BUSINESS
bponline.amcham.gr
JANUARY-FEBRUARY 2013
Vol. XII | No. 64
Thought Leaders
Point/
Counterpoint
The World of Work
Greek Employee
Expectations
▼
Business Matters
The Company@gr
▼
Social Dialogue
Labor Markets
and Financial
Crises:A Short
Primer
▼
SΤΑRT UP
Starting a
Business—
The Business Plan
▼
Plus
Biz Buzz
Names & Faces
Trends & Trade Makers
AMERICAN-HELLENIC
CHAMBER OF COMMERCE
www.amcham.gr
Direct Sales—
A Future in Greece?
George Apostolopoulos
General Manager, Amway Hellas
on
!
http://bponline.amcham.gr
Volume XII | Number 64
CHAMBER.PRESS
ISSN 1109-4990 CODE:
6526
CHAMBER.PRESS
contents
AMERICAN-HELLENIC CHAMBER OF COMMERCE
bponline.amcham.gr
AMERICAN-HELLENIC CHAMBER OF COMMERCE
4 THE BOARD
6 In Profile
Companies on the Move
8 Chamber News
1 1 Start-Up 24
Starting a Business—The Business Plan
by George P. Lelakis
George Apostolopoulos, General
Manager of Amway Hellas,
shares a unique business
model that now, more than ever,
is ideal for the circumstances in
today’s market
12
The World of Work
Randstad Workmonitor: Greek Employee Expectations
for 2013
1 4 Names & Faces in the News
1 6 New Greece
Clinical Research: A Hidden Treasure
1 7 One World
Europe’s First Pan-European CSR Award Scheme
Launched!
11
1 8 BIZ BUZZ
Currents in Today’s Business Environment
George P. Lelakis, Senior
Manager, Consulting at
Accenture S.A. and a member
of the Chamber’s Innovation Education - Entrepreneurship
Committee, launches a new
column on starting a business
2 0 Connect America
Greece@USA
2 1 TRAVEL USA
Discover America—Louisiana
2 2 Collaboration@Work
Fostering a Startup Community
by Stavros Messinis
2 3 The Business EcoSystem
Unleashing Europe’s Entrepreneurial Potential
32
2 4 The Interview
Anastasia Sideri, Public
Affairs and Communications
Director at Coca-Cola
Southeast Europe, and a
member of the Chamber’s
WIB Committee, takes part in
Point/Counterpoint, discussing
women on boards
George Apostolopoulos, General Manager of Amway Hellas
2 7 North Greece
Fostering Agricultural Excellence
2 8Thought Leaders
Point/Counterpoint
3 6 Business Matters
The Company@gr
by Marcel E. Cremer
3 8 Social Dialogue
Labor Markets and Financial Crises: A Short Primer
Busin ess Pa rt ne rs is the bi month ly maga zi n e o f t he Am er ica n - Helle n ic Cham be r of Comm erce
DIRECTOR
Elias Spirtounias
e.spirtounias@amcham.gr
PUBLISHER & EDITOR
Raymond Matera
materay@ath.forthnet.gr
Please Recycle
ADVERTISING
Raymond Matera
materay@ath.forthnet.gr
DESIGN
snack•
PRINTING & BINDING
A. PSILLIDIS & CO
OWNER
American-Hellenic Chamber of Commerce
Politia Business Center
109-111 Messoghion Avenue
115 26 Athens
Tel: +30 210 699.3559
Fax: +30 210 698.5686-7
E-mail: info@amcham.gr
BRANCH OFFICE
47 Vassileos Irakleiou Street
546 23 Thessaloniki
Tel: +30 2310 286.453, 239.337
Fax: +30 2310 225.162
E-mail: n.tsavdaroglou@amcham.gr
by Duncan Campbell & Katerina Tsotroudi
4 0 Leadership Tales From Ancient Greece
A Marathon For Your Life
by Artemios Miropoulos
4 2 Marketplace Greece
GOBANKNOTELESS
by George Oikonomidis
4 4 Trends & TrAdE Makers
4 6 Business2Business
A B2B Toolbox
4 8 Viewpoint
Technodrive
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | DIRECTOR’S DESK
The year 2013 is bound to usher in major changes in Greece, many of which will affect our approach to
understanding our society, to finding solutions to the many challenging issues we face and, at a deeper
level, to how we interact with each other within the social unit called Greece.
At the heart of our collective endeavor, beyond the crisis that we label economic, is the need to reexamine the very principles and values that guide us in our everyday life. We need to regain confidence,
a sense of direction, and a sense of national unity that, if not restored, may lead to dire and alarming
consequences.
Step one must necessarily focus on rigorous, honest, and critical self-examination. This is as applicable
to everyday citizens as it is to political actors, entrepreneurs, educators, and artists. It requires that we
share a definition of patriotism and act in a way that binds us to responsibility vis-à-vis our common
heritage, our shared present, and our children’s future.
Our Chamber, for its part, is striving to embrace principles—transparency, meritocracy, egalitarianism,
accountability, responsibility—that will set a positive example and generate common benefits.
The Chamber is also prioritizing stronger ties to the United States through a series of initiatives—forums, delegations, seminars, and cultural events—that lead to a more outward looking economy and
increased tourism to Greece by American travelers.
In addition, our portfolio of established, successful conferences and events, including our forums and
conferences on Taxation, CSR, Corporate Governance, Defense, Healthcare, WIB, Intellectual Property,
Leadership, Insurance and Labor, Innovation, Entrepreneurship, Education, and the Greek Economy,
will continue to impact the business and social environment of our country.
Business Partners, our Chamber magazine, remains a leading voice of our membership and the country’s business community and our annual Directory serves as a first-look reference for doing business in
Greece and finding new business partners.
Throughout the year, we shall introduce new initiatives that respond to current needs, trends, and developments.
To our Chamber members, I invite you all to join our growing roster of activities, to add your voice to
our advocacy positions, and to participate in our dynamic events.
To our friends who are not yet members, we invite you to join, to become part of the family called the American-Hellenic Chamber of Commerce, and to help all of us shape a new, successful, and unified Greece.
To everyone, best wishes for the New Year.
Elias Spirtounias
Executive Director
The American-Hellenic Chamber of Commerce
A Dynamic, Proactive Chamber
The American-Hellenic Chamber of Commerce was established
in 1932 and is one of the largest, most active, and dynamic American 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.
The Chamber's membership is comprised of more than 1,000
proactive companies that seek to expand business horizons, create new business partnerships, and take advantage of trade and
investment opportunities in today's global economy.
The American-Hellenic Chamber of Commerce is an active mem-
| BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
ber of the U.S. Chamber of Commerce in Washington D.C. and the
European Council of American Chambers of Commerce (ECACC).
Mission Statement
The American-Hellenic Chamber of Commerce strives for continuous improvement of American-Hellenic commercial and
financial relations, through increased membership and through
the organization of top-quality events, exhibitions, fora, seminars,
and congresses on both sides of the Atlantic.
American-Hellenic Chamber of Commerce
Executive Committee
Committees
Gramatidis Yanos President | BAHAS, GRAMATIDIS & PARTNERS
Auditors Committee
Kyriacou Marios T. Vice President | KPMG CERTIFIED AUDITORS A.E.
Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E.
Karayannis Angelos Secretary General | KARAYANNIS K. GROUP OF COMPANIES
Panayotopoulos Litsa Treasurer | BOSTON HAMILTON LTD.
Anastassopoulos Simos Counselor | PETSIAVAS N. S.A.
Bacacos George Counselor | BACACOS P. CHEMICAL & PHARMACEUTICAL
PRODUCTS CO. S.A.
Charalambous Odysseas Counselor | CISCO SYSTEMS HELLAS S.A.
Papadopoulos Thanos Counselor | CHEVELLAS S.A.
Spirtounias Elias Executive Director
Board of Directors
Ahmed Pervaiz | BRISTOL-MYERS SQUIBB A.E.
Alexopoulos George | HELLENIC PETROLEUM S.A.
Antoniades Vassilis | THE BOSTON CONSULTING GROUP
Antonopoulos Constantinos | INTRALOT S.A. - INTEGRATED LOTTERY
SYSTEMS AND SERVICES
Canellopoulos Paul | AIG Greece S.A.
Members: Felonis Athanassios, Papakosmas Dimitrios, Sabatakakis Kyriacos |
Coordinator: Andriana Chadjianagnostou
Corporate Governance Committee
Chair: Papacostopoulos Constantinos | Members: Charalambous Yiangos, Dimou
Ioannis, Petalas Apostolis, Siamishis Andreas, Hadjisotiriou Paula, Theodoulidou
Maria | Coordinator: Daphne Constantinidou
Corporate Social Responsibility Committee
Chair: Stavridis Stelios | Members: Alexiou Maria, Constantelis George, Lolas Vassilis, Vrachatis Ioannis | Coordinator: Angela Boyatzis
Greek Economy Conference Committee
Chair: Kyriacou Marios | Members: Anastassopoulos Simos, Antoniades Vassilis,
Bacacos George | Coordinator: Angeliki Dikeoulia
Innovation, Education & Entrepreneurship Committee
Chair: Panayotopoulos Litsa | Members: Darda Dimitra, Farmaki Teresa, Lelakis
George, Makios Vassilios, Makridakis Spyros, Papadakis Georgios, Patakiouti
Maria, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Rizopoulos Yannis, Tsangos Christos, Tsiboukis Antonis, Tsigos
Dimitris, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki
Insurance, Social Security & Labour Matters Committee
Chair: Kremalis Konstantinos | Members: Andriopoulos Stavros, Canellopoulos
Paul, Christidou Agni, Kollas John, Koussia Venetia, Lisseos Panayotis, Lysimachou Triantafyllos, Mihos Stathis, Oikonomopoulou Antouaneta, Panagiotou
Andreas, Pelidis Manos, Sarantopoulos Dimitris, Tzotzos Apostolos, Vlassopoulos
George | Coordinator: Voula Tseritzoglou
IPR Committee
Chair: Katerina Galanopoulou | Members: John Kyriakides, Antonis Makris, Dora
Zachou, Xenophon Paparrigopoulos | Coordinator: Daphne Constantinidou
Leadership Committee
Costopoulos Alexandros | FORESIGHT Strategy & Communications
Chair: Miropoulos Artemis | Members: John Kalligeros, Pavlos Katsivelis, Antonis
Kerastaris, Kyriakos Kofinas, Michael Mavropoulos, Spyros Olympios, Aristotelis
Panteliadis, Vassilis Rabbat, Emmanuel Raptopoulos, Michalis Roussos, Alexandros Saracakis | Coordinator: Ritana Xidou
David George | COCA-COLA HELLENIC BOTTLING COMPANY S.A.
Medical Devices & Diagnostics Committee
Costas Stavros | Economist
Filiotis Dionysios | PHARMASERVE-LILLY SACI
Frangou Angeliki | NAVIOS MARITIME HOLDINGS INC.
Kartsanis Georgia | CEO CLUBS GREECE
Kokorotsikos Paris | EUROCONSULTANTS S.A.
Kosmatos Makis | JOHNSON & JOHNSON HELLAS S.A.
Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Andria
Magdalini, Baracos Christos, Boulougouris George, Deligiannis Konstantinos,
Derkos Kalogridis, Kartalis Christos, Krinos Gregory, Lindholm Mangnus,
Maroutsis George, Nikas Dimitris, Papazoglou Konstantinos, Strouzos Anastasios |
Coordinator: Voula Tseritzoglou
Northern Greece Committee
Koutsoureli Eftychia | QUEST HOLDINGS S.A.
Chair: Bakatselos Nikolas | Members: Accas Ioannis, Alexopoulos Charis, Gigilinis
Alexandros, Kafatos Vassilis, Katsaros George, Kokorotsikos Paris, Kouides
Antonis, Kouimtzis Thanasis, Koukountzos Konstantinos, Mavroudis Theodoros,
Pylarinos Othon, Symeonides Dimitris | Coordinator: Nikos Tsavdaroglou
Kyriakides John | KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS
Pharmaceutical Committee
Kouides Antonis | B.E.R.M.A. A.E.
LAW FIRM
Mamidaki Eleftheria | MAMIDOIL JETOIL PETROLEUM COMPANY S.A.
Manos Alexandros | PIRAEUS BANK S.A.
Meintassis Harry | HAY GROUP S.A.
Nordkamp Hendrikus Hermannus | PFIZER HELLAS S.A.
Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A.
Chair: Pascal Apostolides | Vice Chairman: Filiotis Dionysios | Members: Frouzis
Konstantinos, Gerassopoulos Marcos, Charalampidis Savas, Karokis Antonis,
Greco Roberto, Kefalas Nikos, Lakatos Matyas, Nordkamp Hendrikus Hermannus
(Erik), Pervaiz Ahmed, Tsoutsias Spyros | Coordinator: Voula Tseritzoglou
Public Affairs Committee
Members: Anastassopoulos Simos, Kyriacou Marios, Papadopoulos Thanos |
Coordinator: Xidou Ritana
Taxation Committee
Stavridis Stelios | PISCINES IDEALES A.E.
Chair Costas Stavros | Members: Altiparmakis Christos, Ampeliotis Evangelos,
Anastasiadis Harris, Antoniou Vassilis, Desipris Antonis, Doucas Spyros, Gigantes
Stavros, Goulakos Panos, Govaris Vassilis, Kanellatou Athena, Kerameus George,
Kyriakides Stelios, Laskaratos Panagiotis, Mavraganis George, Mitsios George,
Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Cristina,
Samothrakis George, Sarafoglou Gerasimos, Savvaidou Katerina, Sfakakis Konstantinos, Spyriouni Litsa, Stavropoulos Ioannis, Stavrides Vassilis, Theophilides
George, Trakadi Maria, Tsakonas Yannis | Coordinator: Katerina Tzagaroulaki
Symeonides Dimitris | KEPA (BUSINESS & CULTURAL DEVELOPMENT
Tourism Committee
Passaris Despina | PROCTER & GAMBLE HELLAS LTD.
Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A.
Priamou John | U.S. Commercial Counselor (ret.)
Saracakis John D | SARACAKIS BROTHERS S.A.
CENTER)
Synghelides Polychronis | LANCIA - JEEP HELLAS S.A.
Tourkolias Alexandros | NATIONAL BANK OF GREECE S.A.
Yiannopoulos Emil | PRICEWATERHOUSE COOPERS BUSINESS
SOLUTIONS S.A.
Zeritis Panos | THRACE PAPER MILL S.A.
| BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Anglos John, Argiri Byron, Marriott Carol, Panayotopoulos Panos, Papadopoulou Catherine, Peressiadis
Costas, Van de Winkel Bart | Coordinator: Angeliki Dikeoulia
Women in Business (WIB) Committee
Chair Kartsanis Georgia | Members: Adamopoulou Efi, Anagnostopoulou Popi,
Athanassoulas Elena, Dimou Maria, Katsou Nelly, Kazakopoulou Betty, Labrou
Marica, Milona Martha, Panagopoulou Varvara, Papakonstantinou Ioanna, Sideri
Anastasia, Tarou Iphigenia, Thomas Marielle, Tzimea Deppie, Velliotou Peggy |
Coordinator: Angela Boyatzis
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www.amway.gr
YO U R B U S I N E S S
BEAUT Y
HOME
NUTRITION
In Profile
Companies
on the Move
Business Partners
profiles Chamber partner
companies and Chamber
members that are active
in the Greek market.
Fibrex Hellas
K & N Engineers Ltd
Regus
Understanding the need of the Greek market
to find new materials for waterproofing and
high-performance insulation, combined with
the large increase in energy costs for heating
and cooling, Fibrex Hellas works with the
K & N Engineers Ltd specializes in the food
industry sector since 1997, providing technologically advanced food processing systems and equipment, reliable solutions that
significantly boost business’s productive
processes, improves product quality and
drastically reduces operating and maintenance costs of their customers.
