11,900 jobs in Greece by Endeavor companies

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10 November 2016
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Endeavor, global non-profit organization supporting entrepreneurship in 25 countries, has been actively supporting fast growing SMEs for four years in Greece. These companies have very high growth rates, create jobs and disrupt their sectors.

Since 2012, 21 Greek companies of 850 reviewed in total have joined Endeavor. Today, Hellas Direct, Papadimitriou, HotelBrain, Insurance Market, ERGON, Brainbox, Think Digital Group, Green Cola, Travelplanet24/Tripsta, blueground, FREZYDERM, Avocarrot, Sychem, Workable, CHB Group and Forky are members of Endeavor network.

These companies manage a total turnover of €236 million and have created 11,900 direct and indirect jobs. 80% of these jobs are in Greece’s rural areas supporting Greek periphery. In times (2012-2016) when unemployment reached very high levels of 25%, our companies have managed to increase employment by 114%, and since joining Endeavor, they have average increase of 57%. At the same period of time, they have managed to increase revenues by 131% and 60% on average since selection by Endeavor.

Endeavor Entrepreneurs have a significant global presence in 96 countries. During difficult times for Greek economy, they have attracted €96.5 million of investment from local and global institutional investors, such as 83North (former Greylock IL), that has invested in Workable as well as Thirdpoint LLC and Endeavor Catalyst that participated in Hellas Direct’s round. Additionally, Avocarrot recently announced its acquisition by the German multinational company Glispa Global Group that will create 70 jobs in Greece.

Endeavor entrepreneurs do not expect significant recovery of Greek economy in the short term; return to solid growth is expected in a 2-5 year horizon. The country’s geographical position and landscape along with its high quality human capital are considered Greece’s primary competitive advantages; importance of low cost human capital is rated significantly lower. ​I​​nstability in taxation (rather than level of taxation) and bureaucracy/red-tape are rated as the country’s top growth blockers; access to funding follows. Endeavor entrepreneurs highlight financial services as the sector that presents the biggest opportunity for disruption; more ‘obvious’ sectors, such as tourism, food, energy follow.

The Board of Directors of Endeavor Greece is chaired by Michael D. Chandris, Chairman, Chandris Group; and vice-chaired by Mareva Grabowski, who is also the founder of the Greek affiliate. They are joined by Dr. John Coustas, President & CEO, Danaos Corporation; Marily Frangista, Managing Director, Franco Compania Naviera; Theodore M. Kyriakou, Group CEO, Antenna Group; Johanna Papadopoulou, President & Managing Director, E.J. Papadopoulos; Costantza Sbokou Constantakopoulou, CEO, Sbokos Hotel Group & Director, T.E.MES; Yiannis N. Stassinopoulos, Viohalco; Melina Travlou, Chairman and CEO, Neptune Lines Shipping & Managing Enterprises and the National Bank of Greece represented by its CEO.

Through a powerful network of 1,000 Endeavor entrepreneurs and 3,000 business leaders and strategic partners worldwide, Endeavor Greece supports entrepreneurs in three main areas: access to markets, access to debt through the partnership with the National Bank of Greece and investment through a powerful global investor network as well as strategic advice for financial management, HR, branding and communication.

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