Business Partners | July-August 2013 by Raymond Matera Publishing

BUSINESS

bponline.amcham.gr

JULY-AUGUST 2013 Vol. XII | No. 67

Thought Leaders

Education— Shaping Tomorrow’s Greece MARKETPLACE

Managing Social Networking Risks ▼

PRO BONO

Evaluating Investment Opportunities in Greece ▼

IN PROFILE

Chamber Companies on the Move ▼

Plus Biz Buzz Start-Up Viewpoint

AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

Transformative Teaching, Scholarship and Service

David G. Horner

President of The American College of Greece

AMERICAN-HELLENIC CHAMBER OF COMMERCE

Just Like You, We Mean Business Join the American-Hellenic Chamber of Commerce today and let our many membership benefits take your business to the next level. Peer-to-Peer Networking World-Class Events High-Level Discussions Advocacy For Your Sector Market Knowledge, Business Intelligence Athens, Thessaloniki

AMERICAN-HELLENIC CHAMBER For information about how your company can OF COMMERCE American - Hellenic Chamber of Commerce benefit from being a member of Head Office The American-Hellenic Chamber of Commerce Politia Business Center, 109-111 Messoghion Avenue, 115 26 Athens contact Katerina Tzagaroulaki, Executive Officer Tel: 210 699.3559 | Fax: 210 698.5686, 210 698.5687 E-Mail: info@amcham.gr | www.amcham.gr

New Memberships & Events k.tzagaroulaki@amcham.gr 210 699 3559 ext. 22

Branch Office 47 Vasileos Irakleiou Street, 546 23 Thessaloniki Tel: 2310 286.453, 239.337 | Fax: 2310 225.162 E-mail: n.tsavdaroglou@amcham.gr

Volume XII | Number 67

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 Chamber News

1 0 Education Edge

Innovation and Growth at ALBA

1 2 Start-Up

David G. Horner, President of The American College of Greece, discusses the challenges of education in today’s globalized world

The First 300 Days: Shape Up Your Operation by Mariza Bakogianni, Senior Management Consultant, Strategy Group, Accenture S.A.

1 4 Names & Faces in the News 1 6 TRAVEL AMERICA

The National Parks of the United States

1 8 BIZ BUZZ

Stathis Mihos, Legal Director at Pfizer Hellas S.A. and a member of the Labor and Insurance Committee of the Chamber, on managing social networking risks for employers

Currents in Today’s Business Environment

2 2 IN PROFILE

Companies on the Move

2 4 The Interview

David G. Horner, President of The American College of Greece

2 6 Thought Leaders

Education—Shaping Tomorrow’s Greece

Christos Papazachopoulos, CFO at AHI Carrier South Eastern Europe, on how to evaluate new investment opportunities in Greece

4 0 The World of Work The Randstad Workmonitor

4 2 Pro Bono

Managing Social Networking Risks

B usiness Pa rt ners is th e bimon thly magaz ine of t h e Ame r ica n - Helleni c Cha mbe r of Comme rce DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr

PUBLISHER & EDITOR Raymond Matera raymond@materamiller.com Please Recycle

ADVERTISING Alexandra Loli alexandra@materamiller.com

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 DESIGN 546 23 Thessaloniki snack• Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 PRINTING & BINDING Northern Greece Publishing S.A. E-mail: n.tsavdaroglou@amcham.gr

4 4 MarketPlace

Evaluating Investment Opportunities in Greece

4 6 Leadership Tales From Ancient Greece Fish Scale and Broken Pottery

4 8 Viewpoint

Why Brands are Getting it Wrong in Social Media

JULY-AUGUST 2013 | BUSINESS PARTNERS |

DIRECTOR’S DESK

Following our elections, we wish the new Board of the Chamber a very successful and creative tenure, to further the scope, goals, and achievements of Amcham Greece. Our Chamber is entering a new era in very difficult times for the Greek economy and the business community. At a time when high unemployment is plaguing our country and Greece is actively seeking large direct or indirect investment, and a greater penetration of Greek products in major markets such as the U.S., we are doubly committed to contribute in achieving these objectives through a well-designed series of actions and initiatives. In parallel, we are directing a strong effort toward initiatives aimed at the development of innovation and entrepreneurship, the promotion of key sectors in which the Greece enjoys comparative advantages, and of course to improved competitiveness, an essential pillar in today’s global world. We will give special attention to facilitate increased networking among our members and to provide focused information and training on processes and issues critical to their competitiveness and growth. And, through the extremely important work of our committees and of our newly established Policy Institute, the Chamber will give particular focus to specific interventions and the development of a much needed dialogue on key issues related to the development of the economy and entrepreneurship. We fully support the official meeting of Prime Minister Samaras with U.S. President Obama in early August. This comes at a time when the Mediterranean is at a very sensitive phase and our country, despite its economic crisis and social consequences, has exhibited remarkable stability, which could be capitalized on significantly. Greece’s Presidency of the European Union in the first half of 2014 and the negotiations for the Transatlantic Trade and Investment Partnership between US and EU are issues of tremendous importance that can upgrade our country’s role, especially in the South Mediterranean and the Balkans. Greece and the United States have timeless and longstanding relations, which should be developed even further for the benefit of both countries. Finally, we want to commend the work of Ambassador Smith who, following a very successful threeyear tenure, departs Greece. He has contributed significantly to the upgrade of the relationship of Greece and the United States. 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-

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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

Anastasopoulos Simos President | N. PETSIAVAS S.A.

