Reinforcing Med Microfinance Network System for Start-ups

Greece National Mesures – NBG SEEDS

NBG Seeds
Name of responsible organization: NBG Bank
Starting year (of measure)2010End year
It is an annual competition for innovative entrepreneurial ideas/start-ups.  It started in 2010 and now the 13th series is open and running. To the 10 best companies it offers:
– 30.000€ to the 1st
– 20.000€ to the 2nd
– 10.000€ to the 3rd 
Free vouchers for services from world-known Tech providers to the rest of the winners. Winning Companies also receive mentoring and training according to a diagnosis of their needs and when ready are introduced to Equity Funds and Venture Capitals. Runner up Ideas/companies can also participate to entrepreneurial consultation events organized in 4 Greek cities by NBG Seeds, also annually, to improve their business plans. 

What kind of activity does this measure finance?

Creation of new businessesYes
Strengthening of existing businessesYes
Specific investments – specify type (i.e. innovation, research, environmental transition, hiring, internationalization, purchase of goods)All business sectors
Training activitiesYes
Other (specify)No

What type of financing is it?

Low-interest loan (indicate the repayment time and, if present, the requirement for collateral)Grant amounts for 3 first winners summing to 50.000€ and free high-tech services for runner ups, through vouchers.
Non-repayable grant (indicate the percentage of non-repayable fund)30.000€ for 1st winner
20.000€ for 2nd winner
10.000€ for 3rd winner
Tax creditN/A
Other (specify)High tech services of 20.000€ total value

How does the activation of the measure work?

One-stop means Web Visit to 
Call with closing dateYes

Financial entity of the measure (indicate the resources allocated)

Overall amountN/A
% facilitation for each recipientΝ/Α
Minimum amount that can be financedN/A
Maximum amount that can be financedΝ/Α
Origin of financial resources (European, State, Regional authority, Municipal authority, other)NBG Bank 

Type of funded social structure (indicate if belonging to a specific category is required in order, to access the measure) 

FemaleOver 50Unemployed (specify any type)Disadvantaged groups (specify type)Youth (specify age range)Other (specify)
NBG Seeds, is not a funding tool, it is an annual Business Idea Competition, open to all interested candidates.

Does the measure provide for accompaniment and training or only financial support?

Financial support + accompaniment/trainingYES
Only Financial supportNO

Is the measure considered a good practice and as such replicable in other national and / or international contexts?

YESYes, it is a good practice

How many initiatives have been financed in the last 3 years and for what economic amount?

Number of initiatives: 30 (10 each year)Total economic amount: 150.000€ plus 60.000€ total value of high tech services  
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