be without a job or profit, which is very sectors were significantly higher compared sufficient market intelligence, in an era promising for all stakeholders. However, with other destinations with better infra- where people and corporations refuse to for this to be the case, one’s deliverable, structure, better types of buildings, aesthet- negotiate to a logical level— having unjusti- either tangible or intangible, must be very ics, transparency and market sustainability. fied expectations for non-loss market recap. well positioned, designed and executed and Also, yields were significantly lower than

42 | BUSINESS PARTNERS | MAY-JUNE 2014 other destinations. Furthermore, people we all left passé, local market methods properties from Fairfax through Euro- were getting loans without having their behind. Transparency is the key to this. bank Properties, have sent a sound and risk properly evaluated, while lending for 4. Follow and comply with internation- clear message to international markets property was heavily based on dispropor- al standards. This is tough for a market that Greece is ideal for such investments. tionate (paid) valuations which utilized that was working with old-fashioned Additional large-scale projects are under their organizations’ interpretation of cost economic standards. However, there is negotiation, which shall further bring suf- reduction. Almost everybody had the illu- no risk free investment. All stakehold- ficient liquidity to the real economy with- sion of a market where everybody wins and ers, including users, professionals and in the forthcoming years—together with nobody loses. owners need to have liquidity, substan- additional market awareness. Poor definition of the terms “property” and tial exposure, a proven track record This is the moment to take on those prin- “investment” were also heavily applied. and experience, and provide the right ciples on which we need to focus—to Property is a form of capital, based either product or service the market wants. enjoy long-term and prosperous market on value or on price but was hardly treated Low-priced products or services do not as such; investment implies possible yet not come through poor methodology, while guaranteed profit. These misconceptions, high-value deliverables need multiple together with imperfections in key sectors, quality assurance points and to overcome played a significant role in leading to the high competition intelligence. market to the condition we are currently 5. Real estate strategy. Speculative develop- facing. But the question remains: How may ment and investment by everyone was we recover? Some thoughts. once the trend and simplified decision According to R.I.C.S, 1. The legal framework for investment has making, within an organization or by in- to be simple, easily understood, support dividuals, mostly led to poor outcomes, around 70% of the common logic, and be fairly implement- which affected long-term turnover for ed. Otherwise it creates unnecessary bar- organizations and individuals. Currently, global economy riers for people and organizations willing everyone needs to carefully evaluate their is, directly or to invest long-term in the country. options using professional advice, careful 2. Taxation on real estate assets has to be planning strategies, and available tools. indirectly, related based on fairness. Currently it is still be- Poor information leads to poor decision ing viewed on a complete different per- making. Also, the lack of alternatives and to real estate spective by the state than it should be. long-term driven consultation had the Furthermore, a long-term strategy by same effect, as it was based on the as- the state is required. These are substan- sumption that there was only one way to tial issues for the well-being of the real interpret market data. economy; with their absence investment 6. Sustainability. Real estate is for the bene- conditions and receive equal treatment in become unpredictable, markets are con- fit of the society. Therefore, sustainability terms of investments within the Europe- sidered risky and investment opportuni- is a social challenge to provide a better an family. Beyond discussion, implemen- ties appear unattractive, compared with environment that will enable society’s tation is key. The decisions are ours. We similar opportunities in other countries. progress. However, the majority of peo- can retreat, once again, in to the non-pro- 3. International market trends. Rules on ple and companies operating during late ductive behaviors of the past, with unsus- how markets operate have significant- 90s and 00s had, as a main target, to cre- tainable practices and counterproductive ly changed. To have a chance to survive ate high value using opportunistic meth- expectations or, all together, create a new global competition, real estate profes- ods and an outcome with social benefit model for real estate development, based sionals need to be more outward ori- was not their priority. on professional standards and real value, ented, to explore different markets and Fortunately, there are some indications economic and social. countries. In general, they should be pre- today that may allow us to be more op- The choice is ours and should be made pared to leave their comfort zone. A de- timistic than in the previous five years. without further delay. tailed and thorough investigation before Recent deals, by Lamda Development en- making any decision is also needed; sus- tering into a 900-million Euro deal for the tainability and accountability rather op- 67 million square feet Hellinikon regener- Left Sikalidis, MRICS, is a senior real estate executive, providing with strategic advise and portunism are required; accepting con- ation project, the 650-million Euro Pan- handling complex real estate projects in key sultation rather than using the “we know gaea REIT transaction, and the 150-mil- positions on behalf of international real estate it all” approach is essential. It is high time lion Euro acquisition of 14 State-leased consulting firms for more than 17 years.