Auditors Committee

Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E. Karayannis Angelos Vice President | KARAYANNIS K. GROUP OF COMPANIES Panayotopoulos Litsa Secretary General | BOSTON HAMILTON LTD. Papadopoulos Thanos Treasurer | CHEVELLAS S.A. Canellopoulos Paul Counselor | AIG GREECE Kyriacou Marios Counselor | KPMG CERTIFIED AUDITORS Mamidaki Eleftheria Counselor | MAMIDOIL-JETOIL S.A. Saracakis John Counselor | SARACAKIS BROTHERS S.A. Spirtounias Elias Executive Director

Members: Felonis Athanassios, Kerameas George, Sabatakakis Kyriacos | Coordinator: Andriana Chadjianagnostou

Corporate Governance Committee

Chair: Papacostopoulos Constantine | Members: Apsouris John, Charalambous Yiangos, Dimou Ioannis, Hadjisotiriou Paula, Iliadaki Sassa, Petalas Apostolos, Shiamishis Andreas, Theodoulidou Maria | Coordinator: Daphne Constantinidou

Corporate Social Responsibility Committee

Members: Alexiou Maria, Constantelis George, Iliopoulou Sissy, Katsouli Katerina, Lolas Vassilis, Macheras Alexia, Menidiati Manina, Vrachatis Ioannis, Zevgoli Nafsika | Coordinator: Angela Boyatzis

Energy Committee

Chair: Karayannis Angelos | Members: Alexopoulos George, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Angeliki Dikeoulia

Greek Economy Conference Committee

Chair: Kyriacou Marios | Members: Antoniades Vassilis, Bacacos George | Coordinator: Angeliki Dikeoulia

Innovation, Education & Entrepreneurship Committee

Chair: Panayotopoulos Litsa | Members: Darda Dimitra, Lelakis George, Makios Vassilios, Papadakis Georgios, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Rizopoulos Yannis, Tsiboukis Antonis, Tsigos Dimitris, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki

Board of Directors Alexopoulos George | HELLENIC PETROLEUM S.A. Antonakou Peggy | MICROSOFT HELLAS S.A. Antoniades Vassilis | THE BOSTON CONSULTING GROUP Apostolides Pascal | ABBVIE PHARMACEUTICALS S.A. Bacacos George | P. BACACOS, CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Costopoulos Alexandros | FORESIGHT STRATEGY & COMMUNICATION Coustas John | DANAOS SHIPPING CO. LTD Kafatos Vassilis | DELOITTE BUSINESS SOLUTIONS S.A. Kartsanis Georgia | CEO CLUBS GREECE Kokorotsikos Paris | EUROCONSULTANTS S.A Kosmatos Makis | JOHNSON & JOHNSON HELLAS S.A. Kostas Stavros | Economist Kouidis Marilena | KOUIDES A.P.L. S.A. Koussia Venetia | MANPOWERGROUP S.A. Koutsoureli Eftychia | QUEST HOLDINGS S.A. Kyriakides John | KYRIAKIDES GEORGOPOULOS LAW FIRM Lazaridis Socrates | ATHENS EXCHANGE Lekkakos Stavros | PIRAEUS BANK S.A. Manos Alexandros | GENIKI BANK Mytilineou-Daskalaki Sophie | MYTILINEOS HOLDINGS S.A. Nordkamp Erik | PFIZER HELLAS A.E. Papadimitriou Pythagoras | HEWLETT-PACKARD HELLAS E.P.E. Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. Papazoglou Panagiotis | ERNST & YOUNG (HELLAS) S.A. Passaris Despina | PROCTER & GAMBLE HELLAS M.E.P.E. Stylianopoulos Andreas | NAVIGATOR TRAVEL & TOURIST SERVICES LTD. Thomas Athanasios | DOW HELLAS A.E. Tsamaz Michael | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. (OTE) Tsiboukis Antonis | CISCO HELLAS S.A. Xenokostas Panagiotis | ONEX S.A. Zanias George | NATIONAL BANK OF GREECE S.A.

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Insurance, Social Security & Labour Matters Committee

Chair: Kremalis Konstantinos | Members: Andriopoulos Stavros, Apostolopoulos George, Canellopoulos Paul, Christidou Agni, Ioannou Christos, Î&#x161;andarakis Michael, Karantzola Helen, Kikilias Elias, Kollas John, Konstantinidis Theodore, Kouskouna Froly, Koussia Venetia (Dr.), Lisseos Panayotis, Lyssimachou Triantafyllos, Michos Stathis, Oikonomopoulou Antouaneta, Pelidis Manos, Petroglou Athina, Poulias Alkiviadis, Prountzos Michael, Sarantopoulos Dimitris, Spyrakos Fotios, Spyropoulos Rovertos, Tompras Theodossis, Tzotzos Apostolos, Vafeiadis Ioannis, Velmachos Dimitrios, Vlassopoulos George | Coordinator: Voula Tseritzoglou

IPR Committee

Chair: Galanopoulou Katerina | Members: Ailianou Andromahi, Economou Alexandra, Kargarotos Iakovos, Kyriakides John, Makris Antonis, Michos George, Paparrigopoulos Xenophon, Zachou Dora | Coordinator: Daphne Constantinidou

Leadership Committee

Chair: Miropoulos Artemis | Members: Kalligeros John, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Mamidakis Eleftheria, Mavropoulos Michael, Olympios Spyros, Panteliadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Roussos Michalis, Saracakis Alexandros, Vlachos George | Coordinator: Ritana Xidou

Medical Devices & Diagnostics Committee

Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Anastassiou Yannis, Baracos Christos, Boulougouris George, Christopoulou Martha, Deligiannis Konstantinos, Derkos Kalogridis, Kartalis Christos, Krinos Gregory, Lindholm Mangnus, Maroutsis George, Nikas Dimitris, Strouzos Anastasios | Coordinator: Voula Tseritzoglou

Northern Greece Committee

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

Pharmaceutical Committee

Chair: Pascal Apostolides | Vice Chairman: Filiotis Dionysios | Members: Capone Carlo, Charalampidis Savas, Commissaris Jeroen, Dakas Christos, Frouzis Konstantinos, Gerassopoulos Marcos, Greco Roberto, Karokis Antonis, Kefalas Nikos, Lakatos Matyas, Lorge Emmanuel, Nordkamp Hendrikus Hermannus (Erik) | Coordinator: Voula Tseritzoglou