K & N Engineers Ltd supplies bakeries,
confectioneries, coffee-shops, restaurants,
fast foods, butchers, slaughterhouses and
large industrial food processing units with
specialized equipment and machinery that
enables them to process meat, poultry, fish,
Regus, the world’s leading provider of
workplace solutions, can ease a company’s
or individual’s entry into a new country
by providing the immediate needed infrastructure and support.
With Regus a company or individual can:
Fibrex Hellas can
respond to every
requirement of
thermal insulation
and water-proofing
large multinational group Covertech Fabricating Inc. to offer a comprehensive range
of quality and modern reflective insulation
products. The company’s main concern is
always providing immediate information
and customer service to individuals, manufacturers, civil engineers, and architects.
Today, Fibrex Hellas can respond to every
requirement of thermal insulation and water-proofing to reduce energy consumption
in buildings. All products have certificates
of quality control according to European
standards and international regulations on
insulation. Fibrex’s products are applied to
the shells of buildings (roof, interior and
exterior walls, roofs, floors) and are designed to prevent heat transfer by radiation
or induction inside.
 Fibrex Hellas,
32 Kifissias Ave., 15125 Maroussi
Tel: 210 684.7833, Fax: 210 684.7834
Email: info@fibrexhellas.gr
Website: www.fibrexhellas.gr
| BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
K & N Engineers’ policy
is to provide products
and services of the
highest quality
fruits and vegetables with the technological
and competitive advantage to succeed.
The company’s fundamental policy is to provide food processing products and services
of the highest quality that meet customer
requirements and expectations as well as
current legislation. This commitment is ensured by the Quality Management System
that K & N Engineers Ltd has developed
and applied based on ISO 9001:2008 international standards.
 K & N Engineers Ltd
35 3rd September Street, 104 32 Athens
Tel: 210 520.0440, Fax: 210 522.3298
Email: kn@kn-engineers.gr
Website: www.kn-engineers.gr
Regus makes it easier
to start a business in
Greece
• Start work instantly with an immediate,
work-ready office
• Use a virtual office to test the market first
• Choose a location where a presence is
most needed
• Meet prospective clients in a professional
meeting room
• Stay connected with well-priced internet
access that really works
• Take advantage of free networking opportunities
• Ask our multilingual staff for support and
local expertise
• Work in a quiet business lounge with a secure and free Wi-Fi access
Regus has 3 business centers in Athens and
1200 worldwide.
 For more information, please visit www.regus.gr
or call +30 210 727 9000
The Athens Exchange
believes in the potential
of the
GREEKFOOD
sector
and is supporting it
to watch the story unfold
http://www.helex.gr/grfood
tel. +30 210-33 66 449, fax +30 210-33 66 101, e-mail:companies@helex.gr
CHAMBER
NEWS
23rd Greek Economy Conference
The Chamber successfully held its 23rd annual two-day conference, The Greek Economy: State Reform—The Cornerstone for Investment and Development, on December 3 & 4, 2012 at the Athenaeum
InterContinental Hotel.
Prime Minister Antonis Samaras delivered the keynote address at the gala dinner, attended by more than
900 guests. Prominent speakers included members of the government, the opposition, the U.S. Ambassador, and distinguished members of the business and academic community in Greece and abroad. Chamber President Yanos Gramatidis launched the conference, which is the flagship event of the Chamber.
Antonis Samaras
Evangelos Venizelos
Sakis Papathanasiou
Alexis Tsipras
Christos Staikouras
Antonis Manitakis
George Mavraganis
George Sourlas
Kostis Hatzidakis
Olga Kefalogianni
Leandros Rakintzis
Anna Diamantopoulou
| BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Yanos Gramatidis
Daniel Bennett Smith
Business and Mediation
The American-Hellenic Chamber of Commerce, the Faculty of Law of the National
and Kapodistrian University of Athens, the Athens Court of Appeals, the Athens Bar
Association, the French-Hellenic Chamber of Commerce, and the Chinese-Hellenic
Chamber of Commerce, hosted the Business and Mediation conference on Tuesday,
December 18, 2012, at the French Institute of Athens.
The conference, held under the auspices of former Prime Minister Panagiotis Pikrammenos, was attended by 280 senior delegates. Prominent speakers from Greece and
abroad, including Andrew Charles Tsunis from New York State Unified Court System;
Daniel Kail, Conseil Directions Generales; and Wei Zhang, Director of Shanghai Commercial Mediation Center, all pointed out that mediation is an alternative means to effectively solve serious problems and disputes within business.
Panel with Andrew Charles Tsunis (2nd from R)
Jenny Bloomfield
Panel with Yanos Gramatidis (4th from L)
Stephanos Issaias
Socrates Lazaridis
1st Make Innovation Work Forum
The Innovation, Education and Entrepreneurship Committee of the Chamber held the
first MIW Forum on December 10, 2012 at the Europarliament Offices in Athens. This
forum, held in the format of a workshop, was one of the initiatives of the Committee
based on its efforts to redefine the entrepreneurial ecosystem in Greece. Committee
Chair Litsa Panayotopoulos chaired the event.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | CHAMBER
NEWS
WIB Forum
Thanksgiving Dinner
The Women in Business (WIB) Committee of the Chamber held the WIB Forum 2012:
Women, Business & The Future of Work, on November 26, 2012 at the Hotel Grande
Bretagne.
The forum, attended by 230 senior-level delegates from a variety of sectors, focused on
exploring, discussing and debating the changes taking place in today’s workplace and
help women prepare for “the future of work.” Theano Liakopoulou, Partner of McKinsey
& Company, presented global survey findings on trends and opportunities of women in
the corporate world. Titos Simitzis, Managing Director of Alternative Research Solutions,
presented the key trends and changes in the workplace. The forum concluded with a
panel discussion on the new work trends with speakers: Marica Labrou, CEO, SingularLogic; Katerina Triviza, Managing Director, Eurobank Business Services, Konstantina
Kallimanis, Executive Director, Kallimanis Group; Maria Vlachou, CEO & Co-Owner, Fereikos Helix; and Helena Athoussaki, CEO, Carbon Positive. WIB Chair Georgia Kartsanis
launched the Forum.
Theano Liakopoulou, Partner, McKinsey & Company
The American-Hellenic Chamber of
Commerce and the International Propeller Club of the United States, International Port of Piraeus, hosted Thanksgiving Dinner on November 21, 2012, at the
Hotel Grande Bretagne Ballroom. U.S.
Ambassador Daniel Bennett Smith was
guest of honor at the gala dinner that
was attended by 280 guests. Traditional
turkey dinner was served.
Yanos Gramatidis
Georgia Kartsanis, Chair, WIB Committee
ambassador Smith (R) with his wife and Mr. Gramatidis
Taxation Syllabus
Amcham Taxation Committee Chairman Stavros Costas and committee members participated as speakers in an afternoon Taxation Syllabus Event, held by the Institute of
Economic Management (EEDE), on November 28, 2012. The event addressed the subject, New Taxation Policies for Physical Persons and Legal Entities.
Aikaterini Savvaidou discussed the legal aspects of the indirect tax audit process with
regards to tax compliance certificate and rules of protecting personal data. George
Samothrakis analyzed the importance of selected clauses of the draft law, dealing with
the reformation of the Income Tax Code, and Stavros Costas presented the new rules
for keeping accounts and records for taxation purposes that replace the abolished KBS,
pointing out the scope, principles, and simplifications addressed by the new law.
Panel participants
Stavros Costas
Chamber Calendar
February 11 Thessaloniki, The Met
New Year’s Reception
February Athens, 2nd MIW Forum
March 20 Athens, Launching the 2nd MIW
Competition
March 27 Athens, 9th Athens Tax Forum
April 3-4 Athens, DE-WO-Exposec Conference
10 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Start-Up
Starting a Business
The Business Plan
George P. Lelakis provides a roadmap to starting a
business in this new Business Partners series for
would-be entrepreneurs.
by George P. Lelakis
Senior Manager, Consulting, Accenture S.A.,
Member of the Innovation - Education Entrepreneurship Committee of
the American-Hellenic Chamber of Commerce
Dear Innovator,
I am honored to present to you ideas on how to start a business. My
colleagues, business associates and I are all committed to help you
through every stage.
One of the very basic things that you need to have at this early stage
is “The Business Plan.”
A Business Plan (B.P.) is a document that describes what the objectives of a new business are, how these objectives are going to be
achieved, what resources are going to be required, and what the
benefits will be.
I can’t stress enough the importance of creating a B.P. It’s the immediate step after coming up with an idea. That is, if you want to give
yourself serious chances to make a business out of it. Consider that
your idea is the vision and your (to-be) business is the reality. The
B.P. is the roadmap that will take you from vision to reality.
I know that you expect me—being a “comme il faut” consultant—to
describe thoroughly the components of a good B.P., give you detailed information on how to write it, provide examples … always
with lots of bullets.
I may surprise you, but taking a more innovative approach myself,
I will skip the obvious.
If you want information on what to write in a B.P., there are thousands of useful resources on the Internet. Not all of them say exactly
the same things, but the basic components – Business Overview,
Market Landscape & Strategy, Operational Plan, Execution Plan,
Risk Mitigation Plan, Ownership & Management Team, Financial
Plan and, of course, the Executive Summary – are usually the same.
yourself that you can really create a business based on your innovation. You will need it to realize your idea and to start your business.
You will be continuously updating it with actual information and
using it to move further.
Take it seriously. Don’t consider it as a chore that the sooner you
get over with, the better. It may take a second to produce a worldchanging idea, but it will take weeks to create a good B.P. You will
spend a lot of time in researching, re-thinking ideas, re-establishing
assumptions and scenarios. The value is in the process as much as
in the result.
I listed previously some basic components of a B.P. and I know
that I may have scared you. You don’t need to do it alone. You
can—and you should—involve other people who can help in B.P.
development. After all, you are an innovator and nobody expects
you to be a marketeer, a financial analyst, a lawyer and a project
manager as well.
At the end of the writing you will absolutely need to have others (whom you trust) study your B.P., provide their opinion and
challenge your thoughts. If you don’t do this you will only be
halfway through.
I hope this advice was useful and will be looking forward to discussing with you other important matters around starting your
business.
Your consultant,
For now though, I will be content if I succeed in persuading you
about the necessity of a B.P. and in providing some useful tips on
its development.
When you seek funding it is certain that you will be asked to present
your B.P. Still, this document is far more valuable for you than for
anybody else. You will use it to validate your own idea, to prove to
George
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 11
The World of Work
Randstad Workmonitor
Greek Employee
Expectations for 2013
T
he Randstad Workmonitor survey for 4th Quarter 2012, explored employee expectations
for 2013, quarterly mobility,
confidence and job satisfaction.
In Greece, according to the latest findings
of the Randstad Workmonitor the economic situation is clearly dramatic. More or less
all employees (98%) in Greece indicate that
the situation is bad compared to the global
average of 61%. Employees in other countries where they believe that their situation is also bad are Spain (96%), Hungary
and Italy (both at 94%). Generally European countries outside the Euro-zone are
performing considerably better and agree
to the statement that the economic situation in their country is ‘good’, particularly
in Norway (94%), Switzerland (87%) and
Sweden (74%).
Globally 47% of employees expect the situation in their country to improve in 2013.
Countries with this expectation include
Hong Kong (88%), India (83%) and Brazil (76%). However countries that are not
performing well at the moment expect less
improvement. In Greece, only 12% of employees expect the situation to improve.
Hungary and Czech Republic have also
scored low with 13% and 14%, respectively.
Despite the economic state of a country,
71.5% of respondents globally say their
employer is performing well financially. In
Greece, 44% of employees surveyed believe
their employer is performing well and only
32% expect that the financial performance
of their employer will improve in 2013
compared to 2012. Similar to the Greek
employees, Luxembourg employees (38%)
and Japanese employees (39%) are far more
reserved in their expectations on employer
performance next year.
Reward expectations
In Greece, only 8% received a pay rise in
2012. Globally, 55% of employees received
a pay rise in 2012, however 64% expect a
pay rise in 2013. In Greece, only 14% expect
a pay rise next year whereas in Hong Kong
(95%), Argentina (94.5%), Malaysia (94%)
and India (93%) expect a pay rise. Based on
their achievements in 2012, 76% globally
believe they deserve a financial reward or
one-off bonus. Yet only 53% globally expect
to actually receive such a reward. In Greece,
the gap is especially high with 68% stating
they deserve a reward and only 15% expecting to receive it.
Workload & work-life
balance
75% of Greek employees stated that they
have seen an increase in workload in the
last year which is in line with the globally
figure of 73%. Countries like India (87%),
Hong Kong and Malaysia (both 83%) rank
at the high end. 80% of respondents globally would like to improve their work-life
balance in 2013. In Greece, 83% agree with
improving their work-life balance in 2013.
Christmas Gifts
Receiving a Christmas gift or end-of-year gift
is common practice in only half the countries (48%). It is mostly common practice
in the Netherlands (83.3%), India (73.1%)
12 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Randstad Hellas is a
leading HR services
company in Greece and
each quarter, since 2010,
conducts the Workmonitor
survey to capture labour
market trends locally.
and China (70.9%). Although in Argentina
only 54% usually receive a Christmas gift,
80% of respondents expect they will receive
something this year. Expectations have declined in Greece compared to 2010 from
75% to only 35% expecting a Christmas gift
this year.
New Year’s Resolutions
In Greece, 47% of respondents make New
Year’s resolutions whereas globally the figure is 51%. The tradition is most common
in Mexico, India and Argentina (between
80 – 87%) and less common in countries
like Denmark, Sweden and Norway (between 14-24%). In Greece, 43% stated that
in 2013 they will make specific New Year’s
resolutions regarding their career which is
in line with the global figure of 44%.
Mobility Index
The mobility index for Greece is at 100 for
Q4 2012, an increase of 2 points from Q3
2012. This result indicates that slightly more
employees expect to be employed elsewhere
in the coming 6 months than they did last
quarter. Globally the mobility index for Q4
increased to highest levels at 108. In Greece
12% is actively looking for a new job, whilst
the global figure is 11%.
Of those surveyed in Greece in Q4, 16.1%
stated that they changed jobs in the last
six months, a decrease of 1.8% since Q3,
2012. 39% of those surveyed that stated
they changed jobs in Q4, indicated that
the reason for their job change was organizational circumstances such as reorganization or merger.
Confidence in finding a new job in Greece
% of employees stated that they have seen an increase in workload in the last year by
country
87%
Of those surveyed locally, 36.7% expect that
they would be able to find a comparable job
within the next six months which is very
similar to the Q3 result of 35.7%. Over the
past three years we have noticed a drop of
21% in the confidence levels of employees
believing they will be able to find a comparable job from 58% in 2010, 44% in 2011
and 37% in 2012.
Of those surveyed in Greece in Q4 2012, 44%
of employees fear a job loss. Proportionally,
both men and women have the same level of
fear for the first time this quarter.
79%
77%
81%
79%
75%
72%
80%
71%
70%
68%
67%
61%
55%
A
US
UK
D
SW
IT
ZE
RL
ED
AN
EN
E
OR
AP
SW
ER
NE
TH
NG
LA
BO
M
XE
LU
SI
ND
S
G
DI
UR
A
Y
IN
NG
AR
CE
HU
EE
GR
AR
K
H
NM
EC
DE
NT
GE
AR
CZ
IN
A
LI
RA
ST
AU
The latest Workmonitor survey found that
52% of Greek employees are satisfied about
working with their current employer, a decrease of 2% from the last quarter. Women
continue to be the most satisfied (58%) as
opposed to men (49%).
A complete press report, including regional
differences, is available at: http://www.randstad.gr/Workmonitor_Q4
A
Job Satisfaction
Top 3 reasons for job change in 2012 per quarter
The Randstad Workmonitor
The quantitative study is conducted via an
online questionnaire among a population
aged 18-65, working a minimum of 24
hours a week in a paid job (not self-employed). The sample size in Greece was
405 interviews, using Survey Sampling
International. Research for the fourth wave
in 2012 was conducted from 18 October to 6
November 2012.