MAY-JUNE 2014 | BUSINESS PARTNERS | 43 INFO@AMCHAM B2B

What is Bitcoin Digital Currency?

Will virtual currency be the way we make • Fair minimal fees per transaction exchanges in the future? A digital cur- Unlike PayPal, Bitcoin is not linked to rency and peer-to-peer payment system, a bank account. Control of the Bitcoin Bitcoin was launched as an open source wallet is accessed by a private key not software in 2009. Serving as electronic Motors, and popular mobile gambling even Bitcoin has access to, while My Wal- money also referred to as cryptocurren- company Zenga, according to nasdaq. let application transactions are secured cy, Bitcoin allows you to send payment com. And what’s the incentive to use this through blockchain.com. Similar to Pay- through a personal computer, smart- sort of digital money? Transaction fees Pal and online banking, when logging in phone, tablet, and other devices. The for Bitcoin exchanges are lower than those to a Bitcoin account, wallet owners are Bitcoin system, which is not controlled by of credit cards, which typically reach 2% presented with a balance and list of recent a central bank or single entity, is growing to 3%. With over 100,000 people trading transactions. Bitcoins can be deposited in popularity as a form of payment for hundreds of thousands of dollars worth of into virtual wallets by cash deposits, products and services secured through bitcoins around the world, Bitcoin claims bank transactions, and more options. online transactions. Popular websites and it will be the “biggest opportunity for Despite its growing popularity among companies accepting Bitcoin include gift innovation that the world has seen since online shoppers and the company’s claim card provider Gyft.com, online retailer the industrial revolution,” emphasizing its that they use state-of-the-art encryption and marketplace Overstock.com, blog main selling points: common of military and government and website creation platform WordPress, • Easy person-to-person transactions applications, however, critics of Bitcoin Virgin Galactic spaceflight company, • Secure transaction cryptology consider the digital payment system risky. electric automobile manufacturer Tesla • Fully decentralized payment system For more information, visit bitcoin.com.

Dining: For Business and Pleasure Osteria Vespa Rossa ITALIAN

Dining is an art at Osteria Vespa Rossa, and white-themed interior is clean-cut where dishes inspired by the villages of and modern. The restaurant’s seating Alpine Italy are creatively made with au- choices and arrangements can accom- thentic Italian ingredients. modate anyone from a couple to a large A collaboration of businessman Makis group of friends. Mavropoulos, creator of Freskoulis fresh There is also a small bar, where specialty salads, and chef Costas Tsingas, Osteria in-house drinks are served, and the wine Vespa Rossa’s atmosphere is bright, mod- list exclusively features Italian labels. ern, and chic. Here, in-house chef Vangelis Whether you’re looking to get inspired by Bouchelos crafts dishes that are more your next meal, or grab an Italian refresh- than just appealing. ment the 100% Italian pasta selection. The ment, Osteria Vespa Rossa in Pagrati is a One such creation is the bianco vongole dessert selection includes the Affogato (6 great choice. pizza (11 Euros), a black-dough crust Euros), a mix of sabayon, ice cream, and sprinkled with fresh clams (shell includ- espresso, as well as chocolate-stuffed Osteria Vespa Rossa ed), garlic, parsley, and hot pepper flakes. cannoli (6 Euros). Naiadon Street 2 Pagrati, Athens For pasta lovers, home-made sauces Prices here average about 20-30 Euros a Tel 210 723 4551 with fresh tomatoes and herbs comple- meal. Osteria Vespa Rossa’s red, black, www.osteria-vesparossa.gr