Public Affairs Committee

Members: Canellopoulos Paul, Kyriacou Marios, Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana

Taxation Committee

Chair: Stavros Costas | Members: Achilas Ioannis, Altiparmakis Christos, Ampeliotis Evangelos, Anastasiadis Harris, Desipris Antonis, Doucas Spyros, Filippopoulos Dimitris, Gigantes Stavros, Govaris Vassilis, Kanellatou Athena, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Leventis Thomas, Lianopoulos Themis, Mitsios Stephanos, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Cristina, Pothos Panagiotis, Samothrakis George, Savvaidou Katerina, Savvas Evangelos, Sfakakis Konstantinos, Spyriouni Litsa, Stavrides Vassilis, Stavropoulos Ioannis, Tapinos Grigoris, Trakadi Maria, Tsakonas Yannis, Yiannacou Sofoklis | Coordinator: Katerina Tzagaroulaki

Tourism Committee

Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Anglos John, Argiri Byron, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Papadopoulou Catherine, Peressiadis Costas, Van de Winkel Bart, Vrachatis Ioannis | 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, Sideri Anastasia, Tarou Iphigenia, Tzimea Deppie, Velliotou Peggy | Coordinator: Angela Boyatzis

CHAMBER NEWS

Chamber Elects New President and Board of Directors At the elections that followed the 2013 Annual General Assembly of the Chamber, held June 26 at the Hotel Grand Bretagne in Athens, members elected the new Board of Directors of the Chamber that will serve the next three years. The new Board then elected the President and the New Executive Committee of AmCham. Simos Anastasopoulos, CEO of Petsiavas Pharmaceutical S.A., will lead, as President, the American-Hellenic Chamber of Commerce for the next 3 years. Deputy Chief of Mission at US Embassy, Mrs. Virginia Bennett, Commercial Councilor Mr. David McNeil and Economic Councilor Mr. David Lippeatt honored with their presence the General Assembly of the Chamber. Simos Anastasopoulos The General Assembly was marked by the departure of Yanos Gramatidis from the Presidency of AmCham after a successful 6-year term. Mr. Gramatidis, in his moving address, pointed out the objectives and the successful outcome of his presidency and he thanked the Board, the personnel and all members of AmCham for their fruitful and constructive cooperation.

Executive Committee President Anastasopoulos Simos Chairman & CEO, N. Petsiavas S.A. Vice President Bakatselos Nikolaos Managing Director, Pyramis Metallourgia A.E. Vice President Karayannis Angelos President, Karayannis K. Group of Companies Secretary General Panayotopoulos Litsa Partner, Boston Hamilton Ltd. Treasurer Papadopoulos Thanos President, Chevellas S.A. Counselor Canellopoulos Paul Executive Vice President, AIG Greece Counselor Kyriacou Marios Senior Partner, KPMG Certified Auditors Counselor Mamidaki Eleftheria Vice President, Mamidoil-Jetoil S.A. Counselor Saracakis John President, Saracakis Brothers S.A. Executive Director Elias Spirtounias

The new Executive Committee and Board of Amcham

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Board of Directors Alexopoulos George, Group Corporate Development & Planning Director, HELLENIC PETROLEUM S.A. Antonakou Peggy, Managing Director, MICROSOFT HELLAS S.A. Antoniades Vassilis, Partner & Managing Director, THE BOSTON CONSULTING GROUP Apostolides Pascal, Vice President & Managing Director, ABBVIE PHARMACEUTICALS S.A. Bacacos George, President & Managing Director, P. BACACOS, CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Costopoulos Alexandros, Managing Director, FORESIGHT STRATEGY & COMMUNICATION Coustas John, President & CEO, DANAOS SHIPPING CO. LTD Kafatos Vassilis, Partner, DELOITTE BUSINESS SOLUTIONS S.A. Kartsanis Georgia, President, CEO CLUBS GREECE Kokorotsikos Paris, Chairman & CEO, EUROCONSULTANTS S.A Kosmatos Makis, Managing Director, JOHNSON & JOHNSON HELLAS S.A. Kostas Stavros, Economist Kouidis Marilena, Board Member, KOUIDES A.P.L. S.A. Koussia Venetia, President & Managing Director, MANPOWERGROUP S.A. Koutsoureli Eftychia, Corporate Affairs - BOD Member, QUEST HOLDINGS S.A. Kyriakides John, Managing Partner, KYRIAKIDES GEORGOPOULOS LAW FIRM Lazaridis Socrates, Chairman, ATHENS EXCHANGE Lekkakos Stavros, Managing Director & CEO, PIRAEUS BANK S.A. Manos Alexandros, CEO, GENIKI BANK Mytilineou-Daskalaki Sophie, Chief Communications Officer – Member of the BOD, MYTILINEOS HOLDINGS S.A. Nordkamp Erik, President & Managing Director, PFIZER HELLAS A.E. Papadimitriou Pythagoras, Managing Director Greece & Cyprus, HEWLETT-PACKARD HELLAS E.P.E. Papalexopoulos Dimitri, Managing Director, TITAN CEMENT COMPANY S.A. Papazoglou Panagiotis, Managing Director, ERNST & YOUNG (HELLAS) S.A. Passaris Despina, Communications Director, PROCTER & GAMBLE HELLAS M.E.P.E.

