Greek Ventures Among Europe’s Top 10 Most Innovative in 2014 – 2016

Greece has moved up three spots claiming ninth position among the top 10 EU countries with the most innovative business ventures over the 2014-2016 period, according to the final results of the Europe-wide Community Innovation Survey (CIS).

According to the findings, Greece now holds the 9th spot – together with France – thanks to a 57.7 percent rate of innovative businesses, up by 6.7 percentage points compared to the 2012-2014 period.

The survey on enterprise innovation in Greece, was carried out on 11,000 Greek business ventures with more than 10 employees by the National Documentation Center (ESF) in collaboration with the Hellenic Statistical Authority (ELSTAT).

More specifically, topping the ranking is Belgium with a 68.1 percent rate of innovative companies, followed by Portugal with 66.9 percent, and Finland with 64.8 percent. Ireland is last on the list after Greece with a 57.3 percent rate.

The percentage of innovative enterprises in Greece is higher by 7.1 percentage points compared to the EU average at 50.6 percent.

In terms of innovation for the 2014-2016 period, Greek companies implemented one or more of the following: improved products, new or upgraded procedures (47.1 percent) – for which Greece holds the seventh spot in the EU  – new methods and planning, and/or fresh marketing practices.

In the meantime, 80 percent of Greek CEOs said their firm intends to increase investment in innovation and new technologies over the next two years with 40 percent saying it will focus on innovative initiatives in efforts to enhance and improve services and products, according to a study released recently by Deloitte.

In relevant news, Athens was named European Capital of Innovation for 2018 late last year among 12 finalist cities vying for the award – an annual cash reward to the European city that achieves to harness innovation to improve the lives of its citizens.