44 | BUSINESS PARTNERS | MAY-JUNE 2014 The Business Bookshelf Capital IN THE TWENTY-FIRST CENTURY Jargonaut BY THOMAS PIKETTY EVITE Ever wonder what drives the accumulation An invitation to an event using e-mail or a and distribution of capital? Why the world’s Web-based application. wealth is held by a few? Inequality in wealth distribution is one of today’s most controver- KEYBOARD PLAQUE sial topics. In Capital in the Twenty-First Cen- The disgusting buildup of dirt and crud tury, Thomas Piketty analyzes data to uncover found on computer keyboards. key social and economic patterns, examining the concepts of wealth, the evolution of inequality, and prospects for economic growth. PHONESIA The literature is informative and resourceful, The affliction of dialing a phone number and including data from 20 countries dating back forgetting whom you were calling just as as early as the eighteenth century. In his book, they answer. author Piketty seeks to answer how wealth and income have evolved since then, what lessons can be derived from that knowledge, HALO EFFECT and how that can be used to make decisions The phenomenon of people taking you se- today. Pointing out where the world is heading in terms of capital distribution, riously because a big-name venture capital Piketty believes the main driver of inequality to be the tendency of returns on firm has chosen to finance your company. capital to exceed the rate of economic growth. This threatens the globe with extreme inequalities, but is something political action can help curb, the author PANARCHY states. Capital in the Twenty-First Century identifies historical economic facts, A political unit or state where everyone has and translates them into lessons for today. power.

MAIL BOMB An e-mail message with huge binary files attached to it, sent to crash the recipient’s CAVING IN GREECE mail server (the server that houses e-mail) BY ANDREAS STYLIANOPOULOS or mail reader (a software program for PRESIDENT, NAVIGATOR TRAVEL & TOURIST SERVICES LTD e-mail). Explore the depths of nature in some of Greece’s pre- historic caves, enjoyed since antiquity. SMART GRID Gourgouthakas Cave – Lefka Ori, Crete A smart grid delivers electricity from sup-

BY TRAVELOGUE pliers to consumers using digital technology Cave of the Lion – Lefka Ori, Crete DIROY CAVE to save energy, reduce cost and increase Tafkoura Cave – Mt. Psiloritis, Crete reliability and transparency. Dirou Water Cave – Areopoli, Lakonia

Drakos Cave – Astypalaia META IGNORANCE Not knowing what you don’t know. Cave of Nymphs – Vathy, Ithaka CAVE OF NYMPHS Katavothres – Kefalonia LUDDITE Blue Lake Caves – Zakynthos A person who violently opposes technology.

Cave of Centaurs – Mt. Pelion, Magnesia  http://www.netlingo.com Dark Cave – Akrini, Kozani