Chamber Launches Policy Institute The American-Hellenic Chamber of Commerce launched a new initiative on July 3 designed to be a positive, pro-active voice in shaping Greece’s future. The Institute on Economic Policy and Public Governance, headed by former Chamber President Yanos Gramatidis, brings together a wide spectrum of Greek society in an effort to propel Greece on a more meritocratic, transparent, sustainable and growth-oriented course of development. The Institute, to act as a think tank, is to propose recommendations that lead to sustainable economic growth, more employment, and a more collaborative approach to devising solutions. In parallel, the Institute focuses on assisting in reforming the public administration to be more efficient, effective, and responsive to the needs of all citizens in Greece. A key element of the Policy Institute is to establish a National Agenda, a set of objectives embraced by political parties and social partners that represent a consensus on fundamental needs in Greece: national defense strength, economic growth, creation of employment, entrepreneurship, FDI, an effective education system, reduction of informal labor, and improving public governance. At the launch event, held at the National Bank of Greece Karatzas auditorium Mr. Gramatidis said: “The Policy Institute is a new initiative of the AmericanHellenic Chamber of Commerce designed to address key issues that Greece faces today—economic, social, institutional—and to begin a collaborative effort to find solutions for a better tomorrow.” “The Policy Institute embraces a cooperative approach and enjoys the support of and participation by a broad spectrum of Greek society—entrepreneurial, academic, social, and cultural,” said Simos Anastassopoulos, the newly elected President of the American-Hellenic Chamber of Commerce. The Policy Institute is comprised of a Steering Committee, a Board of Advisors, a College of Scholars, Social Partners, a Strategic Advisor, and Bilateral Chambers to transform Greece’s resilience, entrepreneurial spirit, national pride, historical legacy, and human capital into a force of unrivalled potential.” The Policy Institute will focus on research, policy recommendations, and the exchange of ideas through discussions, white papers, articles, and events, and relies on the expertise of Chamber Committee members, academic scholars, business executives, NGOs, and business and trade associations. Chamber President Simos Anastasopoulos, Policy Institute President Yanos Gramatidis, and Chamber Executive Director Elias Spirounias

Stylianopoulos Andreas, President & CEO, NAVIGATOR TRAVEL & TOURIST SERVICES LTD. Thomas Athanasios, President & Managing Director, DOW HELLAS A.E. Tsamaz Michael, Chairman of the Board & CEO, HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. (OTE) Tsiboukis Antonis, General Manager, Greece, Cyprus, Malta, CISCO HELLAS S.A. Xenokostas Panagiotis, President & CEO, ONEX S.A. Zanias George, Chairman of the Board, NATIONAL BANK OF GREECE S.A.

JULY-AUGUST 2013 | BUSINESS PARTNERS |

CHAMBER NEWS

Greek Investment Forum in New York The Chamber and Athens Exchange hosted the 2nd Greek Investment Forum, held in New York on June 5-6, 2013 at the Plaza Hotel. More than 400 delegates attended the event, with the title “Greece: Seizing the Opportunities,” aimed at restoring institutional trust for Greece at a political, economic and business level. To this end, the Forum incorporated a series of events designed to highlight the important structural changes taking place in Greece and the significant investment opportunities that arise out of the country’s reform efforts. Then Chamber President Yanos Gramatidis opened the Forum, stating that Greece is now a country that inspires both hope and confidence. Chairman of Athens Exchange Socrates Lazaridis outlined the many opportunities that the North American investment community can find in Greece today. Personalities from the political, economic and business community from Greece and the U.S. presented the prospects of the Greek economy and its main economic sectors. Hellenic Republic Asset Development Fund and Invest in Greece Agency profiled the dynamic opportunities in FDI and 23 of the biggest companies listed on the Athens Exchange presented their corporate profiles and investment plans during One-on-One (1:1) meetings with a large number of US companies. Christos Staikouras, Alternate Minister of Finance, represented the Greek Government. Yanos Gramatidis

Socrates Lazaridis

Christos Staikouras

Tax Committee Hosts Commissioner Algirdas Semeta Commisioner Semeta with Chamber members

The Tax Committee of the American-Hellenic Chamber of Commerce hosted a closed working luncheon with guest of honor Algirdas Semeta, Commissioner of Taxation of the European Commission, on June 4, 2013 at the Hotel Grande Bretagne. The Commissioner, who was visiting Greece for scheduled meetings with representatives of the country’s political and administrative leadership, took part in an interactive discussion with members of the Tax Committee and the leadership of the American-Hellenic Chamber. The Tax Committee of the Chamber presented the Commissioner with perspectives in relation to European platforms of fiscal governance, the fight against tax fraud, and the protection of the tax base in the European market.

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Chamber Kicks Off 2nd MIW Competition On July 23, the Chamber launched its 2nd Make Innovation Work (MIW) competition, a major initiative to support and reward innovative entrepreneurship in Greece. MIW is being held in association with the Athens Stock Exchange, where the kick off event was held. U.S. Ambassador Daniel Smith, Chamber President Simos Anastasopoulos, Athex Chairman Socrates Lazaridis, and Chair if the Chamber’s Innovation and Education Committee Litsa Panayotopoulos rang in the event with the ringing of the start bell of the Athens Stock Exchange. The competition is designed to select and support the most integrated and innovative business plans in five sectors: Energy and Environment; Alternative Agriculture; Transportation–Shipping–Logistics; Tourism and Culture; and Health and Wellness. The most comprehensive proposals will be selected and recognized by the evaluation committee, and they shall clearly demonstrate that Greece has significant and promising reserves of innovative and entrepreneurial talent which, with the proper support, can assist in the development of our country. Any resident of Greece or Cyprus, company based in Greece or Cyprus, and individual of Greek origin anywhere the world, is eligible to participate in the MIW competition. Ambassador Smith, Simos Anastasopoulos, Socrates Lazaridis, Litsa Panayotopoulos and others at the MIW launch.