39%
ORGANISATIONAL CIRCUMSTANCES
SUCH AS REORGANISATION OR MERGER
33%
2012 Q4
27%
PERSONAL DESIRE FOR CHANGE
33%
PERSONAL DESIRE FOR CHANGE
30%
2012 Q3
BETTER EMPLOYMENT CONDITIONS
22%
DISSATISFACTION WITH EMPLOYER
38%
32%
2012 Q2
Shaping the World of Work
Randstad services in Greece range from
permanent and temporary staffing, to
specialized recruitment, and HR Solutions
such as Outplacement and Payrolling. For
more information see www.randstad.gr
Good To Know You
DISSATISFACTION WITH EMPLOYER
31%
32%
30%
2012 Q1
26%
DISSATISFACTION WITH EMPLOYER
BETTER EMPLOYMENT CONDITIONS
PERSONAL AMBITION IN THE
MANAGEMENT FIELD
ORGANISATIONAL CIRCUMSTANCES
SUCH AS REORGANISATION OR MERGER
BETTER EMPLOYMENT CONDITIONS
PERSONAL DESIRE FOR CHANGE
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 13
NAMES & FACES
...in the news
 National Bank Wins Award
National Bank of Greece won the best bank in Greece in Trade Finance Award for 2013 from Global Finance magazine. The evaluation criteria for the award focused on the scope and completeness of
the bank’s customer service and its active participation in global- or
regional-level developments. The award justified National Bank’s
strategy to focus on Trade Finance and particularly exports, a significant measure in restoring the Greek economy.
 Sunday Shop Openings
Stores will have the option of remaining open on Sunday on a voluntary basis, according to the Ministry of Development. The ministry’s
position is that the measure under consideration will not only be fully
voluntary, it will also allow stores “to be closed on Monday mornings,
instead of Sundays, if they wish so.”
In addition, shop operators who find that operation on Sundays is
unprofitable can always return to the old system, the sources said,
stressing that the new legislation simply allows those who want to
work more to do so, freely.
Based on data and surveys from countries where the market operates
in similar ways to Greece, the ministry believes the operation of stores
on Sundays would result in prices being trimmed, while there will be
an increase in employment openings and higher turnover.
Intralot USA Intralot CEO
Constantinos
Antonopoulos
RepowerGreece—One Year
RepowerGreece has celebrated is first year of
operation. The RepowerGreece campaign is
rooted in the conviction that redefining Greece
and restoring its credibility should not rely on a
superficial rebranding or changing of mottos,
but rather on clear messages and facts that
justify a commitment to work diligently, forge
Alexandros
Costopoulos
solutions and move forward with a renewed
result-oriented mindset. RepowerGreece was founded by Alexandros Costopoulos, a member of the BOD of the Chamber.
Greek Shipowners in Lloyd’s Top Businessmen List  Hellas Direct Among Endeavor Organizaton’s
Best Enterprises
On December 12, 2012, Hellas Direct, the new car insurance company, joined Endeavor’s team during the Endeavor International Selection Process. Within the framework of its goal to assist and guide
“businessmen with developing companies and a potential to evolve
into business leaders...”, Endeavor chose Hellas Direct’s co-founders,
Emilios Markou and Alexis Pantazis, among the best businessmen
worldwide. This is a second distinction for the company, following
Hellas Direct’s recent award as the most innovative and best new ebusiness at the E-Volution Awards 2013.
Hellas Direct is Greece’s first online-only car insurance company
and uses cutting edge technology to provide a quote in less than five
minutes and their prices are generally lower than competitors of comparable quality.
Speaker’s
Corner
14 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Angeliki Frangkou
Dimitris Melissanidis
And So We Begin
Do not wait until the conditions are
perfect to begin. Beginning makes the
conditions perfect.
—Alan Cohen
Intralot USA announced the South Carolina
Education Lottery (SCEL) has approved an
extension of its contract to continue to provide central gaming and statewide retail network systems, including associated gaming
products and support services. The initial
7-year contract will be extended for three
additional years, until 2018.
Fourteen Greek shipowners and shipping
senior managers are included in Lloyd’s
List with the 100 Top Businessmen in the
world. Two, George Economou and John
Angelicoussis, are among the five first.
Angeliki Frangkou (photo), Peter Livanos,
George Prokopiou, Victoras Restis, Kostantinos Kostantakopoulos, Simeon Palios,
Nikos Tsakos, Theodoros Veniamis, Kostas
Grammenos, Dimitris Melissanidis (photo),
Evangelos Marinakis and Peter Georgiopoulos are the top Greek shipowners in the list.
Ms. Frangkou is a member of the BOD of the
Chamber and Mr. Melissanidis is an active
Chamber member.
Again—But Better
Failure is the opportunity to begin again
more intelligently.
—Henry Ford
Alex Bardis
Co-owner & Head of Creative
Rex Bites - Tablet Specialists
Going Tablet
Why do businesses need tablet publishing applications?
There’s no doubt that tablets are rapidly being adopted
in the workplace, and the potential for tablet publishing
apps for B2B purposes is limitless. From single brochures to complete presentation solutions, new ideas
and concepts can lead to surprising success.
What can digital print offer, that traditional print can’t?
It’s like reinventing the same game by keeping the
same rules but radically improving the playing field.
Instead of carrying around bulky catalogs, brochures
and a laptop, sales reps can now invite the clients to
actually touch and explore their products with the use
of immersive multimedia, slideshows, videos, and animations. Imagine a real estate agent showing a house
to potential buyers while decorating the rooms with
furniture, calculating prices, interest rates, and exploring the neighbourhood schools.
How can tablets promote B2B objectives?
First impression is everything when it comes to
sales—and tablets certainly make a great one, especially when businesses understand how to unleash
innovation. Tablets are here to stay and businesses
should hurry to sent them out into the field. Whether
in small meetings with clients or at large conferences,
sales reps can be armed with an arsenal of tools that
will pay off sooner than they think.
 Kouros Awards
The 2012 annual Kouros Awards for Entrepreneurship were presented during a ceremony in
Athens, with the awards going to entrepreneurs
who have distinguished themselves in innovation,
development, the international arena, social contribution and smart business ideas, organized for
the 18th consecutive year by the Hellenic Entrepreneurship Association.
Supporting Greek entrepreneurship is a national need in order for the
country to return to recovery orbit, Association president Constantinos Evripidis, said at the ceremony, noting: “It is the duty of the state
to support entrepreneurship, and it can achieve this. Solutions exist,
such as tax incentives, simplified procedures, and the formulation of a
steady and smooth operational environment.”
The Development and Innovation Award, presented by Deputy Development Minister Notis Mytarakis, went to Apostolos Kakkos,
founder and CEO of Lambda Helix.
The award for Performance in the International Economic Arena, presented by Deputy Finance Minister Christos Staikouras, went to Pyramis Metallurgy S.A. and Pyramis Deutschland Gmbh CEO Nikos
Bakatselos (photo). Mr. Bakatselos is Vice President of the Chamber.
The Social Contribution award, presented by parliament president
Evangelos Meimarakis, went to the Hellenic Business Administration Association (EEDE).
The “Stelios” Haji-Ioannou award for Young Entrepreneur of the
Year, presented by Stelios Haji-Ioannou himself, went to Revekka
Pitsika of the Athens-based ‘People for Business’.
The Green Dreams-Green Entrepreneurship award went jointly to
Eurobank EFG alternate CEO Dr. Vassilios Theoharakis, founder
and chairman of the board of the nanotechnology firm Nanophos
S.A. and Dr. Ioannis Arabatzis, CEO and co-founder of Nanophos.
 New Chamber Members
Corporate Members
Praxis S.A.
Tzavelopoulos G. & Co.
Professional Members
Batistatos, Nikos
Bezantakou, Danai
Foutsis, Dimitrios
Kalafatas, Panagiotis
Kremli, Anna
Intentions Are Nice… But
Know Thy Process
—Liz Smith
—George Bernard Shaw
Begin somewhere; you cannot build a
reputation on what you intend to do.
Life isn’t about finding yourself.
Life is about creating yourself.
Panagiotidis, George
Paparoussi, Iphigenia
Paraskevopoulos, Yiannis
Photakides, Athanasios
Proedrou, Lia
Psarris, Caterina
Skotidi, Jenny
Tarou, Iphigenia
Tryfonas, Theodoros
And So We End
Nobody can go back and start a new beginning, but anyone can start today and make a
new ending.
—Maria Robinson
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 15
New Greece
The estimation that Greece
can increase its annual
income from clinical
research five-fold is offered
by Denis Filiotis, president
of both Pharmaserve-Lilly
and EPhForT—the EVEA1
Pharmaceutical Forum
Team.
Clinical Research:
A Hidden Treasure
M
r. Filiotis notes that investment in clinical research,
carried out by Greek scientists, could reach €400M
annually, compared with
today’s €80M. This amount, he explains, is
considered exceptionally large even for the
“good days,” even more so in a time of crisis
such as the one we live in now. “In this time
of memoranda, it is imperative that every
initiative promising growth for Greece’s
economy be carried out,” he adds “and if
it involves new technology, training, and
promoting innovation, then we are talking
about a very important investment.” Clinical research is a perfect example of such an
opportunity, with benefits such as ensuring
rapid access of patients to new therapies and
thereby promoting greater public health.
New Jobs: Clinical research helps to reduce
pharmaceutical spending while reinforcing
the economy with inflows of significant foreign capital and research expertise. It creates
jobs, continuous training, and capitalizes on
highly trained individuals. For these reasons
Mr. Filiotis says that clinical research is a matter of utmost importance to the state, and will
be a force of strong growth for the country.
In order to accomplish this goal, the Ath-
ens Chamber of Commerce and Industry
(ACCI) established EPhForT in 2012. It was
proposed by Mr. Filiotis, with the encouragement of the president of ACCI Mr. K.
Michalos, and a unanimous decision from
the ACCI board of directors. EPhForT is
led by Mr. Filiotis as president, Mr. Katsos
as vice president, Mr. Lambropoulos as sec-
EPhForT endeavors
to promote clinical
research with a
vision of Greece as a
point of reference
for research and
development
retary, Mr. Bekyras as treasurer, and several
distinguished individuals as members.
EPhForT was founded to work towards two
goals, first to promote research, and in particular clinical research, second to promote the
manufacture of pharmaceuticals in Greece
for the international market. Through its efforts to coordinate and mobilize the public
16 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
and private sector, and all the relevant regulatory bodies, EPhForT endeavors to promote
clinical research with a vision of Greece as a
point of reference for research and development, and as a central target for the execution
of international clinical research programs.
A Proposal: Having fully comprehended
this grand opportunity, EPhForT has taken a
series of actions to elevate clinical research in
Greece. It has drawn up a proposal, based on
proven methods, to ensure the recognition of
clinical research as scientific and technological research, and to accelerate and harmonize the various processes surrounding the
execution thereof. The goals of the proposal
include recognition of clinical research costs
by the tax authority, removing all manner of
disincentives (managerial, administrative),
and the creation of incentives for domestic
growth and investment in research, and in
particular incentives for hospitals.
EPhForT has made contact with many of the
relevant responsible institutions and political
influencers. It has made significant inroads
toward informing and sensitizing its audience. Mr Filiotis insists that this crisis can be
handled as an opportunity. The health sector
in particular can be a very important field of
cooperation toward reform, and EPhForT
will, with a sense of great responsibility, make
every attempt to turn its strengths toward the
elevation of clinical research in Greece, setting its sights on the resurgence of the country, with an eye towards social welfare.
1
Athens Chamber of Commerce and Industry
One World
Does your company,
whether large or small,
engage in innovative,
multi-stakeholder CSR
partnerships and thereby
make a positive impact?
Europe’s First Pan-European
CSR Award Scheme Launched!
I
f so, the first-ever European CSR Award
Scheme may be exactly the right opportunity for your collaboration to be
awarded.
The first ever pan-European Award
Scheme to inspire CSR Excellence in multistakeholder projects is coordinated by the
European Network for CSR (CSR Europe)
and the British Network BITC and aims at
giving higher visibility to best practices in
the field of CSR in 28 countries in Europe.
In Greece the award is coordinated by the
Hellenic Network for CSR and is under the
auspices of the Ministry of Development,
Competitiveness, Infrastructure, Transport
& Networks and has the support of the Hellenic Parliament.
Focus on Partnerships
This exciting and pioneering initiative focuses on successful partnerships between
businesses and non-business organizations,
with particular emphasis on collaborative
programs that tackle sustainability through
innovation.
The new European CSR Award Scheme provides a unique opportunity for companies
to promote their CSR partnerships both on
national and European level. Whether your
company is a SME partnering a single organization, or a large company working with
multiple stakeholders, you have now the op-
portunity to tell how your collaboration has
created positive social and business change.
Aims
The overall aim of the Award Scheme is to:
• Give higher visibility to CSR excellence
and raise global awareness on the positive
impact that business can have on society
• Bring the best European CSR multistakeholder projects into focus
• Enhance the exchange of CSR best practice across Europe
• Encourage CSR collaboration between
enterprises and stakeholders
• Create innovative solutions to tackle sustainability issues
Categories
There are 2 categories for this overall European CSR Award Scheme:
• Award 1: Partnerships involving small- and
medium-size enterprises (SMEs) and at
least one non-business organisation
• Award 2: Partnerships involving larger
companies and at least one non-business
organization
In Greece there will also be two runners up
in each category.
Entries will be assessed by a panel of CSR
independent practitioners from business
and non-business organizations. The national winners from each category will be
selected based on the positive impact their
multistakeholder projects have brought to
both society and business. Judges are looking for innovative and sustainable initiatives that can be replicated effectively.
Submissions to the European CSR Awards
are free. Deadline for submission is March
the 1st 2013.
Why Apply
The submission of a project will give you
the opportunity to:
• Gain recognition from your peers as a
leader in CSR
• Increase your reputation and credibility at
national and European levels
• Showcase your organization’s innovation
and commitment to sustainability
• Exchange ‘best practice’ and influence
CSR development through replication
• Participate at prestigious award ceremonies
• Self-assess the level of maturity of your
organization on CSR issues
The announcement of the results and the
winners’ celebration ceremony will take
place on April 23, 2013.
 For more information do not hesitate
to contact the Hellenic Network for Corporate
Social Responsibility at 2103387422 or visit
www.eucsrawards-hellas.gr
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 17
BIZ BUZZ
For the Executive that Has Everything
(Except Time!)
Perfect for those evenings when you’ve worked too
late, and ideal for mornings after a big night on
the town, the ‘1.6 sm of Life’ desk-bed hybrid by
award-winning Greek designer Athanasia Leivaditou has an allure to most white-collar workers.
This must-have piece first appears to be an attractive but otherwise ordinary desk, but it can gradually convert into a cozy bed thanks to a 2-meterlong mattress set into its base.
In fact, few adjustments need to be made if you
intend to snooze away in secret, for the panelling
that surrounds the cushion can be left in place for
privacy. If you’re fortunate enough to have your
own sound-proof office, you can even turn on the
small flat screen TV mounted on one wall of your
 Trend Hunter
catnapping cubicle.
For Sale
The Hellenic Republic Asset Development
Fund (HRADF) issued on Wednesday a
tender for the sale of six real estate properties abroad owned by the Greek State.
The final date for the submission of offers to the Fund is 19 March 2013 and
the final date for the signing of the contract and payment is 11 May 2013.
The buildings for sale are:
• London: 2, Holland Park, W11 3TG
• Nicosia: Aghios Prokopios str., Engomi
• Brussels: Montoyer 25, Leopold district
• Belgrade: 6 Kralja Milutina str.
• Ljubljana: 17 Veselova str.
• Tashkent: 3-4, Do’rmon Yo’li (ex - Zulaiho) str.
Green Building
Bitmore Tab 750—
A Tablet for Less Than 100 Euros!
For anyone looking for a useful and financially practical
gift, the new 7” tablet by Info Quest Technologies might
prove to be the perfect solution.
The Bitmore Tab750, has a high-quality, Greek menu,
keyboard and operating instructions. At 7”, it is the ideal
size for those who want a light and reliable device for
viewing emails and browsing the Internet (without,
of course, sacrificing the speed and graphics to play
games, watch video, and listen to music).