THE LIST BLUE LAKE CAVES

MAY-JUNE 2014 | BUSINESS PARTNERS | 45 TRENDS & TRADE MAKERS

Entrepreneurs’ Organization Chapter Opens in Athens Welcoming 16 inaugural members, the U.S.-based Entre- preneurs’ Organization (EO) launched its latest chapter in Athens this May. The launch was coupled with the 2014 EO Global Leadership Conference held in Athens, which drew close to 1,200 members and entrepreneurs from around the world. Host of 131 chapters in 48 countries, the EO is a global organization dedicated to promoting entrepreneurship, net- GREEKS TEACH LASER working, and building stronger leadership. In the last year, TECHNIQUE the EO reached 10,000 members world-wide, with eight regional chapters and hundreds of local chapters globally. The Restoration Service (YSMA), an initiative funded by the Onassis Foundation’s Univer- sity Seminars Program, shared Greece’s innovative laser techniques used to clean Massive Open Online Course the surface of antique marbles in series of lectures entitled “The Acropolis Restoration Designed for Greece Project and the Laser Application” by YSMA head Vassiliki Eleftheriou and Institute of Electronic Structure and Laser at the Foun- dation for Research Technology scientist Dimitrio Agglo. Presented at some of the top universities in the U.S., including Columbia, Yale, and the University of Pennsylvania, the Titled “Beyond Silicon Valley: Entrepreneurship in Transitioning Economies,” the Massive seminars highlighted the long Acropolis Open Online Course (MOOC), held April to June, highlighted international trends in entrepre- restoration project and the groundbreaking neurial economies with a strong focus on Greece. Featuring interviews and discussions with Greek laser techniques used to clean the leading Greek businesspeople, the course was sponsored by the ALBA Graduate Business marbles for over a decade. School at The American College of Greece, Metavallon, and the U.S. Embassy in Athens. Open to the public world-wide, the course topics and material, developed by Professor Mi- chael Goldberg of Case Western Reserve University, were tailored for the Greek audience. The MOOC also featured advice on starting and managing business in various fields includ- U.S. STATE DEPARTMENT ing technology, agriculture, tourism, manufacturing, and social entrepreneurship. PROMOTES INNOVATION IN GREECE

Greece welcomed the U.S. State Depart- Bill Gates on Software Bots ment-led Global Entrepreneurship Pro- & The Labor Market gram delegation for a three-day event focused on promoting entrepreneurship and Telemarketers, accountants, and retail workers innovative ideas in Greece. The 13-member beware. Speaking at a Washington, D.C.-based delegation included prominent and success- economic think tank, Microsoft co-founder ful U.S. entrepreneurs and investors from Bill Gates predicted that in 20 years, software a variety of industries. Workshops, Q&A bots will have replaced many lower-end skill- discussions, and one-on-one coaching and set jobs, something that people and govern- mentoring sessions were held at The Cube, ments are not prepared to stomach. “Software a startup and innovation center in Athens. substitution, whether it’s for drivers or waiters The closing session at the Eugenides Foun- or nurses… it’s progressing,” he said, according to Business Insider. “Technology over dation included a panel discussion with the time will reduce demand for jobs…I don’t think people have that in their mental model,” U.S. delegates who spoke about the chal- he added. And Gates is against raising minimum wage, as he believes it would discour- lenges and opportunities shared by Greek age companies from hiring workers for jobs most threatened by robot automation. and American entrepreneurs.

46 | BUSINESS PARTNERS | MAY-JUNE 2014 WWW.

KEEPING UP WITH TECHNOLOGY Stay up-to-date with the latest tech news that’s evolving on the daily with these online resources.

Google Blog | googleblog.blogspot.gr This is Google’s official blog, offering insight and news straight from Google.

Life Hacker | lifehacker.com This blog provides information, tips, and advice on Mac, Linux, and Windows.

ReadWriteWeb | readwrite.com Read up on the business of social media, and gadgets in this informative news blog.

SDTimes | sdtimes.com GREECE AMONG TOP 10 DESTINATIONS This downloadable online magazine focuses AMERICANS DREAM OF VISITING on software development. TechCrunch | techcrunch.com With a unique climate, great hospitality, and breathtaking views, it’s no wonder Follow the buzz around social media, tech- Greece is on the mind of so many Americans. A new study released by TripAdvisor nology, and gadgets on this tech blog. lists Greece as one of the top 10 destinations Americans dream of visiting this year. The list includes Switzerland (#10), Spain (#9), Greece (#8), France (#7), The Ca- TechRepublic | techrepublic.com ribbean (#6), The United Kingdom (#5), Ireland (#3), Australia (#2), and Italy (#1). Find plenty of whitepapers, daily posts, and subscribe to tailored newsletters.