2nd Annual Agrotechnology Conferencee

Elias Spirtounias

Corporate Members

The Northern Greece Committee of the Chamber successfully organized the 2nd Annual Agrotechnology Conference: Greek Agriculture; Highlighting Sustainable Opportunities in Practice, on June 17, 2013 at the Perrotis College of the American Farm School. The event focused on practical examples of how businesses can add value to products of the primary sector, the crucial role of support tools offered by the banking sector, and the advantages offered by registered Protected Destination of Origin (PDO) and Protected Geographical Indication (PGI) products from conventional and organic farming. In addition, issues pertaining to sustainable development such as the challenges arising due to the excessive use of natural resources like water, the multi-usage of agricultural byproducts and the advantages offered by the use of technology on the farm were discussed. The conference was attended by several hundred participants from the primary sector, businesspeople, academics, scientists and students.

Abacus Audit & Business Solutions Abbvie Pharmaceuticals S.A. Audit Services S.A. Axia Ventures - Athens Branch Axiotis M. & Co. S.A. Bernard Sidman Delitopia Ltd. Demo S.A. Energean Oil & Gas S.A. Evge Hellenic Food Company Febo Hellas S.A. Fenetra Ltd. Food Standard S.A. Hellenic Electricity Distribution Network Operator S.A. Intertrade Dental S.A. Ionios School S.A. Kbr Corporate Finance Kyvernitis Travel Magister Artium Group Metro S.A. Papapolitis & Papapolitis Phoenix Ects Limited Polykem S.A. Praxis S.A. Project Ltd. Proton Pharma S.A. Qualco S.A. Sjm Hellas Ltd. Tsibanoulis & Partners Law Firm Tzavelopoulos G. & Co

Professional Members

New Chamber Members

Christina Anagnostara Simos Anastassopoulos Markos Botsos Evgenia Gyftea George Kostas Spiros Liarakos Alexandros Manos Athanasios Niforos Stefanos Papadimitriou Margarita Petsiava Georgios Portokalidis Christine Roussis Petsiavas Gregory Tapinos

Panel discussion

Participants before the event begins

WIB Hosts Mary Spillane The Women in Business (WIB) Committee of the Chamber successfully held the seminar: Building Networks to Build Business, on June 13, 2013 at the Hotel Grande Bretagne. The interactive and dynamic seminar led by Mary Spillane, one of the worldâ&#x20AC;&#x2122;s most successful coaches and motivators, focused on effective networking methGeorgia Kartsanis, Mary Spillane ods in managing professional and social networking to boost business and personal opportunities. More than 130 delegates attended the seminar, that included a variety of workshop style exercises, a gym workout, and advice on using every opportunity, live or online, to increase personal and professional success.

Chamber Calendar September 19 - 20 Athens, Ledra Marriott Hotel, 12th HealthWorld Conference September 26 Athens, Hotel Grande Bretagne WIB Luncheon with Marijo Bos, President, EPWN September Athens, A forum on Athens and its potential as a major destination city September Thessaloniki, How to Do Business in U.S. Seminar September Thessaloniki, 3rd MIW Forum

JULY-AUGUST 2013 | BUSINESS PARTNERS |

Education Edge

by Nikolaos A. Mylonopoulos Associate Dean and Associate Professor of Information Systems

Innovation and Growth at ALBA

10 | BUSINESS PARTNERS | JULY-AUGUST 2013

of-the-art education with very strong links to the professional community which is relevant to each program. Third, to extend our career services internationally. Fourth, to provide structured support services to young and aspiring entrepreneurs. Fifth, to offer a broad range of educational opportunities so that young people can find the specialization that best fits their aspirations. Indicatively, we have launched no less than 6 new programs in the past 3 years, while we implemented successfully the most radical redesign in the history of our MBA. Notably, the new Executive MBA, taught by world-renowned professors, is designed for accomplished managers seeking the next great challenge in their career. Furthermore, innovative courses such as the ERP Simula-

tion, Marketing Engineering, Creativity Management and others have been introduced. For the first time, we entered into a collaboration with Henley Business School of the University of Reading as equal partners in the design, launch and management of a Dual Masters Degree in International Shipping and Finance. The table presents the logic of our programs portfolio. To further assist young people identify the program that best matches their profile, we provide a free online diagnostic test that measures career orientation and functional specialization. It can be found at www.alba.edu.gr/AddFocus. This is a small sample of the fruits of our continuous effort to address the changing needs of young professionals and their companies. Despite the shock that the country is going through, ALBA wins the trust of a growing number of students every year. This is good reason for being optimistic about the legacy that we shall hand over to future generations.

career orientation

FINANCE

FUNCTIONAL SPECIALIZATION

ts oldest program, the MBA, has been known as the standard of excellence among candidates and recruiters alike. In following with international trends and the changes in the Greek economy, ALBA has introduced several new programs and innovations. This is the story of these innovations over the past few years. Trends in graduate business education are driven by changes in the job markets. For many decades, the ultimate graduate business program in the USA has been the MBA. In Europe we observed the proliferation of specialized Masters degrees. The latest global trend suggests an even greater demand for specialized Masters programs, even in the US. As more people compete for jobs globally, it is only natural that individuals will seek to distinguish themselves in an area of specialization which best fits their preferences and competencies. The Greek crisis has produced a similar effect domestically. Young people seek ways in which they can differentiate themselves in a job market which is more competitive than ever. Locally, the shrinking economy has meant that there are fewer opportunities for more people. Internationally, one competes against the best from all countries and all schools. With these changes in mind, at ALBA we have re-affirmed our strategic focus in five ways. First, to maintain and even further enhance our standards of quality, primarily the quality of academic staff. Second, to ensure that our programs combine state-

ALBA has a twentyyear legacy of top quality education and academic research in the fields of business and management.

excellence in spesialization

GENERAL MANAGEMENT

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MSc in France

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MSc in International Business & Management

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HUMAN RESOURCES

MSc in Strategic Human Resources Management

THE LEGAL PROFESSION THE SHIPPING INDUSTRY

Center of Post Lyceum Education

Μassalias 22, 106 80 Αthens T.: 210 3680950, F.: 210 3680073 www.haec.gr, e-mail: info@haec.gr

10 Reasons to Study with Us

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Start-Up

The First 300 Days: Shape Up Your Operation Mariza Bakogianni asks a critical question: What do you have to do in 300 days—beyond the hope and the hype?

by Mariza Bakogianni Senior Management Consultant, Strategy Group, Accenture S.A.