The new Tab750 features a multi-touch 7” screen with a resolution of 800x480, 4GB
storage (expandable with a Micro-SD card) and camera. It makes full use of Android
4.0 Ice Cream Sandwich, for maximum speed and performance on any application. Its
hardware is based on the latest generation processor and supports Flash. It also offers a USB port and comes pre-installed with GreekAndroidApps, SlideMe Market and
e-Book reader applications.
Its best feature? A mouthwatering €99 price tag.
New Course at EdX
18 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
The United States Embassy held a Green
Building Initiative event at the Athens Chamber of Commerce and Industry on December
6. Daniel B. Smith, U.S. Ambassador to
Greece; David McNeill, Commercial Counselor at the Embassy; and Constantinos Michalos, President of the Athens Chamber of Commerce and Industry welcomed the delegates,
who were able to learn about products and
services of the U.S. companies presenting:
3M, DuPont, General Electric, and Honeywell.
Green building is becoming an increasingly
important issue as it relates to energy consumption, climate change, materials use,
the health of interior and exterior environments, and cost. As technologies evolve,
buildings are able to become “smart” and
self-regulate, adopt according to ambient
conditions and, perhaps equally important,
better house occupants.
The Ancient Greek Hero will use the latest technology to help students engage with
poetry, songs, and stories first composed more than two millennia ago; this literature
includes the Homeric Iliad and Odyssey, a selection of lyric poetry (including the songs
of Sappho), excerpts of prose history, seven tragedies, two Platonic dialogues, and the
intriguing but rarely studied dialogue, On Heroes by Philostratus.
EdX is a not-for-profit enterprise of its founding partners Harvard University and the
Massachusetts Institute of Technology that features learning designed specifically for
interactive study via the web.
One in five
companies
in Greece
run by women
The ICAP Group recently conducted
a study on women business leaders
in Greece, surveying a total of 27,314
companies. Within this sample, the
percentage of businesses run by
women executives (such as Managing
Directors and General Managers) averaged 18.8 percent (5,125 firms).
ICAP observed a higher percentage of
women executives in firms with a turnover of less than 2 million Euros (20.2
percent) and less than 10 employees.
The percentage of women executives
was found to be significantly lower in
companies with sales exceeding 50
million Euros (5.6 percent) and more
than 250 employees.
Within for the top 500 companies run
by women CEOs, the largest proportion
(54.8 percent) achieved a turnover of
between 2 million and 10 million Euros
in 2011.
Of the country’s 500 most profitable
companies, 9 percent of companies (43
companies) are run by women. These
43 companies, with total sales of 2.9
million Euros, employ a total of more
than 13,500 permanent staff.
Tim O’Reilly on Government Service
“I wouldn’t say they’re disenchanted but that they’re burned out. Everybody who goes
into government gets somewhat chewed up in the process. Being a senior appointee
is like being at a startup, only more so: You run into opposition from the entrenched
oligopoly of contractors whose business model is to extract as much money from government as possible for doing as little as possible. At O’Reilly, when we first found out
about the World Wide Web and recognized its potential, we went around to all the phone
companies to get them to provide Internet access with the Global Network Navigator
as a front end. They didn’t listen. And when we went to publishers to talk about pushing
books online, they had zero interest. It’s very similar when you’re trying to bring new
ideas to government. People are comfortable with what they’re doing, and they don’t
see the future coming at them. There’s that great story in the book of Jeremiah where
he’s been preaching and nobody’s paying attention, and he feels that he might as well be
preaching to the ground. Well, I was out there being Jeremiah.”
Strict New Rules on Energy Efficiency
All new buildings to be constructed as of 2021 should be almost zero energy consumption, while new public buildings should comply with the same regulations two years
earlier, as provided for in a new draft bill on buildings’ energy efficiency tabled in
parliament by the Ministry of Environment, Energy and Climate Change.
For small apartments (under 50 square meters), which were so far excluded from the
energy regulations, the so-called Certificate of Energy Efficiency (CEF) will apply as of
Jan. 1, 2016, according to the draft bill.
Among other provisions, the new regulations allow for the determination of minimum
energy efficiency requirements. These vary for new and existing buildings: newly-constructed buildings must comply with such minimum requirements, while existing ones
would have to adjust to them when undergoing full refurbishment.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 19
Connect AMERICA
GR@USA
News and developments from across the
Greek-American bridge
Schoox
Online academy Schoox Inc. recently received $1 million of a planned $2 million
financing. The Austin-based company collected the capital from a lone investor, according to a filing with the U.S. Securities and Exchange Commission.
Schoox, which was founded earlier this year, is a Web-based academy in which selflearners can earn badges and certificates online and build a portfolio of qualifications
to monetize their knowledge, according to its website.
The company lists as one of its directors Angelos Angelou, a prominent Austin economist best known for tracking the business environment of Central Texas. CEO Lefteris
Ntouanoglou is a former executive at Open Technology Services SA, a Greece-based
software company.
 http://www.schoox.com/
Project Hope
Responding to the deteriorating conditions in Greece, the Greek
America Foundation is launching the Project Hope For Greece
initiative, a USA-wide fundraising effort that will support a wide
range of important institutions in Greece that are responding
to the crisis in substantive and systematic ways and working to
solve important problems for the people of Greece.
The project’s purpose is to inspire philanthropy amongst Greek
North Americans and to engage friends and supporters to come
together on a grassroots level. The project intends to host a
series of small events throughout North America that will raise
funds for the campaign, whose proceeds will be shared with various accredited charitable organizations in Greece.
The efforts of year one will culminate at the 2013 Gabby Awards
in Hollywood, which will be branded this year as the “Gabby
Awards for Greece”.
 http://www.greekamerica.org/
20 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Announcing the
PanHellenic Games
The Pan-Hellenic Games is an international, multi-sport event
involving athletes of Hellenic heritage from all countries around
the world. It is an event devoted to creating inter-cultural
bridges between the Greeks of the Diaspora and Greece and contributing to the maintenance of national and cultural identity of
Greeks in the world through the athletic ideal.
Pan-Hellenic Games will take place every four years in Athens,
Greece, three years after the Summer Olympic Games. The first
event will be held in the summer of 2015.
The Games are supervised and directed by the Pan-Hellenic
Games organizing committee, which will also control the sporting program and selected activities.
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—Louisiana
★
L
ouisiana is the place to create beautiful memories that will last a lifetime. This
fun-loving state has a style all of its own, formed by the collision of cultures for
over 300 years. As you travel through the state, historical influences will come
alive through the music, architecture, culture and culinary delights highlighting
the influences of French, Spanish, African, Cajun, Creole and British settlers.
World-class music, spirited fairs and festivals ensure Louisiana has something for everyone. The birthplace of jazz and a natural melting pot for all types of music, here your
toe will always find a beat to tap to and a rhythm to bring you alive. In New Orleans you
can listen to live music 24 hours a day from the clubs and bars to the street theatre in
the French Quarter. From a local deli or coffee house to a fine dining restaurant, food is
prepared and enjoyed with equal enthusiasm and excellence – sample dishes unique to
Louisiana from spicy jambalaya to sweet Bananas Foster.
Louisiana brings history alive through its fabulous architecture - from Sportsman’s Paradise
in the North, Natchitoches, Lafayette and Lake Charles through to the Garden district and
French Quarter in New Orleans all telling the story of an exotic, rich and colorful history.
oak alley plantation
THE PELICAN
STATE
Land Area 47,000 square miles
Population 4,533,372
State Capital Baton Rouge
Largest City New Orleans
Local Time CST - 8 hrs behind Greece
Climate Summer warm and long with
mild winters and moderate rain fall. Driest
months April, May, October & November
National Parks Poverty Point National
Monument, Cane River National Heritage
Area, Atchafalaya National Heritage Area,
Jean Lafitte National Historic Park and
Preserve. There are 22 State Parks
 For more information:
Louisiana Office of Tourism
Tel: 00 1 225 342 8100
E-mail: info@crt.state.la.us
Web: http://www.crt.state.la.us/
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 21
Collaboration@Work
by Stavros Messinis
Fostering a Startup
Community
A
spiring entrepreneurs want
to live and work in exciting
places that offer a supportive
culture, quality of life and ease
of doing business. The challenge is tough and it doesn’t happen overnight. It needs participation from all spheres
of society—entrepreneurs themselves, State
institutions or large corporations.
Led by Entrepreneurs,
Helped by Institutions
This is a bottom-up structure, it cannot be
done by implementing policy change alone.
This must be led by entrepreneurs, who
have the most direct interest and can have
the biggest direct impact. Having the most
direct interest makes entrepreneurs take a
long-term view.
Top down initiatives—governments, universities, banks or investment funds—cannot lead this. They have decision and action cycles—3-7 years—that are too short.
Investment funds probably have the fastest
decision/activity cycle but it is nowhere
near the agility and speed offered by individual entrepreneurs.
Startup Ecosystems Need to
be Inclusive and Engaging
Everyone who wants to offer something
should be allowed to and should be supported. Whether it be organizing an event
or offering resources to the ecosystem, the
combined energy has an amplifying effect
supporting new entrepreneurial activity.
Yes, there are some bad apples that might
try to enter the system and, often, they will.
This system, however, is a vibrant living
organism and if healthy overall, will either
change the bad apples into forces of good or
reject them outright. One or the other will
happen and as the ecosystem matures, it will
happen sooner. We’re seeing signs of this in
Athens now and it’s very encouraging.
Geographic Locality and
Density
Things become much more powerful when
activities of startups are concentrated in a
specific zone within a city, making it recognizable as “the place to go” to meet and
learn from other entrepreneurs. Inevitably,
the overall cost of starting up, acquiring talent, knowledge and capital becomes significantly lower as startup density increases.
People work better in flocks and there’s
safety in numbers. The catalytic factor here
is attracting a large startup to a zone. In
We’re seeing good
startup density in
what I could refer
to as the Syntagma,
Monastiraki, Gazi
triangle
22 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
An ecosystem is emerging.
As we encourage more
entrepreneurship and
convince youth that
entrepreneurship is a great
option, we need to foster an
environment where things
are easier and faster to do.
San Francisco, Twitter moving to the SoMa
district was instrumental in attracting
other startups to SoMa, making it a fashionable place to set up. Policy is driven by
demand and numbers. We’re seeing good
startup density in what I could refer to as
the Syntagma, Monastiraki, Gazi triangle
with more established or growth phase and
later-stage corporate activity migrating further north to to Maroussi or Chalandri.
Commitment
Fostering a strong entrepreneurial community requires hard work. Entrepreneurs
should offer up to 15% of time to community initiatives. Some, like event curators or coworking space owners will offer more—it’s
their job after all. Athens has a very dense activity calendar, from meetups to hackathons
and networking events. Regularity, in terms
of periodicity and location are important
in the success of an entrepreneurial event.
Initiatives acting as catalysts are Opencoffee,
StartupWeekend, Eimai Kano Thelo, and
MeetIn5. There are more and they’re all adding their bit of value.
Take the Leap
It is important that now that we have the
first cells of a healthy and vibrant ecosystem
that we now move from inspirational or informative events and activities to measurable actions that deliver. We need more people to take the leap and startup, creating
jobs, solving the world’s problems through
their products. In the past few months, four
new venture capital funds have emerged,
ready to fund new initiatives. There is no
better time to startup.
The Business
EcoSystem
To return to growth
and higher levels
of employment,
Europe needs more
entrepreneurs.
Unleashing Europe’s
Entrepreneurial Potential
W
ith 4 million new jobs created every year, new companies, especially small- and
medium-size enterprises
(SMEs), create the most
new jobs in Europe. Therefore, on January
9, European Commission Vice President
Antonio Tajani presented an action plan to
support entrepreneurs and revolutionize the
entrepreneurial culture in Europe.
The plan stresses the key role of education
and training to nurture new generations of
entrepreneurs, and includes specific measures to help budding entrepreneurs among
young people, women, seniors, migrants,
and the unemployed. The plan also tackles
obstacles to entrepreneurship such as ambitious measures to facilitate start-ups and
new businesses, make transfers of business
ownership more successful, improve access
to finance, and give honest entrepreneurs a
second chance after bankruptcy.
Studies show that such support is more
necessary that ever. According to the Eurobarometer Entrepreneurship 2012, over
the past three years the share of EU citizen
who want to be their own boss has fallen
from 45 percent to 37 percent. This drop is
caused by less promising business prospects
due to the current crisis.
“To make it very clear: more entrepre-
neurs mean more jobs, more innovation
and more competitiveness,” said European
Commission Vice President Antonio Tajani, who is responsible for entrepreneurship
and industry. “Becoming an entrepreneur
and making a vision come true takes a lot of
personal risk and effort. Entrepreneurs are
the heroes of our time. Entrepreneurship is
also the most powerful driver of economic
growth in economic history. Therefore, we
want to make entrepreneurship an attractive and accessible prospect for the European citizen.”
Targeting Entrepreneurial
Education and Training
Investing in entrepreneurship education is
one of the highest return investments Europe can make. Surveys suggest that between
15 percent and 20 percent of students who
participate in a mini-company program in
secondary school will later start their own
company, a figure that is about three to five
times that for the general population.
In the same vein, the role of higher education in entrepreneurship goes far beyond
the delivery of knowledge to participating
in business ecosystems, partnerships and
industrial alliances. With high-tech and
high-growth enterprises increasingly becoming a focus of entrepreneurship-related
public policies, higher education institutions are an active component of Member
States’ and EU’s innovation policies.
Of course, the Commission also recognizes
that it must provide support to new businesses throughout their crucial lifecycle
phases. About 50 percent of new businesses
fail during their first five years as they often
lack an appropriate ecosystem to help them
grow. Given their limited resources and
experience, small and newly created businesses suffer more from high compliance
costs arising from complex tax legislation
and cumbersome tax reporting procedures
than large corporations do. In addition, in
most of the EU, the legal frameworks for social security of self-employed persons differ
substantially from that for the employed.
The Commission plans to combat this gap
through a variety of measures, including
promoting the best practices of member
states and supporting the cooperation between clusters and business networks. Other policy priorities include unlocking the
full potential of the Digital Single Market
for SMEs and continuing the development
of the Erasmus for Young Entrepreneurs
program to meet the increased demand for
participation in the EU and encourage exchanges of young entrepreneurs between
the EU and external countries.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 23
The Interview
Direct Sales—
A Future in
Greece?
George
Apostolopoulos,
General Manager
of Amway Hellas,
talks about a unique
business model
that now, more
than ever, is ideal
for the current
circumstances in
today’s market.
24 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Direct selling … what’s it all about? Please provide us with an overview.
Direct selling is a method of marketing and retailing goods and services directly
to consumers, in their homes or in any other location away from permanent
retail locations.
It is usually conducted in a face-to-face manner, either where products are demonstrated to an individual, or to a group or where a catalogue is left with the
consumer and where the direct seller calls later to collect orders.
The worldwide direct selling industry sector has reached 153 billion USD with
more than 91 million direct sellers.
Cosmetic and personal care products, household items and wellness are the
strongest sectors in direct selling. Other product categories include food and
beverage, nutritional products, jewelry and clothes, books, garments, toys,
and games.
Direct selling appeals to many people as it offers an equal and flexible income
opportunity to both men and women, regardless of social and ethnic origins or
work experience.
Amway offers more than 500
exceptional products, with
patented ingredients and formulas,
in the areas of beauty, wellness and
home care.
What makes Amway’s business model so unique?
Amway is one of the world’s leading direct selling companies for more than 50
years and offers consumer products and business opportunities through a network of more than 3 million Independent Amway Business Owners (ABOs), in
over 100 countries and territories worldwide.
In Greece, Amway started its operations in March 1996. Our new central offices
and Experience Center recently relocated to Marousi and our Warehouse and
Distribution center is in Agios Ioannis Rendis.
What is the Amway business model?
The Amway business model is based on the marketing of services and high
quality products directly to the consumer.