DEVELOPMENT MINISTER Parliament Toughens Up E.U. HATZIDAKIS STRESSES CT IMPORTANCE OF Anti-Money Laundering RulesDI RE INNOVATION The EU aims to make dodgy deals harder to hide, while putting up a stronger fight Among plans to foster the growth of in- against tax evasion through new anti-money laundering rules voted by Parliament. The novation in Greece, Development Minis- draft law would also require banks, auditors, lawyers, real estate agents, casinos, and ter Hatzidakis at an Innovation Council others to be more vigilant about suspicious client transactions. Parliament’s main goal meeting stressed that entrepreneurship in introducing these new laws is to mitigate money laundering and terrorist financing is the future. Among strategies discussed risks. Parliament also voted on the Transfer of Funds Regulation, which aims to improve during the meeting were the boosting of the traceability of payers and payees, and their assets. venture capital, business incubator pro- The directive (AMLD) includes: motion, the appointment of a chief tech- 1. Public central registers in each EU country must show who really stands behind com- nology officer, and support for young panies, foundations, holdings, and trusts. entrepreneurs through offering incen- 2. Banks, financial institutions, tax advisors, and others must be more cautious about tives to angel investors. “We consider suspicious transactions made by their clients. innovation a key pillar of the new Greek 3. Rules regarding high-risk business relationships with politically-exposed people economy. The economy will be reborn including members of government, court judges, heads of state, and members of par- through the problems of the crisis,” he liaments, are extended to “domestic” politically-exposed persons, those entrusted by stated. The plan falls in line with Prime a member state with prominent public functions. Minister Andonis Samaras’s decision to double funds allocated to innovation.

MAY-JUNE 2014 | BUSINESS PARTNERS | 47 VIEWPOINT

A ‘wave of fresh thought’ landed in Athens in April. A delegation of U.S. 7+1 IDEAS BY MARCEL CREMER FOR AN ENTREPRENEURIAL GREECE businesspeople visited Athens and met with Greek startups, entrepreneurs and professionals to identify enterprise opportunities and evaluate human capital.

Share—Our idea of sharing too of- 5 ten revolves around our own interests. After building a network, share everything, from ideas and information to contacts. It’s time to spread re- KEVIN LANGLEY, MARCEL CREMER sources that create value for us all. Be confident (and to the point)—Don’t mong them was Kevin Lang- to be the ‘New Silicon Valley’—but what 6 hesitate to introduce yourself and present ley, former Chairman of the does it really take to get there? your work, but do it in a quick and apt Global Board for the Entre- Kevin, with his agile mind and original manner. Have your elevator pitch ready. preneurs’ Organization (EO), thinking, helped me identify some stand- Focus—Too often we avoid making founding member of the G20 ards and goals to which we might aspire. 7 decisions that advance our goals as we YouthA Entrepreneurship Alliance (YEA), Let’s call them ‘the Silicon Valley’ standard: try to include too many parameters. avid networker and, yes, something I dis- Let’s focus on the essential objectives. covered during my time speaking with him, Collaborate—Leave behind the “me- visionary. Having inspired entrepreneurs 1 me” approach and start being more Foster New Leadership—Based on in more than 170 countries, his insight on open and available. Suspicion and prej- +1 these ideas, a new leadership model what Greece needs was clear. The good udice belong to old Greece! with long-term and inclusive vision news: Greece is on the right track. What Network—Create a diversified net- shall rise. This new and radical lead- Greece has is an abundance of well-educat- 2 work. You never know what will evolve. ership model will then inspire and ed, inquisitive, right-oriented people. What Follow up—Every acquaintance is an influence the emerging generation Greece lacks is leadership that will enhance 3 opportunity. Don’t let it fade with time. of young entrepreneurs—to pursue a proactive culture and promote a collabo- Reciprocate—Never forget those who their goals harder, and they will op- rative spirit. This will bring us closer to the 4 helped you. Extend courtesies and re- erate in a much healthier business Silicon Valley model. Many locations aspire turn favors. and social environment.

THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

Become a Member bponline.amcham.gr To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s To subscribe to Business Partners, most preeminent and proactive business organizations, apply on the Chamber website at send an e-mail to [email protected], www.amcham.gr, send an e-mail to [email protected], call the Chamber at 210-699-3559, call the Chamber at 210-699-3559, or or fax the Chamber at 210-698-5687-7 and request an application form. fax the Chamber at 210-698-5687-7.

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