Dear Entrepreneur, Who denies that starting up your own business and most of all seeing it grow is not an art? No doubt, there are some who are born true entrepreneurs and for whom building companies come naturally. However, the rest learn this difficult art the hard way. The big question for the first 300 days – typically the most critical phase – is how do you successfully run your own business? After having found your original idea following your gut feeling, having it translated into an ambitious Business Plan with lots of ‘hope’ in the baggage, the time has come to take care of the operational and administrative tasks. At the beginning you will have difficulties to win your first customers, set up your team, manage new relationships and contracts, and meet your funding needs. How do you overcome these? Success or failure will depend a lot on how you tackle the four ‘hard aspects’ that thread together cohesively to shape your startup’s first 300 days of operation:

Success will depend on how you tackle the four ‘hard aspects’ that thread together your startup’s first 300 days • Plan your financing needs: You will need enough cash to meet your commitments before you generate sales, so it is of great importance to secure funding that will keep your business up and running for the first 300 critical days and will boost your growth potential. Cash needs depend on the type of business; it could be personal funding, friends and family, ‘angel investors’, or bank’s funding. Even in established businesses, planning and budgeting are vital for the business and needs to be one of your highest priorities to make your business succeed and stay competitive. • Define your market strategy: Understand your market environment within which your business will function, your competitors,

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if your product or service meets your customers’ needs, determine your prices, and your distribution channels. Every business that aims to be effective and efficient must follow a go-to-market strategy approach; choose one. Get your product to speak for itself since it is the most efficient marketing method. Do cross-selling, strong partnerships and alliances; anything that can make you known. • Set up your team: Do not forget that not everyone is good at everything. Carefully build your core team; pick your sales and relationship guy, your marketing guy – those with all the basic ingredients that will successfully launch your business – but also your legal, tax, finance advisors. Do not forget to pick a leader who will stand up and say ‘I am responsible’ when something is not working, but also a diverse complementary team of different background and skillsets. • Leverage technology to your benefit: It can be one of the most powerful weapons an entrepreneur can have to win a march over competitors. Who denies that most breakthrough innovations are based on a smart new technology or intelligent use of the existing one? You can define your best fit tools for marketing purposes, e.g. social networks or for selling purposes of your business, e.g. online instead of physical. Focus on screening, assessing the latest technology trends, understand their benefits and weaknesses and select the one that matches your needs and pocket. Remember that no business can ever be born without passion, drive and commitment. But, also do not forget that no business can ever survive without following the numbers and making hard choices. Above all, enjoy the journey towards the destination. You never know what destination you will reach! Best,

Mariza

NAMES & FACES

...in the news  Fulbright Awards Ceremony

On June 11, U.S. Ambassador Daniel B. Smith honored Greek and American Fulbright Scholars and Fulbright donors, in the presence of Kostas Tzavaras, Alternate Minister of the Ministry of Education and Religious Affairs, Sport and Culture and Athanassios Kyriazis, Secretary General of the Ministry and Fulbright Executive Director Artemis Zenetou. Since its inception in 1948, approximately 5,000 scholarships have been awarded to Greek and American Scholars. Fulbright alumni, include a Prime Minister, ministers, parliamentarians, a Nobel laureate, leading academics and bankers, and famous artists. The Ambassador and the Minister congratulated the 59 recipients of Fulbright scholarships for this year.  Best Virtual Enterprise 2013 The national contest for Best Virtual Enterprise 2013 took place at Athens Information Technology (AIT) on June 27, 2013. The Association of Young Entrepreneurs / Junior Achievement Greece organized the contest successfully for the sixth consecutive year, as part of the annual Virtual Enterprise educational program under the auspices of the Ministry of Education, Culture & Sports. The competition presented and awarded high schools for their innovative business ideas. Anatolia College’s RevoRootion won first prize for their automatic computer software-based watering system, and will represent Greece in the European Best Virtual Enterprise 2013 competition organized in London on July 17-20, 2013. Sine Qua Non by First Arsakeio Lyceum in Psihiko won second prize for their guide-wristband for patients at seizure risk, and IstArt from the Third Lyceum Kifissia won third prize for their electronic platform that brings together artists and art-enthusiasts. WPA (We Promote Aminteo) by Amynteon High School and You Drive by EPAL-Kalloni Lesvos received distinctions.

Speaker’s Corner 14 | BUSINESS PARTNERS | JULY-AUGUST 2013

Finding Ultr Don’t find fault, find a remedy. —Henry Ford

Celebrity Recognized Celebrity International Movers S.A., was recognized at an international industry conference which took place in Athens. More than 500 international delegates attended the 62nd annual conference held at the Divani Apollon Resort in Vouliagmeni. Celebrity is one of the Kathy Chrisovergis few Greek companies that is a long-standing member of FIDI, Fédération Internationale des Déménageurs Internationaux, the largest global alliance of independent quality international removal companies. FIDI members must pass the most stringent quality program in the industry to be FIDI FAIM Plus certified. Celebrity earned FAIM Plus certification, the highest FIDI quality accreditation, in 1997 after it passed the 200 defined quality requirements that targeted around operations and customer service. “The conference proved to be a great success helping us to strengthen industry relationships and make new ones,” said Kathy Chrisovergis, managing director of Celebrity International Movers, S.A.