Apart from the more than 500 exceptional products we offer with patented ingredients and formulas in the areas of beauty, wellness and home care—the vast
majority of which are developed and produced in company owned R&D centers
in Michigan, USA—we also offer
an excellent business proposal
that gives people the opportunity
to own their own business.
Amway’s business proposal-opportunity is a unique alternative
to conventional employment as it
can be operated from anywhere;
generally at home, at working
places, not in the usual retail locations. Our distributors are not
required to buy products beforehand and store them or to have a
product inventory or the space for
that inventory, so they don’t need
to invest a significant amount of
money to start. Work experience is not required and you can start a business as
a part-time activity and develop it into a full time business, depending on the
time and commitment involved.
Another “asset” is that Amway safeguards the protection of consumers by
providing its customers with 100% satisfaction guarantee after purchase. This
means that if a consumer is not completely satisfied, they can return the product and be fully reimbursed.
To sum things up, Amway offers a low-risk, low-cost opportunity that is open
to everyone, which provides supplemental income, in a flexible working environment.
competitive—value for money.
Furthermore, a product on a shelf is also burdened with
additional costs. However, products retailed through direct sales are free from marketing expenses and from the
intermediaries’ profit margin and the money gained from
lack of advertising is invested in Research and & Development, in improving and producing innovative products.
In other words, the benefits consumers gain from buying our products are multiple; they purchase unique
and innovative high-quality products that come with a
satisfaction guarantee, customers have the opportunity
to try and test them in a relaxed and friendly environment and they receive personalized service from our
distributors, who deliver the products at a time and a
place that suites their customer.
How do you market your products to the end consumer in Greece? Are your
prices competitive with respect to the “over the shelf” products?
Our products are retailed through our distributor network that purchase products at wholesale price and in turn, sell them directly to their customers at a
suggested retail price.
Amway’s products are high quality and innovative brands and are time-tested and
trusted, as many consumers are familiar with our products and reputation as a trustworthy company that stands behind its products with our Satisfaction Guarantee.
Many Amway products are concentrated, so if you compare the usability they
have and their selling price vs. the “over the shelf ” products, they are more
How does one profit from their Amway business?
What kind of compensation plan do you offer to your
distributors?
An Amway business rewards its distributors for selling products and helping others they sponsor to do
the same. Their rewards grow as their business grows
and as they earn income from retail profit, monthly
performance bonuses, monthly and annual leadership
bonuses, as well as other cash and business incentives
based on personal and group performance. Amway is
We also offer an
excellent business
proposal that
gives people the
opportunity to own
their own business.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 25
The Interview
The Amway business
opportunity is attractive
to an ever-increasing
number of people from
all walks of life, who
are seeking ways to be
more independent and to
supplement their income
a global community, which offers a compensation plan
that has paid out more bonuses in 2010 than any other
direct selling company.
One of Amway’s key points is providing support to
our distributors with world-class business resources,
such as customer support, business management, order management, training and motivation from online
or in-person training tailored to their specific learning
preference under the Amway Academy e-learning program, providing extensive training for business owners in 22 languages all over Europe with more than 100
trainers. All these tools including a strong community
of experienced Amway Business Owners who offer assistance and support to their distributors in reaching
their chosen goals.
Although our business opportunity may bring about
substantial rewards, there’s no guarantee that someone
will succeed, as this depends on the personal effort of
each individual. We are always very careful when we
present our business model as a “response” and as an
alternative to the economic crisis for those who have
no other alternative.
How would you comment on the fact that the government’s austerity measures constantly reduce the
spending power and consumption of the consumer?
Does this have an impact on entrepreneurship and
self-employment?
There is no doubt that the austerity measures taken by
the government have had a lasting effect on consumer
26 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
demand, thus further complicating the environment for entrepreneurs. We fully
understand that there is a need for additional measures, to encourage private consumption and result in the overall economic expansion and development of the
country. However, until this happens, the uncertain economic situation remains
to be the main obstacle for entrepreneurial activity.
The government should create a friendly environment that will strengthen and
encourage the development of entrepreneurship and self-employment, not only by
stabilizing the economy again, but also by revisiting the explicit and implicit effects
that the current policies have on our biggest motor of growth, the entrepreneurs.
What are the prospects for Amway and direct selling in Greece, in the context
of the financial crisis, at a time when consumers are limited to necessities?
According to a survey that was conducted—from May to June 2012—by the
GFK research company of Germany in 16 European countries,* and in cooperation with University LMU (Ludwig-Maximilians University) Entrepreneurship Center in Munich for Amway Europe, there is a great deal of potential for
entrepreneurship in Greece in times of crisis.
The results for Greece in this survey, which was presented for the first time at
the 2nd Labor & Insurance Conference in Athens on November 15, shows that
72% of Greek respondents have a positive attitude toward self-employment,
while one in two Greeks can imagine starting up their own business.
Furthermore, self-employment has a high reputation among young people in
our country, as 8 out of 10 respondents between the ages of 18-29 years perceive
self-employment with a positive attitude. Greeks also seem to admire those who
have their own business as 7 out of 10 (66%) feel that they have the “courage
to strike new paths” while 61% find it appealing to start up their own business
mainly due to the “independence from an employer, being my own boss” and
“self-fulfillment, possibility to realize own ideas” (54%).
Finally, two thirds (70%) of Greek respondents estimate that entrepreneurship
will be equally or more important in the modern working world a decade from
now. As for those who hold a university degree, they believe in the growing importance of entrepreneurship, as 79% agree that entrepreneurship will be equally or more important ten years from now (without university degree: 67%).
It sounds like Amway is an attractive entrepreneurial option?
Amway offers a low-risk, small-investment and flexible business opportunity
that is ideal to the current difficult circumstances because it promotes the need
for innovation and development. More importantly, through a self-employment process, which is the basis of our company’s business model, we offer the
Amway business opportunity to an ever-increasing number of people from all
walks of life, who are seeking ways to be more independent and to supplement
their income or to build a part-time or full-time business.
The fact that the Greeks have such a positive attitude towards self-employment
is a key driver to continue investing in Greece. At the end of the day, strengthening entrepreneurship will contribute to economic growth and wealth in the
country and Amway would like to help push forward the entrepreneurial spirit,
in Greece and all over Europe.
* Austria, Denmark, France, Germany, Great Britain, Hungary, Italy, Poland, Portugal, Romania, Russia, Spain, Switzerland, Turkey, Ukraine and Greece, Fieldwork: May – June 2012,
Sample: 17.768 women and men aged 14+.
NORTH
ER
North
Greece
GREE N
CE
The new Center
for Agricultural
Entrepreneurship at the
American Farm School
and Perrotis College is
training Greece’s next
generation of agricultural
specialists.
Classes at the Center for Agricultural Entrepreneurship
Fostering Agricultural
Excellence
T
he President of the American
Farm School, Dr. Panos Kanellis,
led the inauguration of the new
Center for Agricultural Entrepreneurship at a September 28th
ceremony held on the institution’s Thessaloniki campus. Dr. Kanellis stressed that his
goal is for “young men and women to learn
sound entrepreneurship and how to differentiate and promote their high quality agricultural products in the marketplace.”
Greece’s Minister of Development, Kostis
Hatzidakis, told the guests gathered at the
event, “the school’s Center for Entrepreneurship gives optimism to the people of
Greece—it is a bold innovation for others
to seek to emulate.” It was an important
message for the audience, many of whom
were interested in studying themselves
at the Center before launching their own
agrofood ventures. Also on hand for the
inauguration was Greece’s Minister of Agricultural Development & Food, Athanasios
Tsaftaris; Alternate Minister of Energy, the
Environment and Climate Change, Stavros
Kalafatis; and several other ranking members of the Greek government.
In addition, the U.S. Consul General in
Thessaloniki, Robert Sanders; President of
the American-Hellenic Chamber of Commerce, Yanos Gramatidis; President of the
Federation of Industries of Northern Greece,
Nikolas Pentzos; and other leaders of the
Athens and Thessaloniki business and civic
communities were present. The U.S. Ambassador to Greece, Daniel Bennett Smith, lent
the Embassy’s support to this event and to a
second inaugural event at the Ambassador’s
residence in Athens on January 24.
Based at Perrotis College, and located on
the American Farm School-Perrotis College campus in Thessaloniki, the Center for
Agricultural Entrepreneurship is an initiative focused on strengthening healthy and
sustainable development in Greece. It aims
at preparing individuals with the technical
knowledge and skills needed to succeed in
their chosen field of agriculture, including
mentoring them in the creation of business
plans, and providing guidance and access
for young entrepreneurs toward securing
start-up funding.
Angelina Kyriakopoulou, from the village of
Gefira, on the outskirts of Thessalonki, raises the Chios breed of sheep. She has taken
Adult Education courses at the American
Farm School in cheese-making, and is now
enrolled at the new Center. “There are many
opportunities, even in a deep economic crisis,” she says. “Once you have the entrepreneurial instinct, the American Farm School
gives you ideas, motivation and know-how
to make sure your business is profitable.”
Courses at the Center opened in October
for the inaugural class of twenty-three men
and women. The students hail mostly from
Thessaloniki, but some commute from as
far as central Greece and northern Greece.
All trainees take the “Start Up and Management of an Agriculture Business” and
the “Entrepreneurial Thinking” courses,
plus one elective in a specialized business
or agrofood topic. Popular among the electives are “Product Standardization” and “eMarketing.” The second cycle of training,
focused on mentoring and business plan
development to attract angel capital investment, begins in February.
In a significant step forward, the Center for
Agricultural Entrepreneurship has received
a generous gift from the Stavros Niarchos
Foundation to support operating costs and
for the ongoing development of its educational programs.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 27
Thought Leaders
Point/Counterpoint is a new Business Partners
feature that presents two sides of an issue—point
and counterpoint—to examine topics that often have
multifaceted arguments. In our launch feature we look
at the pros and cons of flexicurity, women represented
on boards, and lower corporate tax rates.
28 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Point/
Counterpoint
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 29
Thought Leaders
Flexicurity—
An Option for Greece?
A
Stavros Andriopoulos
KLC Law Firm
s a term flexicurity derives from
the abridgement of “flexibility” and
“security”. The notion of flexicurity
was first introduced in the Netherlands, immediately after the labor
legislation reform of 1999. It is based upon the
view that both of these terms, i.e. flexibility and
security, are not by definition mutually contradictory and exclusive but rather complementary
in their effects. Its objective lies in more and better jobs this also was the primary objective of the
modified Lisbon Strategy.
Four Policy Elements
Flexicurity comprises four policy elements. First,
the element of flexible and secure contractual
regulations. Second, the element of all-embracing strategies on lifelong learning. Third, the element of effective and active policies on the labor
market and fourth, the element of modern social
security systems.
Flexicurity could be portrayed as a ”structure”
supported by three distinctive pillars. The first
pillar consists of a flexible labor market. The second pillar involves the protection of standards of
living and income. The third pillar consists of Active Employment Policies (A.E.P.). Flexicurity as
a model is based upon a robust welfare state on
the mold of the Scandinavian countries’ model.
It promotes the mobilization of the unemployed
workforce in their effort to find new employment
and the facilitation of successful employment
- searching through active employment policies
and lifelong learning programs. Without doubt
Denmark is a country where flexicurity has been
implemented in an exemplary manner.
30 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Good for Greece?
What applies in our country in particular? For
a multitude of reasons the issue of flexicurity is
of direct concern to Greece. First, because of the
Greek economy suffering from high unemployment rates and lack of competitiveness. Second,
the Greek labor market is characterized by many
examples of non-standard and “flexible forms”
of labor which operate in a counter–competitive manner to functional enterprises. Third, our
country is characterized by the highest percentage of unregistered labor in Europe.
Having said that, it is important to determine the
extent on which national particularities allow the
successful implementation of the model.
Requirements
A number of structural elements and changes are
required. A modern educational system is necessary, as well as mutual confidence developed between state, civilians and institutions, low level of
corruption, the existence of a social and redistributive state of law, budgetary balance and limited
tax evasion.
The question is: which of the above requirements
is fulfilled by our country?
In addition, a serious defect of Greek reality,
which places a significant obstacle to the adoption of flexicurity policies, is identified in the field
of social dialogue (i.e. dialogue between management and labor). In the case of Denmark the existence of positive social dialogue is the decisive
factor for the successful implementation of flexicurity. Greece, in contrast, is considered a country suffering from intense conflicts between the
social partners.
Moreover, collective bargaining agreements in
Greece, and in particular the sectoral and business
agreements, rarely include in their agendas matters
relating to employment and professional training.
Challenges
What is more in the case of Greece, the malfunctioning social state prohibits the implementation
of the model of flexicurity. The tense relations between the state and its citizens, and the lack of
trust characterizing the relations between the social partners and the particular characteristics of
wage labor cost, reduced mobility from sector to
sector and limited flexibility on working hours.
Also, the rate of remuneration of work to productivity is inversely proportional.
On the other hand the fact that, to date, the EU
has sought a productive model pursuant to which
labor is considered as a “cost,” this under the influence of terms adopted from international competition and which incriminate both the employee and his/her rights must not be underestimated.
Instead of supporting and strengthening the beneficial value of its social model as well as seek-
“Flexicurity is an integrated strategy for enhancing, at
the same time, flexibility and security in the labor market.
It attempts to reconcile employers’ need for a flexible
workforce with workers’ need for security – confidence
that they will not face long periods of unemployment.”
—European Commission
their labor markets make it extremely difficult to
establish a flexicurity model in Greece.
More specifically, Greece has been described by
the European Union as a “problematic” country,
due to its residual rule of law and its “breathless”
economy. Policies for unemployment subsidies
and reintegration of the unemployed workforce
adopted by the country may be considered as
meager, discouraging and ineffective to a certain extent whereas the allowances granted to
Greek unemployed are considered as temporary
and insufficient.
Furthermore a huge issue of the Greek labor
market revolves around the uninsured and undeclared work, which is further accentuated due
to the existence of an inadequate monitoring
mechanism for the implementation of legislation
as well as the laggard administration of justice in
such cases.
Some additional characteristics of the Greek case
act to deteriorate the situation, such as high non
ing its promotion and “export,” the EU seeks to
introduce elements of liberalization of the labor
market, which upset the essential characteristics
of the European Labor Law.
Worth a Try
To sum it up, when it comes to labor markets
flexicurity is neither a panacea on the problems
currently being faced nor a disaster looming on
the current structure of labor protection afforded
by current labor law. However it is of no doubt
that it is not a one-dimensional and unambiguous phenomenon; as such its manifold appraisal
on a social and a financial level is imperative. At
these critical moments which our country is currently experiencing, we should not remain passive but must instead seek the implementation of
the appropriate combination of policies in order
to evaluate the modes of “kick - starting” growth
in this country, after taking as a rule the adequate
protection of social rights.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 31
Thought Leaders
Women Should or Should not
be Represented on Corporate
Boards by Legal Quota
Experts agree and statistics support that having a diverse
mosaic across corporate leadership helps a company to better
cater to market globalization and the increased spending power
among diverse consumer groups.
Anastasia Sideri
Public Affairs and
Communications Director,
Coca-Cola Southeast Europe
A
recent Credit Suisse study reconfirmed
also that gender-diverse Boards are a
good and viable indicator of investment potential, as they outperformed
male-only Boards by 26% over a period of six years. Far from the cliché of inherently
cooperative nature and women acting as conciliators, recent evidence indicates that this extraordinary performance is mainly attributed to the fact
that women are less likely to follow group thinking,
have better customer insights, are more resourceful and creative and can act as catalysts for Boards
to stop sitting idly and taking action when there is
underperformance.
Gender Gap
It is hardly news, however, that despite the body of
relevant evidence and voluntary measures taken,
there is still a huge gender gap at the top of the private sector. Women still make only 16.6% of corporate Board officers at Fortune 500 (and 13.7% in EU
corporations), while the rate of increase stays at a
humble 0.6% per year, making companies less competitive according to a study by Ernst and Young.
32 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Many claim that this is due to the fact that
women lack key leadership qualifications, or the
will to stand out as leaders. EU Commissioner
of Justice Vivian Reding, however, recently announced a list of 8,000 Board-ready female leaders provided by EU Business Schools. At the
same time a proposal was made to have women
on at least 40% of EU Boards by 2020. The proposal that started as a mandate, and included
fines for noncompliance, was eventually watered
down to just a target, following fierce opposition by 9 Member States and the International
Corporate Governance Network (a network of
international institutional investors) stating that
66% of their members opposed such a quota.
According to the final wording of the compromised proposal, companies with more than 250
employees will have to have targets and processes in place to have 40% of women in non–executive Board seats by 2020 (and 2018 for state
owned companies).
The debate on quotas is still very active across
Europe and the rest of the world and I will try to
summarize below the pros and cons:
Pros
Cons
• Self-regulation has not worked, while quotas
seem to be the most effective way to challenge
inertia and break up the elite boy-clubs. It will
take us 76 years to reach the 2020 target of 2020
if we continue with the current rhythm.
• only 2 Female Board members are today in
FTSE 100 companies
• in Norway, that imposed quotas in 2006, all
Boards today have at least one woman and
80% have more than 3 women
• As the issue is rarely the actual performance, but
rather the image and exposure of candidates, a
quota could push corporations to overcome
these barriers and offer targeted mentoring
schemes to the women candidates
• Other barriers also relate to rigid organizational structures and inflexible and long working
hours that do not allow for the aspired work life
balance of women leaders. A quota could push
corporations to revisit their policies and offer
women friendlier work conditions.
• Business–led, self-regulatory models are the
best approach. Mandatory quotas and sanctions
are unwarranted interference to national sovereignty and employment legislation.
• Quotas can be patronizing and pursued as political correctness rather than proceeding with
removing the true barriers.
• Quotas may lead to placing unqualified individuals in corporate Boards and generate unnecessary friction between men and women in
an organization
In my opinion, how to promote more women
will remain a highly divisive issue in countries
and within the corporate world. I personally find
the quota targets a positive step that needs, however, to be taken seriously by corporations and be
translated into policies and processes. I can only
hope that by the time my daughter enters the
workforce in 2020, our Boards, governments and
other decision making bodies will be a more open
and friendlier environment.
There is still a huge gender gap at the top of the private sector.
Women still make only 16.6% of corporate Board officers at
Fortune 500 (and 13.7% in EU corporations)
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 33
Thought Leaders
High or Low Tax Rates?
Ioannis Stavropoulos
LL.M. Partner, Stavropoulos
& Partners Law Firm,
Member of the Taxation
Committee of the Chamber
The crisis has revived the discussion on raising tax rates. In
the last decade, under the euphoria of the markets and easy
lending and spending, the demand for low tax rates was taken
for granted. Today, with public finances under pressure, there is
renewed skepticism about low tax rates.
Global Trends
On New Year’s Eve, President Obama was struggling to avoid tax rate increases, without which
the “fiscal cliff ” would be imminent. Finally,
a modest increase of the highest tax rate was
agreed, but Cassandras believe that further increases will be soon required. The UK government, in its autumn statement, announced a
series of tax measures, including lowering the
threshold for the highest tax band, dragging another 400,000 taxpayers to the highest rate. And
earlier in 2012, France announced the staggering
75 percent tax rate for the very rich (which was
later challenged by the country’s constitutional
court). Following the same path, the Greek government, in the draft bill for 2013, subjected a
much larger percentage of its taxpayers to its
highest nominal rate by disproportionally lowering the threshold from 100,000€ to 42,000€ (although it lowered the highest nominal tax rate
from 45 percent to 42 percent).
It is important to keep in mind that each instance
refers to nominal tax rates. If one were to add the
cuts in personal allowances, the effective tax rate
would be even higher.
It is true that, for the time being, tax rate increases hit individuals, while in business taxation
changes are modest. In the UK, the corporate tax
rate was reduced by one percentage point, while
34 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
in the Greek system, resident corporate shareholders will be subject to an overall 33 percent
instead of 40 percent.
Tax rate increases are presented as a means of targeting the wealthiest, who are now called upon
to pay a heavier share towards social welfare. As
indicated above, this is not necessarily true. Most
taxpayers are affected from the reduction of allowances and tax credits.
The Mission of Taxation
But, should tax rates rise as an antidote to the
crisis? Well, it all depends on how we define the
mission of taxation.
In our world of open economies, a cynic might say
that tax is the price that a state charges its citizens
for the public services it provides. Like any other
enterprise, a state is called to obtain the best quality at the lowest and most competitive price. Of
course, the state feels like a monopoly and does
not care about competitive pricing. Should it continue like this? Obviously, no—for a state is not a
monopoly. The taxpayer/customer may choose
another supplier to buy the services from. And if
an individual chooses to be like Gerard Depardieu,
to change one’s residence, relocation of production
lines (or even of a corporate seat) based on tax criteria is a common practice in the corporate world.
But even if the state indeed serves as a monopoly
for most of us, raising taxes beyond a level that
serves the reciprocal relation with citizens might
produce adverse results. In competition law jargon, excessive pricing is considered an abuse by
a monopoly. Even if a citizen cannot sue the state
for breaching antitrust laws, he or she would definitely feel tempted to return the abuse.
The Double-Sided Coin
This coin, however, is double-sided. Taxes are not
only a consideration for buying public services,
but also a mechanism to reallocate income among
members of society. More precisely, taxes enable a
state to allocate the benefits that income can buy.
This is why tax systems follow the proportionality rule, which, in Greece’s case, is also guaranteed by the constitution. Nobody challenges this
principle; the more you earn, the more you pay. A
reflection of this principle is the progressive individual tax scale that leads to a better allocation of
personal income. It is a social approach that can
hardly be opposed in these days of crisis. Even
Pope Benedict XVI felt the need to denounce the
“growing instances of inequality between rich
and poor” in his New Year’s message.
All of these ideas are correct in principle. The
question is if, how and when this reallocation
takes place. Even the patriarch of the welfare
state, John Maynard Keynes, challenged the effec-
tiveness of high and punitive tax rates by writing:
“Taxation may be so high as to defeat its object,
and that, given sufficient time to gather the fruits,
a reduction of taxation will run a better chance
than an increase of balancing the budget”.
Adjusting the tax rates, especially when forecasting the needs for next year, is a favorite game of
politicians struggling to cope with Q4 budget figures each year. It is difficult to commit to longterm competitive and stable tax rates to enable individuals and businesses to plan for their future.
Most importantly, the state must ensure that tax
rates apply to all, taxpayers and tax-avoiders, and
that taxes serve their purpose: to finance the state
only to the extent needed for cost-effective services, which will be equally enjoyed by all.
But, should tax rates rise as an
antidote to the crisis? Well, it all
depends on how we define the mission
of taxation.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 35
Business Matters
by Marcel E. Cremer LLM
Attorney at Law – CIArb, Accredited
Mediator, Cremer & Associates
The Company@gr
A recent read of John Micklethwait’s and Adrian
Wooldridge’s book The Company: A Short History of a
Revolutionary Idea1, provided me with a useful insight
of the history of corporate entities from antiquity to
the present.
O
n the back cover of the Greek
version of the book2 there is a
brief mention of the institutions that govern the lives of
people, and those featured are:
for Hegel: the state; for Marx: the commune;
for Lenin and Hitler, the political party and,
in less recent years, the parish church, the
monarchy and feudalism. However, it is
quite easy to realize that the company is
perhaps the most successful institution, as
it has survived for thousands of years and
has an immense impact on modern life, directly and indirectly.
The essence of the company as an institution is when more than one parties collectively endeavor to achieve—primarily—fi-
nancial goals. Stewart Kyd3, the author of
the first treatise on corporate law in English, defined a corporation as:
“a collection of many individuals united
into one body, under a special denomination, having perpetual succession under an
artificial form, and vested, by policy of the
law, with the capacity of acting, in several respects, as an individual, particularly of taking
and granting property, of contracting obligations, and of suing and being sued, of enjoying privileges and immunities in common,
and of exercising a variety of political rights,
more or less extensive, according to the design of its institution, or the powers conferred
upon it, either at the time of its creation, or at
any subsequent period of its existence.”
36 | BUSINESS PARTNERS | january-february 2013
Longevity—A Defining
Characteristic
Following that interpretation, companies
have, throughout history, taken many shapes
and forms, always depending on the aims of
their beneficiaries and adjusting to social
conditions. Above all, though, the main
characteristic of the company as an institution is longevity. As humans have a finite life
span, the “gimmick” of creating a legal entity
which transcends the limitations of time is
ingenious. To add to that, one must consider
that as societies change, the needs for legal
entities with longer duration have become as
necessary as ever.
Companies provide multifold benefits to
the community. Aside from the purely fi-
nancial aspect of companies’ aim for profit,
there are other well-known social provisions
which are sometimes taken for granted,
such as the stability which is created from
employment offered to people, the contribution to the economy because of companies’ duties to pay taxes, the maintenance
on a significant level of pension funds and
the like. Equally important, as a result of the
combination of people with different skills,
there is substantially greater creation of value than what separate individuals would be
in a position to accomplish.
Guilds—The Corporate
Precursor
In the Western world the origins of the
modern company go back to European medieval times with the ‘Guilds’ being one of
the earliest examples of egalitarian communities seeking to protect the common interests of their members.
As the world evolved, conditions altered
and there was need for more rigid legal
frameworks concerning companies and the
activities ther
of. As such, different types of corporate
form were invented and rules of corporate
governance were established.
There are brilliant examples of corporations
that date back to the 18th and 19th century.
Companies such as Lloyd’s (est. 1774 as a
society – incorporated 1871 in the U.K.),
Rothschild (est. 1798 in the U.K.), DuPont
(est. 1802 in the U.S.), Colgate (est. 1806 in
the US), are but a few of the successful companies-turned-multinationals which stood
the test of time and still operate today.
In Greece, the corporate legal framework
mainly consists of the commercial code, law
2190/1921 relating to Sociétés Anonymes,
law 3190/1955 relating to Companies of
Limited Liability and more recently law
4072/2012 relating to Private Companies.
The roots of Hellenic corporate legislation
lie in the French and German commercial
and corporate codes.
Greece—Odd Man Out?
Before the 20 century there was little activity compared with the boom of the corporate
trend in Greece that succeeded the Second
th
World War and was the result of the overall
financial recovery for the country. However,
albeit Greece experienced robust growth in
the post-war years, and even more recently
after acquiring the member-state status in
the European Community in 1981, few Hellenic corporations have managed to become
sustainable and survive for periods exceeding the fifty-year mark. This is due to a twofold phenomenon: traditional family businesses and the pursuance of easy lucre.
With all due respect to the family as an all-
defying the afore-mentioned “perpetuity of
the artificial form.” Many may rush to claim
that the financial conditions in Greece these
last four years are to blame for the closing of
thousands of businesses, but few will accept
that most of these enterprises were created
with a total lack strategy and planning.
An indication of this is, among other factors, the massive flow over the last years of
corporations to the refuge of art. 99 of law
3588/20074, which has to do with protection from creditors and financial restruc-
. . . few Hellenic corporations have managed
to become sustainable and survive for
periods exceeding the fifty-year mark.
This is due to a two-fold phenomenon:
traditional family businesses and the
pursuance of easy lucre.
time-classic “incubator” for entrepreneurship, there are restrictions posed by the
Greek mentality. Of course, there are exceptions in the traditional industries of mining,
minerals, banking and shipping, but even in
these cases most of the enterprises started
as family businesses and remain so until
today—an characteristic that definitely describes the Greek way of doing business but
perhaps deprives the business community
of more opportunities, as the decision-making process remains within the family circle
regardless if its members are in fact capable
for this role or not. This, in turn, frequently
causes turbulence for the company and
quite often leads to insolvency.
The second criterion which leads to the
short life-span of companies in Greece is
the tendency to aim for quick profit, as if
the legal entity is merely an extension of
the stakeholders and not an actual venture
aiming at sustainability and longevity, thus
turing and the misuse thereof, as extremely
few of the businesses actually recover. The
common scenario is that art. 99 is mostly
used as an interval to gain time and detract
as much wealth from the legal entity in order to go to full insolvency just right after.
As Greece undergoes significant changes
and reforms, an opportunity is presented
for the new generation of entrepreneurs to
start thinking differently and seek to lend
newly formed companies features which
will aim at sustainability and longevity. As
“innovation” is the current trend, “maturity” should not be neglected as an equally
essential element in business that will lead
to sustainable tradition.
Published by Phoenix – Orion Books Ltd 2005
Published by Cretan University Publishing 2012
3
Scottish politician and legal writer (d. 1811)
4
Somewhat similar to chapter 11 of U.S. Bankruptcy Code.
1
2
january-february 2013 | BUSINESS PARTNERS | 37
Social Dialogue
Labor Markets and
Financial Crises
by Duncan Campbell & Katerina Tsotroudi
A Short Primer
In November last year, one of us gave a talk in Athens
on, “How an unhealthy labor market is bad for the
economy.”1 Isn’t it, instead, that a bad economy that is
devastating for labor markets? In fact, both are true—
and, indeed, a bad, and now scarred labor market might
well turn out to be worse for the economy than the
latter had been for the labor market. Here is why.
F
irst, history shows that labor
markets take many years to recover from financial crises, particularly of the magnitude of the
one we have gone through since
2008. The consequence is that by the end of
2013, the world economy will have created
50 per cent fewer jobs than needed just to
turn the clock back to 2007. The considerable lag in labor market recovery is true even
when financial and product markets have
already recovered. They have not in Greece,
and that makes matters even worse.
Youth unemployment in Greece is just over
double that of total unemployment—but the
magnitudes are staggering, now over 50 and
25 per cent, respectively. What is more, labor
underutilization also shows up in underemployment, informality, and working poverty.
This has long been apparent in the developing world, but it is now also evident in developed countries, such as Greece, today.
Labor market depression today is a crisis of
aggregate demand. The point is an alarmingly simple one: if people either do not
have income, or have seen the value of what
they counted on as trusted assets diminish,
or otherwise sense economic threat, then
they do not spend. Consumption is, in fact,
the major component of aggregate demand:
we don’t consume, we deflate demand. We
deflate demand, we see prices and profit
margins fall. These fall, and then do investments on which growth depends and, in an
38 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
umbilical way, does growth itself.
Even prior to 2008, a widespread decline
in labor’s share of national income exerted
downward pressure on consumption. With
the crisis, we did see one big consumer come
to the rescue—governments.This was helpful, but governments do not have deep pockets these days even in the most fiscally fortunate of countries. Governments can only do
so much. Private companies cannot come to
the rescue if there are incentives elsewhere
or there is doubt over demand for their
products domestically. And labor—consumers—cannot be expected to ignore their uncertainty over current or future income.
All this does not bode well in economic terms.
Separation from the labor market, or the in-
ability to enter it, shows up in a lifetime’s loss
of income even if and when conditions improve. Income aside, there are malignancies
associated with an unhealthy labor market.
Income explains only about 50 percent of
how we evaluate satisfaction with our jobs
and with our lives. Much evidence comes
from studies of the consequences of the involuntary absence of work. Unemployment
has a demonstrably corrosive influence
on trust and civic engagement. It destroys
“social capital,” capital that is difficult to rebuild, but upon which we rely for all sorts
of things that define the good life or the
good society—political stability and trust
in government among them. Societies fray
with prolonged absence of opportunity and
hope. Economic crime rates rise and, with
declining trust, we ally ourselves to blame
others and single them out.
As hope recedes, damaging physical behaviors rise with unemployment, such as
substance abuse. The unemployed have a
higher rate of cardiovascular illness. They
die younger. Suicide rates among the unemployed are higher than those with jobs.
They get divorced more than those with a
steady job, or don’t get married to begin
with, while marriage and self-reported life
satisfaction are positively correlated.
Psychologists refer to a phenomenon of
“learned hopelessness.” This can apply to
those who believe their opportunities in
the labor market have disappeared (which
is likely to happen the longer a person is
separated from the labor market). People in
most regions of the world today, surveys tell
us,believe that there are simply not enough
good jobs to go around. Yet a good job is a
source of good health for us and for society
as a whole.