Seafood Observatory Launched European Commissioner for Maritime Affairs and Fisheries, Maria Damanaki, launched the new European Market Observatory for Fishery and Aquaculture Products (EUMOFA) at the European Seafood Exposition here on Wednesday. “If you want to know market trends and Maria Damanaki market drivers for wild or farmed seafood products, the Market Observatory is the tool for you,” she said, adding that “what counts today is value, not volume, of production. With this modern tool we empower economic actors through accurate, real-time market information”. The Observatory is an EU-wide interactive web-tool updated daily, offering up-to-date data on volume, value and price of fisheries and aquaculture products throughout the supply chain, from when they land to port to when they are displayed on supermarket shelves. The site, at www. It is multilingual, user friendly and free of charge.

Dogmatic Distress

Constant development is the law of life, and a man who always tries to maintain his dogmas in order to appear consistent drives himself into a false position. — Mahatma Gandhi

 SNf Funds the First Center for Talented Youth

in Greece

Dr. Andreas Persidis CEO, Biovista

Repositioning Medicines Why was Biovista cited for its work in CFS? In late 2011 Biovista was the only company to be awarded a research grant by the CFIDS Association of America to identify potential therapies for Chronic Fatigue Syndrome (CFS). CFS affects over 1 million patients in the US alone and results in debilitating fatigue, unrefreshing sleep, post exertion malaise, brain fog and a host of other symptoms that severely affect patients and prevent them from leading normal productive lives. To date, no effective treatment exists for CFS. Through this project, Biovista used its COSS platform to identify a combination of existing drugs that we hope will alleviate some of the symptoms of this disease. Tell us more about COSS. COSS is Biovista’s proprietary drug repositioning platform. COSS uses a combination of computer algorithms and animal model testing to identify new uses for existing drugs in significantly less time and at a relatively lower cost that exiting approaches. How will Biovista take this further? The CFIDS project ended in March 2013 with very promising outcomes. As a result Biovista decided to continue this work. We will now have our FDA pre-IND meeting in September of this year, a record 18 months after project start. This is a necessary step before starting clinical trials in humans which itself is a very important stage of the development and approval of this therapy for market release.

Anatomy Lesson

A person will sometimes devote all his life to the development of one part of his body—the wishbone. —Robert Frost

The Stavros Niarchos Foundation (SNf) announced a major contribution for the creation of the first Center for Talented Youth (CTY Greece) at Anatolia College in Thessaloniki, in collaboration with the world-renowned Johns Hopkins University. CTY Greece aims to identify talented students, aged between 7 and 18, and provide them with advanced integrated summer programs, excellent educational experiences, and the infrastructure to enhance curiosity and intellectual development through innovative and pioneering teaching methods. CTY Greece will open its doors and welcome the first students from Greece and Southeast Europe in the summer of 2014.  Byron College Pupils Receive International

COBIS Awards

The pupils of Byron College participated in the International Young Scientists Film Awards and Poetry Competition. All Byron entries were awarded first place in their category, which highlighted the excellence of Byron College pupils and staff at the COBIS awards ceremony. Mr E. Carrick, Head of School, proudly congratulated all who took part and returned with 5 first prizes (out of the 12 possible) in the Young Scientists Film competition and one runner up award in the Poetry competition.  Lilly - Vianex Agreement Global pharmaceutical company Lilly and Greek pharmaceutical Vianex agreed to assign part of Lilly’s production for the antibiotic drug Voncon (Vancomycin) to Vianex factories in Greece for at least four years. Dionysis Filiotis, president of EPhForT, said that this agreement demonstrates the potential of the private sector in our country to seek investment from the global market. Vice President and General Manager of Pharmaserve Lilly, Spyros Filiotis (photo), Vianex president, Paul Giannakopoulos, and Lilly SACI Quality Assurance Director for Europe, Middle East, Africa, and Asia, Alan Keleher, all stressed that this agreement is particularly important for Greece and its pharmaceutical industry. Over ten million packages will be produced at Vianex plants, initially for the Chinese market. This agreement also means long-term benefits in know-how and growth and the creation of 135 new jobs.

Location, Location, Location

Idle Words

—Jonathan Swift

—Benjamin Franklin

A wise man should have money in his head, but not in his heart.

It is the working man who is the happy man. It is the idle man who is the miserable man.

JULY-AUGUST 2013 | BUSINESS PARTNERS | 15

Travel America

The National Parks of the United States DEATH VALLEY

YELLOWSTONE

The National Park Service was created by an Act signed by President Woodrow Wilson on August 25, 1916. Yellowstone National Park was established by an Act signed by President Ulysses S. Grant on March 1, 1872, as the nationâ&#x20AC;&#x2122;s first national park. How many areas are there in the national park system? The national park system comprises 401 areas covering more than 84 million acres in every state (except Delaware), the District of Columbia, American Samoa, Guam, Puerto Rico, and the Virgin Islands. These areas include national parks, monuments, battlefields, military parks, historical parks, historic sites, lakeshores, seashores, recreation areas, scenic rivers and trails, and the White House. How many employees are in the National Park Service? Permanent, Temporary, and Seasonal - Approximately 22,000 diverse professionals Volunteers in Parks - 221,000

GRAND CANYON

How many people visit the national parks? Total recreation visitors to the national parks in 2011: 278,939,216 What is the National Park Service budget? FY 2012 Enacted - $2.98 billion FY 2013 Request - $2.99 billion How do I obtain a park pass? Visitors can obtain park passes by visiting the nearest park site. Most sites have passes available, however it is recommended to call a park prior to your visit.

HAWAII VOLCANOES

How do I make reservations for camping/lodging in national parks? For some parks, you may make reservations online. Not all parks participate in this service, many campgrounds are first come, first served. What do I need to know about driving off road in national parks? Before you head out, check with the national parks that you intend to visit. In many national parks, off-road driving is illegal. Where off-road driving is allowed, the National Park Service regulates it.