The increasing convergence in research
findings2 on the need to place social capital
at the centre of economic policy has not yet
been translated into coherent action on the
ground.
That labor is not a commodity and that social justice is a foundation of lasting peace
are core to International Labour Organisation (ILO) values. The Greek language, of
course, gave us the word “democracy”; the
ILO views this concept in terms of social
justice, freedom of association and social
dialogue—not sufficient for solving all the
problems in Greece or elsewhere, but utterly necessary for how to go about it.
The bodies of the ILO that supervise the
application of international labor standards
emphasized that there could be no sustainable economic recovery without sustainable labor standards. They emphasized that
social dialogue is essential in normal times
and becomes even more so in times of crisis in the framework of pursuing a policy of
full, productive and freely chosen employment. With the onset of austerity measures
in Europe: they found that “the imperative
need to achieve fiscal consolidation has not
been balanced with sufficient concern for
the social and human costs of such rapid
austerity measures [… In these conditions]
the economic recovery may be accompa-
uncan Campbell, at the American-Hellenic Chamber of Commerce meeting
D
A. G. Berg and J. D. Ostry: “Equality and Efficiency: Is there a trade-off between the two or do they go
hand in hand?” in Finance & Development (2011, Vol. 48, No. 3, Sept.). World Bank: World Development
Report 2013: Jobs (Washington, DC, 2012).
3
ILO: Report of the Committee on the Application of Standards, Provisional Record No. 16, Part I, International Labour Conference, 98th Session, Geneva, 2009., para. 68; Report of the Committee of Experts
on the Application of Conventions and Recommendations (CEACR): General Survey concerning employment instruments in light of the 2008 Declaration on Social Justice for a Fair Globalization, Report III
(Part 1B), International Labour Conference, 99th Session, Geneva, 2010, para. 794; Report of the CEACR:
Social security and the rule of law: General Survey concerning social security instruments in light of the
2008 Declaration on Social Justice for a Fair Globalization, Report III (Part 1B), International Labour Conference, 100th Session, Geneva, 2011, para. 567).
4
ILO: 365th Report of the Committee on Freedom of Association, Governing Body, 316th Session, Nov.
2012, GB.316/INS/9/1, paras. 784–1003; http://www.ilo.org/brussels/press/press-releases/WCMS_
193308/lang--en/index.htm [15 November 2012]. ILO: Report of the Committee of Experts on the Application of Conventions and Recommendations (Articles 19, 22 and 35 of the Constitution), Report III(1A),
International Labour Conference, 101st Session, Geneva, 2012 and 100th Session, Geneva, 2011; ILO:
Conference Committee on the Application of Standards, Extract from the Record of Proceedings, International Labour Conference, 100th Session, June 2011, p. 48.
1
2
nied by a prolonged “human recession.”3
As to Greece in particular, ILO supervisory
bodies identified a social dialogue deficit in
the way austerity measures had been introduced and implemented in a context qualified as grave and exceptional. They found
repeated and extensive interventions into
free and voluntary collective bargaining and
called for a resumption of permanent and
intensive social dialogue with the aim of developing a comprehensive common vision
for labor relations in full conformity with the
principles of freedom of association and the
effective recognition of collective bargaining
and the relevant ratified ILO Conventions.
They expressed the expectation that the social partners would be fully implicated in
the determination of any further alterations
within the framework of the agreements
with the Troika that touch upon matters core
to the human rights of freedom of association and collective bargaining and which are
fundamental to the very basis of democracy
and social peace. The supervisory bodies also
highlighted the need for and availability of
ILO assistance to achieving these objectives.4
Much discussion in the world press talks
about fiscal crises and austerity, about sovereign debt, about the crisis of the Eurozone,
about the role of international financial
institutions and whether they are playing
that role effectively. These, quite obviously,
are central and important discussions that
must continue.
The challenges facing Greece, as it goes forward, go well beyond the purely fiscal or economic. The challenges address the very foundations of Greek polity and society. And when
the challenges are foundational in this way,
then the process for addressing them becomes
equally fundamental. What are the answers?
We don’t know. What is the best way of finding them? Through broad, rights-based social
dialogue. Of this, we are certain.
Duncan Campbell is Director for Policy
Planning in Employment, ILO, and a Fellow of the Institute for the Study of Labor
(IZA), and Katerina Tsotroudi is Senior Legal Specialist, International Labour
Standards Department, ILO.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 39
Leadership Tales
From Ancient Greece
by Artemios Miropoulos
A Marathon
For Your Life
The route of the classic Marathon race traverses
the northeastern outskirts of Athens, where I grew
up. As children, our schoolteachers would line us up
along the Marathon route to cheer and encourage
the passing athletes.
I
t was a colorful view with the small tags
on their chests, drained bodies, stressed
sweated faces and roadsides littered
with empty water bottles. It was also a
guessing game to tell whether exhaustion would prevent an athlete from finishing. The point where we stood seemed to
be the hardest. After an 18-mile run under
the blazing summer sun it is the final uphill
approach to the remaining eight miles, a
slight downslope stretch leading to the city
center with a distant view of the sea and the
finish line inside a white marble stadium.
Most people know the story of the Marathon race. 2500 years ago, the Persians
landed in Marathon, on the opposite coast
of where Athens lies; the Athenians fought
and won a great victory against the world’s
superpower and a runner was sent to Athens right after the end of the battle to tell
the undefended population of their victory.
The runner died of exhaustion in the hands
of the civilians who exited the city limits in
agony waiting for the messenger.
The Marathon—Revisited
What most people do not know is that the
whole Athenian army had to run the same
Marathon race a few hours later.
It was September 490 BC, the city of Athens
was living a unique social experiment, being
the only spot on earth to have established
democracy. It was only 20 years old at the
time; was far from perfect, women did not
participate, there was slavery, aristocrats
openly opposed it, but it worked. Athenians also lived under the imminent threat of
a Persian invasion. Twelve years before they
had helped a revolt of a Greek colony, subject to the rule of the Persian emperor, on
the coast of Asia Minor. The emperor had
never forgotten and the Persian expedition
that was underway had ravaged independent citystates that had helped this revolt.
Stories of horror from the island of Naxos
and the nearby city of Eretria reached the
people of Athens. The Persians were coming and they had no mercy for the defeated.
News came that they had finally landed on
40 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
the plains of Marathon, where they could
best deploy their cavalry. The Athenians
sent a runner to Sparta for help. the Spartans replied they would come after their
religious holiday.
On the morning of September 17 the Athenian army decided they could no longer wait
and had to face the Persians on their own.
Herodotus described the battle only a few
years later, but his narration was far from
perfect. Other historians tried to fill in the
blanks centuries later but to this day there
are dark spots: the absence of the Persian
cavalry the day of the Greek assault, specific
events or exact numbers and casualties. My
brief description will only refer to the physical exhaustion the Athenians must have
experienced that day.
Appropriate Strategies
The Athenian army comprised heavy infantry, nothing else. The formation, called
the phalanx, relied on keeping a tightly-knit
line where the shield of each soldier would
beaten up, sleepless and exhausted army
wouldn’t stand a second chance.Legend
says not everyone made it to Athens that
night. But those who managed to keep running picked up the shields of the fallen.
They reached the city at dawn, running towards Faliron, the seafront of Athens. They
didn’t have time to reach the sea. The Persian ships had already appeared and were
approaching land. At that time, near the
springs of Callirhoe, a point clearly visible
from the sea, they lined up. One next to the
other, the shields of their missing comrades
held in the hands of the elderly or the women and children of Athens.
In the morning light the Persians saw
a sparkling bronze line of shields. They
turned bows and left.
Drawing by Vasilis Evdokias
protect his comrade to the left. That’s why
they didn’t charge the enemy. Instead, they
walked in marching discipline; if they broke
lines they lost their advantage. Another reason they didn’t charge was that the armor
and gear weighed more than one hundred
pounds. It would have exhausted them before they made contact with enemy lines.
However, that September morning they decided to charge. The reason was the elite body
of Persian archers opposite them stretching
their bows. When the arrows flew, the Athenians ran. The trick worked; the swarm of
arrows landed behind the Greek lines and
the archers did not have time for a second
draw. This was their first toil of the day.
The second was the battle itself. The Greeks
were outnumbered four to one. Instead of
boosting the center, as the Persians did,
they strengthened the flanks.
This worked too. The flanks pushed the
opposing troops and instead of moving
forward they turned inwards to relieve
the suffering center. It must have lasted
hours. Then, the Greeks made a mistake
that did not seem crucial at the moment.
Overwhelmed by the adrenaline of an unexpected victory, they pursued the fleeing
Persians in the surrounding marshland.
Running into swamps in full armor must
have been even more exhausting than the
day’s body-to-body battle.
Finally, they conducted their last battle on
the coast as the Persians fought their way
onto their ships, dragging them off the
sandy beach of Marathon.
I can imagine the scene. Men gasping for air,
limbs trembling, washing off blood and dirt
in the sea as the sun set. At that moment they
must have experienced another shock. The
Persian ships, instead of turning to the east,
back to Persia, headed south in an apparent
attempt to sail the sixty five-mile coast round
cape Sounion and reach defenseless Athens.
Honor, Heroism, Survival
The Greeks claimed that Persians had suffered more than 6,000 casualties that day.
Even so, their army of around 48,000, when
it landed, kept its lethal potential.
The Battle Continues . . .
The Athenian army had no choice. The
troops gathered and, after some initial provisions for the wounded, prepared for a
night-long run toward Athens.
Not many details of this night remain. Historians call it ‘a march to Athens’ rather
than a ‘run’. I find it hard to believe that the
men had the relaxed temper and self-control to play with minutes, and march instead of run or semi run. Herodotus writes
‘they hurried to Athens as quickly as their
feet could assist them’. This is not marching;
they couldn’t have risked it. If the Persians
managed to land and deploy their lines, a
Artemios Miropoulos is the Managing Director of Linkage in Greece, a leading U.S.
leadership development organization and the Chairman of the AmCham Leadership
Committee Vision 2020
The LCV 2020 thanks the scientists and staff of the American School of Classical Studies for their precious support, especially that of ASCSA’s Director Dr Jim Wright and the
School’s GM Pantelis Panos.
When societies or organizations fight a severe crisis they are often unaware they are
apt to reach their greatest achievements.
The Athenians had a vision of defending
democracy, innovative battle tactics, and
quality leadership, but they didn’t fight
for that. They fought for their homes and
families and their uttermost survival. I
am sure there are endless similar stories
of heroism around the world, all finally
fueled by the same life or death, freedom
or slavery challenge.
To survive through a period of instability
and economic depression, or even thrive and
grow when others become extinct, an organization needs to have developed essential ingredients: leadership, vision, and operational
effectiveness; sometimes luck helps.
A culture that allows tolerance for casualties, the understanding and acceptance that
some will inevitably fall during the battle,
is also key. In the most hard-hit industries
during Greece’s deepest recession, organizations realized that those who leave need
fair treatment while those who stay strive
for hope. Successful downsizings involve
investment in creating a shared vision,
boosting morale, and installing an optimistic perspective.
The process is difficult but the payoff is a
once-in-a-lifetime opportunity to write
history.
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 41
Marketplace Greece
by George Oikonomidis
Civil Engineer, NTUA
GOBANKNOTELESS
If we abolish the existence of
banknotes we take a decisive step
toward eliminating tax fraud and
corruption.
T
he current economic crisis has
generated a lot of conversation
regarding tax fraud and tax
avoidance, and the problems
they pose for public finances.
All parties agree that, regardless of the crisis’s deeper causes, better revenue collection
would improve the state’s ability to pay its
debts, as well as face major social problems
such as poverty and unemployment.
The following is a proposal to deal with all
these obstacles, and help the country address
its severe social problems. This may seem
somewhat unbelievable, even impossible, at
first glance. In fact, such a solution couldn’t
have been discussed even a few years ago.
However, with technological progress, such
solutions lie within our reach, and the time
is now to implement them.
42 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
All transactions
thereafter,
excluding those of
very small value,
will be carried
out by credit or
debit cards, or via
internet or mobile
banking.
My Proposal: How To
Abolish Banknotes
Imagine that, after taking all necessary legislative procedures at the European level,
on 01/01/201X the 500€ and 200€ banknotes are removed from circulation. On
01/07/201X the same happens for the 100 €
and 50 €. Finally, on 01/01/201X+1 the 20€,
10 € and 5€ are pulled. On this day, a new 5€
coin is introduced.
The tiered time frame will help the public
gradually adjust to the changes, and allow
the necessary equipment and infrastructure to be installed. It will also provide time
for depositing money in circulation at the
banks. All transactions thereafter, excluding those of very small value, will be carried
out by credit or debit cards, or via internet
or mobile banking.
What I Am Not Proposing
This idea, in various forms, has been around
for some years now, but usually calls for a
totally cashless society. My plan instead
calls for the abolition only of notes, not
coins, because the downsides of a currency
are primarily associated with notes.
This proposal is often confused with another idea, namely the use of alternative transaction units (among them bitcoin). This
proposal does not replace the Euro as the
official currency with any other form of cur-
rency. Instead, the proposal replaces only
paper money with information transfers.
Why Keep Coins?
Coins serve the small financial transactions of
the population (newspaper, bread, candles in
church, charity), for which, logically, it would
be inconvenient to require any electronic action. Such small amounts obviously do not
offer significant value to criminal activity.
Immediate Results
1. Abolishing banknotes allows European
countries to fully supervise their economic and financial activity, allowing them to
assess the entire tax base for direct (income) or indirect (VAT) taxation.
2. The increase in public sector revenues
can provide for increased GDP growth
and economic recovery.
3. Higher tax compliance allows for reduced
tax rates and, thus, further enhances development.
4. The government can realize great savings
by not issuing banknotes, especially with
regard to transportation and security (estimated at 85 billion Euros for the Eurozone alone).
Who Will Oppose This Idea?
Organized crime will be strongly opposed
to this development. Tax-evaders will also
be upset. However, they too will enjoy the
benefits of a better and richer society.
Privacy Concerns
Those who raise the issue of surveillance
and personal data security should take into
consideration that the state can already
monitor anyone for whom it has a reason.
Also, confidentiality provisions of transactions can be strictly enforced. The system
of blind digital signature ensures the total
anonymity of the payer, while the payee
cannot hide the income.
Indirect Effects – Perhaps
the Most Important!
1. This proposal would sharply reduce crime
because, simply put, crime wouldn’t pay!
2. With banknotes removed from circulation, there would be no ground for drug
dealing, human trafficking, gun smuggling, abductions, extortion, bribing—
not even illegal gambling!
3. The proposal would reduce the risk of robberies, burglaries, thefts, kidnappings, as
well as bribery, corruption, and blackmail.
4. This would release the potential of the
state due to a massive reduction in the
workload for a range of public services
(courts, police, prisons).
The Response to Common
Objections
Many say, “this cannot happen.” In fact,
until now, this could not happen because
the necessary technology, mainly mobile
telephony coverage, did not exist. Now,
such a proposal can be immediately implemented.
At the same time, the system of treasury
bonds, as well as real estate property (land
registries), show us that it is possible to
eliminate the violent crime associated with
values, provided such values are not immediately tangible and portable.
Extent of Implementation
With banknotes
removed from
circulation, there
would be no ground
for drug dealing,
human trafficking,
gun smuggling,
abductions,
extortion,
bribing—not even
illegal gambling!
The proposed transformation can be applied
in any country having its own currency. An
ideal candidate, the Eurozone may find the
solution to be a catalyst for economic and
social development, and to help solve the
problem of illegal immigration (only legal
immigrants would have the means to trade
and therefore there will be no incentive for
others to enter the market).
Last But Not Least:
A Systemic Remark
The proposal does not affect the capitalist
system; it can continue functioning undisturbed. At the same time, it ensures liquidity for banks, since all the money will be deposited there. Banks will also benefit from
cost savings on safety, and cash transportation. This proposal is a simple but effective
tool that functions independent of politics.
In any given country, it will promote better
state economics and a safer society.
What could be better than this?
 A full description of this proposal with a detailed
explanation of its functionality, can be found at
gobanknoteless.wordpress.com
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 43
TRENDS &
TRADE MAKERS
Europe’s Digital Priorities
for 2013-2014
In December, the European Commission adopted seven new priorities for the digital
economy and society. The digital economy is growing at seven times the rate of the
rest of the economy, but this potential is currently held back by a patchy pan-European
policy framework. Today’s priorities follow a comprehensive policy review and place
new emphasis on the most transformative elements of the original 2010 Digital Agenda
for Europe, namely:
1. Create a new and stable broadband regulatory environment
2. New public digital service infrastructures through Connecting Europe Facility
3. Launch Grand Coalition on Digital Skills and Jobs
4. Propose EU cyber-security strategy and Directive
5. Update EU’s copyright framework
6. Accelerate cloud computing through public sector buying power
7. Launch new electronics industrial strategy
Rethinking Public Service
Civic engagement has a new face, and it is Code for America, an innovative non-profit
based in San Francisco. Code for America partners with local governments to foster civic
innovation. Through its various initiatives the group is building a network of cities, citizens, community groups, and startups, all equally committed to reimagining government
for the 21st century.
Its Fellowship program, for example, provides an opportunity for the web generation to
give back by embedding developers and designers in city governments to collaborate
with municipal leaders. This year Code for America has connected 26 fellows with eight
cities nationally.
But it’s not just about fellowships. Through the Accelerator program, Code for America
supports disruptive civic startups, and through the Brigade program Code for America
encourages civic participation by organizing local groups of civic technologists to take
action in their communities.
Passport to a Better Job
Do you want to improve the presentation of
your CV? Have you heard about the European Skills Passport?
The Passport enables people to improve the
presentation of their CVs by bringing together their educational and training certificates in one place, providing evidence for the
qualifications and skills declared in the CV. It
is available for free in 26 languages on the Europass portal where an on-line editor helps
users to create their individual passports. It complements the Europass CV which is used
by more than 20 million Europeans.
The European Skills Passport is one of thirteen actions launched under the Commission’s
Agenda for New Skills and Jobs, which aims to make Europe’s labor markets work better.
44 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
Niko Bonatsos
General Catalyst
Partners, Fulbright
Scholar, 2009-2010
What was your Fulbright Scholarship for?
I was a Fulbright Scholar in 2009-2010 to
read for an M.S. in Management Science
and Engineering at Stanford University.
In what way was your U.S. experience
valuable?
It was a unique opportunity to familiarize myself with the world of high tech
entrepreneurship, right at its birthplace,
Silicon Valley. Besides, being a student
and a researcher in cloud computing, I
launched a social networking venture
with a few of my friends and the cofounder of a high profile social network.
Moreover, I had the privilege to meet with
legendary entrepreneurs and venture
capitalists that created tons of value and
built household brands. This exposure
helped me excel at my current job as an
early stage venture capitalist, investing in
IT companies with General Catalyst Partners in Palo Alto.
How are you now trying to impact
Greece?
While being a student entrepreneur, I
co-founded Silicon Valley Greeks and
Greekamericans with George Zachary, a leading VC. This is a networking
group for people with Hellenic heritage
that are passionate about technology
and startups. During the last two years
we created the facemap of Hellenes in
tech (in Silicon Valley & worldwide) and
built a bridge with Greece. We organize
events for founders, hackers, investors and startup enthusiasts. We helped
jumpstart the Greek startup ecosystem
by offering strategic advice, capital and
connections to countless entrepreneurs
and business executives.
.
W
W
W
News / Ideas / trends
http://nextbigfuture.com/ Keep abreast of
new science breakthroughs
http://www.telecomramblings.com/ What
you need to know about the telecoms business
What Will 2,000-TimeS Faster
Broadband Look Like?
According to Fast Company, Bangor University scientists claim to have reached such
data speeds through clever signal processing and a similar kind of laser-and-fiber optic
setup to today’s home fiber systems. Their solution can pump up to 20 gigabits of data
per second down the fiber. That’s roughly a million times faster than dial up speeds.
As the BBC points out, this is speedy enough to download a full HD movie file (not
just a compressed low-res 700MB version) in just 10 seconds. This is one of the first
reasons you’ll be wanting ultra-fast broadband in your home, but it’s only partly
about current generation TV.
The next wave in home entertainment—4k television—is 4000 pixels or so wide,
versus the 1280 of an HDTV. This means that home TVs will now be capable of
showing cinema-quality video. But thanks to this size, each frame of the video needs
so much more data that it’ll push even fiber Internet tech. That’s where next-gen
 Fast Company
broadband will come in.
E.U.
T
C
E
R
I
With mutual investment stocks of €1.89 trillion, and trade in goods
and
services
worth
D
€700 billion annually, the EU and USA enjoy the strongest economic relationship beEU-U.S. Relationship
tween any two economies in the world.
Making this relationship work smoothly and reducing barriers and unnecessary burdens for transatlantic operators is the aim of transatlantic economic cooperation. DG
Enterprise and Industry promotes regulatory cooperation with the American partners,
taking into account the input from stakeholders. Since 2005, the European Commission and the US Government have held regular meetings of the High Level Regulatory
Cooperation Forum to facilitate the exchange of best regulatory practice across industry
sectors. Since 2007, the Transatlantic Economic Council (TEC), advised by stakeholders,
has been working at the senior political level to accelerate government-to-government
cooperation on a wide range of economic issues.
In November 2011, the EU and US leaders requested the TEC to establish a joint EU-US
High Level Group on Jobs and Growth. The task of the Working Group is to identify and
assess options for strengthening the EU-US economic relationship, especially those
that have the highest potential to support jobs and growth. The underlying objective is
to increase US-EU trade and investment to support job creation, economic growth and
international competitiveness on both sides of the Atlantic.
http://www.innovationexcellence.com/blog/
All about innovation
http://www.idea-sandbox.com/ A blog on
marketing
http://www.manufacturingthefuture.com/ A
documentary about manufacturing and its
future
http://www.cleantechblog.com/ Commentary on cleantech, carbon trading, energy,
smartgrid, and the green economy
http://www.nationaltechcenter.org/ The
National Center for Technology Innovation
(NCTI)
http://blueoceanstrategy.typepad.com/creatingblueoceans/ Value innovation and Blue
Ocean strategy
http://outsideinnovation.blogs.com/pseybold/
What’s outside Innovation? It’s when customers lead the design of your business processes, products, services, and business models.
So Here’s to Living
Life Miserable
“In terms of lifelong learning, one of the
most important things is to not get bored.
If you get bored, guess what, everyone will
figure it out. Boredom and the inability to
be inquisitive and to learn more is death in
a job. It’s death to your spirit, to the people
working around you and to the people you
work for.”—Carol Bartz
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 45
in
What is Crowdfunding?
Crowdfunding is a collective cooperation
of people who network and pool their
money and resources together, usually via
the Internet, to support efforts initiated
by other organizations. Crowdfunding
aims to reach a fund­ing goal by aggregating many small investors.
Since President Obama signed the JOBS
Act in April 2012, it has become a lot
easier for small businesses in the United
States to raise money online via crowdfunding. Previously, small businesses
were limited to seeking investment from
SEC accredited investors only; now nonaccredited investors (i.e. you and I) can
invest in a startup to the tune of up to $1
million a year.
One example of a hugely successful nonprofit crowdfunding venture is Kiva.org.
Kiva works with microfinance institutions
on five continents to provide loans to peo-
ple without access to traditional banking
systems, including U.S. businesses.
While Kiva requires that you repay the
loan over time, most crowdfunding opportunities aren’t loans and, as such, don’t
involve traditional forms of repayment
and interest. Instead, borrowers offer a
form of payback or reward to encourage
people to make the investment.
One example is the funding model established by Kickstarter. If your business is of
the creative kind – art, technology, film,
photography, music – Kickstarter is a way
to source funds from others. In exchange
for investment (often as little as $25), borrowers “reward” investors with compelling returns. For example, a share in your
business or even access to limited edition
works, free products, invitations to parties
and events, anything you believe is an attractive enticement.
am
amch
@
fo
B2B
Other cr owdfunding sites include Wefunder, crowdfunder, and RockthePost.
 Source: http://www.sba.gov/
Dining: For Business and Pleasure
Mama Roux
Sometimes, casual fits the bill. Combine
that with an eclectic menu, some funky
jazz (not too funky), great prices and a
welcoming staff—and lunch or dinner
starts to be fun. Mama Roux in downtown
Athens, opened by American John Higgens just over a year ago, has become a
favorite spot to enjoy coffee or an after
hours drink, a lively business lunch, or a
dinner with a gentle buzz.
The Mama Roux experience is ‘have what
you want, when you want it.” A little Mediterranean (sometimes with a Middle Eastern accent), a little Mexican, a little French,
and a little Southern USA combine into a
polyglot menu that is not lost in translation. Mixed salads—the multicolor and the
Fatoush are favorites—a variety of meze
that do duty as starters, sides, or part of
selection for mains, and original soups of
the day provide for a welcome start. Club
sandwiches, burritos and quesadillas,
burgers and falafel ensure international
tastes are well looked after. And more
46 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
substantial items—steak with home cut
fries, salmon souvlaki with a timbale of
rice and vegetables, or one of the pasta
selections—readily cater to meat, fish,
and vegan eaters. A selection of desserts,
a crème brule, a chocolate mousse, a
creamy cheesecake, hit the sweet spot.
Carefully made coffees, teas, and drinks,
as well as a well-selected wine card,
along with its delightfully diverse menu,
make Mama Roux a good choice when
something just a bit different is called for.
Reservations recommended.
Mama Roux
48 Aiolou St., Athens
Tel 30 213 004 8382
The Business Bookshelf
Antifragile
How to Live in a World We Don’t Understand
Nassim Nicholas Taleb, Allen Lane
In The Black Swan Nassim Taleb outlined a problem, and his
revelatory new book Antifragile offers a definitive solution:
how to live in a world that is unpredicatable, chaotic, and full
of shocks, and how to thrive during periods of disaster. Taleb
stands uncertainty on its head, making it desirable, even
necessary, and proposes that things be built in an antifragile
manner. For what Taleb calls the ‘antifragile’ is beyond
the merely robust; it benefits from shocks, uncertainty and
stressors. Antifragile is about what to do when we don’t understand. It is a new word because it is a new concept.
Many of the greatest breakthroughs in human endeavor come from the innovation by trial and error that is part of antifragility. And some of the best systems we
know of, including natural selection and evolution, have antifragility at their heart.
How did the disaster of the sinking of the Titanic bring us closer to safety? Why
does the stress on bones make us stronger? Why should you write a resignation
letter on your first day in the office? Why should we detest the lack of accountability
at the heart of capitalism?
The most successful of us, the most daring and creative will take advantage of disorder and invent new, more powerful opportunities and advantages beyond our expectations. Irreverent and ambitious, Antifragile provides a blueprint for how to live-and
thrive-in a world we don’t understand, and which is too uncertain for us to even try to
predict. Taleb’s message is revolutionary: what is not antifragile will surely perish.
Jargonaut
Edtech
a.k.a. Education Technology
An area of education that specifically focuses on e-learning and how to integrate
blogs, podcasts, wikis, and other types of
interactive technologies into the classroom
to engage students and enhance the learning experience.
Gamification
Gamification has entered the digital mainstream as both an interactive marketing
method and an application. Gamification is
the use of gaming technology for non-game
applications, particularly consumer-oriented Web sites and mobile sites, in order to
encourage people to connect with and use
the applications
Moblog
The short form of the phrase “mobile blog”
or “mobile blogging” it is the practice of
blogging using mobile devices (such as
PDAs, cell phones, camera phones, telephones, and email).
THE LIST
by Travelogue
Photonic Hyperhighway
The Top 10—Skiing in Greece
By Andreas Stylianopoulos
President, Navigator Travel & Tourist Services Ltd
Viotia, Parnassos—Fterolakka
Imathia, Vermio—Pigadia
Imathia, Vermio—Seli
Super Node
Achaia, Helmos—Kalavryta
Grevena, Vassilitsa—Vassilitsa
Kalavryta
Drama, Falakro—Falakro
Pella, Voras—Kaimakstalan
Evrytania, Evrytania—Karpenisi
Kaimakstalan
Queer the Deal
To ruin a potential business deal or arrangement despite all favorable odds. For
example, “They are a liberal company, so
don’t queer the deal by letting them know
our conservative tactics.”
Viotia, Parnassos—Kellaria
Fterolakka
The future Internet as envisioned by the
British government. Researchers will devise ways to optimize fiber optics, aiming to
create a network that’s one thousand times
speedier than the fastest broadband.
A nickname for an avid online user who is
considered an “influencer” because of his
or her social networking followers, blogs,
tweets, posts.
Reproduced by Permission
© 1994-2010 NetLingo®
The Internet Dictionary at
http://www.netlingo.com
Kastoria, Vitsi—Vitsi
JANUARY-FEBRUARY 2013 | BUSINESS PARTNERS | 47
ViewPoint
Technodrive
“F
ord was founded on the innovative spirit of Henry Ford,
and the opportunity today to
reinvent the driving experience excites us just as it probably would have him,” said Paul Mascarenas,
vice president and chief technical officer of
Ford. “Technology is enabling Ford to bring
a new level of awareness and intelligence
that will dramatically enhance our customers’ time behind the wheel.”
As CTO, Mascarenas has been leading the
team researching and developing new technologies for Ford vehicles, particularly in
the area of driver assistance and mobile device connectivity.
“The new Fusion sedan demonstrates how
we’re making the car smarter using attainable and affordable technology and thus
helping create a better driver,” continues
Mascarenas. “Fusion features an unprecedented level of sensors for its driver assist
technologies, machine learning techniques
to deliver more electric-only driving on
the hybrids, and innovative graphical interfaces to help coach drivers to be as fuel
efficient as possible.”
With more than 145 actuators, 4716 signals, and 74 sensors including radar, sonar, cameras, accelerometers, temperature
and even rain sensors, the 2013 Fusion can
monitor the perimeter around the car and
see into places that are not readily visible
from the driver’s seat. These sensors produce more than 25 gigabytes of data per
hour which is analyzed by more than 70
on-board computers. The actuators combined with signal information from the
driver assist sensors can alert the driver to
potential dangers, and actively assist with
parking and lane keeping.
“So far we’ve just scratched the surface of what
is possible,” said Mascarenas. “In the Fusion,
we have sensors and actuators that act independently as part of the assist features. The
next phase, currently in research, involves
The American-Hellenic Chamber of Commerce
State-of-the-art
sensing, computing and
communications systems
are not only quickly
changing consumer
expectations in people’s
everyday lives, but are
driving innovation in the
automotive industry at an
incredible pace.
sensor fusion, where engineers learn how to
more comprehensively characterize the environment by blending multiple signals, and
add externally available information through
cloud connectivity.”
According to Mascarenas’ predictions, top
areas for car technology innovation in the
coming years will include:
• “Big data” analysis and intelligent decision
making
• Upgradeable, customizable hardware
• Seamless integration across cloud ecosystems
• Advanced machine learning
• Biometrics
• Prediction
• Rapid data authentication
“All of these areas of research are well within
our reach,” concludes Mascarenas. “The key
to readiness and implementation in Ford vehicles is ensuring the customer experience of
these technology features trumps the technology itself.”
BUSINESS
Become a Member
bponline.amcham.gr
To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s
most preeminent and proactive business organizations, apply on the Chamber website at
www.amcham.gr, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559,
or fax the Chamber at 210-698-5687-7 and request an application form.
To subscribe to Business Partners,
send an e-mail to info@amcham.gr,
call the Chamber at 210-699-3559, or
fax the Chamber at 210-698-5687-7.
48 | BUSINESS PARTNERS | JANUARY-FEBRUARY 2013
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and enjoy daily morning delivery to your home
or office.
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