ROCKY MOUNTAIN

ď ľ http://www.nps.gov/

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What are concessions? There are more than 630 NPS concessionaires (in 128 different park units) which vary in size from small, family-owned businesses to national/international corporations. Concessionaires provide park visitors with lodging, transportation, food services, shops, and other services. Learn more about commercial services in the National Park Service.

BIZ BUZZ

Major Gift for Stony Brook University Hellenic Studies Stony Brook University recently received a total of $3 million in donations to enhance course offerings in Greek language and culture, with the immediate goal of creating curricula leading to a baccalaureate degree and graduate program. The gift, which includes $1.25 million gift from George Tsunis, $500,000 from members of the Long Island and New York Hellenic Community, and matching funds from the Simons Foundation, will establish the George and Olga Tsunis Center in Hellenic Studies and The James and Eleni Tsunis Chair in Hellenic Studies at Stony Brook University, in honor of Tsunis’ parents. Tsunis is a Long Island resident and the founder, chairman, and chief executive officer of Chartwell Hotels, LLC, which owns, develops and manages Hilton, Marriott, and Intercontinental hotels throughout the Northeast and Middle Atlantic.

Greece’s Incrediblue Sets Sail Two months after its beta launch, incrediblue, a booking service connecting yacht and sailboat owners with sea lovers around the globe, recently announced its official start and a €100k seed round by the Openfund. Currently listing 200 boats in 35 locations, with fees ranging from €25 to €1,000 per person per day, incrediblue’s unique fleet continues to grow rapidly. Dubbed an ‘Airbnb for Boats’, incrediblue users are able to directly connect to boat owners, review boat profiles with real photos and book online in a simple and secure way. Antonios Florakis, incrediblue founder, said: “Most people perceive boat related activities as a luxury. Incrediblue is on a mission to empower everyone to enjoy unique, safe and memorable sea related experiences, anywhere in the world.”

Greek Scientist Driving Food Innovation Dimitris Kouretas, a Professor at the University of Thessaly, and his team of researchers set out to solve the problem of what to do with excess whey in the production of dairy products—a byproduct that can pollute the surrounding environment. The result was a breakthrough discovery on how to process whey into a new food product that is not only environmentally friendly, but offers significant health benefits. Having recently secured an international patent, Kouretas has leveraged the process to make his own line of nutritional snack bars, including the Feedback Cake, the Cocoa Protein Cookie and the Feta Bar. Kouretas’ research was recently highlighted by the European Commission at event in Brussels as a positive example of innovation in the field of medicine and medical technology.  www.feedbackshop.gr

“Marketing Greece” Ready to Launch In an April 14 speech at the general assembly of the Hellenic Federation of Rented Rooms and Apartments (SEEDEE), The President of the Greek Tourism Enterprises (SETE), Andreas Andreadis, outlined plans for “Marketing Greece,” a ready-to-launch private company charged with promoting year-round Greek tourism. “Tourists are under the impression that Greece is open for tourism only for three months because tour operators mainly promote family tourism,” Mr. Andreadis said. “Marketing Greece will extend the country’s tourism season.” With a budget of two million euros during the first year of operation (raised exclusively by the private sector), Marketing Greece will play an essential advisory role in the promotion of Greece’s brand and sub-brands based on the latest marketing tools.

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BIZ BUZZ

New Age Retsina Looking beyond the Greek drama and the severe economic recession, there is a restless generation of young Greek winemakers willing to innovate, experiment and thus drive the Greek wine industry to the next level. Tetramythos winery from Oreini Aigialeia, for example, has put under its microscope retsina, a traditional style of wine with low perception and acceptance worldwide. The result redefines this classic style and its potential quality. It is quite challenging to relaunch a wine synonymous for many years with Greece’s poor image in the international markets; however the result is very promising. Surely, paying respect to Greece’s heritage combined with expert winemaking knowledge and products will help the rebranding of Greek wines in international markets.  Source: www.winecommanders.com

Greek Hoteliers Confident For 2013 Tourism Season Greek Hoteliers remain “very optimistic for 2013 with significant improvement expected in occupancy” according to a recent 2Q 2013 Tourism Barometer conducted by GBR Consulting. The survey found that resort hoteliers expect improvements in both occupancy and rising room rates. In particular, operations in Crete showed the most optimistic outlook for the coming tourism season. City hoteliers—especially in Athens—also expect slight improvements in occupancy compared with 2012 figures, but are forecasting significant drops in room rates. Among the hotels sampled, 2-star hotels were the most pessimistic, expecting both falling occupancy and room rates. The data was taken from an anonymous online questionnaire of 158 hotels throughout Greece. Of the hotels surveyed, 47 percent were classified as ‘city hotels’ with the remaining 53 percent ‘resort hotels’.

Med Diet ‘Fast Food’ Chains Climbing the U.S. Market Move over burger and fries, today’s fastest growing chains focus their business on allnatural, health foods—And many take their cues from the proven health benefits and soaring popularity of the Mediterranean diet. Alabama-based Zoës Kitchen, named for Zoë Cassimus, the Greek mother of founder John Cassimus, has built tremendous growth on its simple, Greek-influenced menu of chicken salad, pasta salad, pitas and grilled chicken sandwiches. Founded in 1995, Zoës Kitchen now boasts 71 restaurants in twelve U.S. states—and shows no signs of slowing down. What’s the novelty? Made from scratch recipes using fresh ingredients. The company’s motto: “if it wasn’t food 100 years ago, it’s not food today.” Truly, Mediterranean eating at its finest.

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In Profile

Athens Chamber of Commerce and Industry Awards Pharmaserve-Lilly’s European Medical Research Institute (EMRI)

The Athens Chamber of Commerce and Industry presented its business awards held a ceremony at the Athens Concert Hall on June 12, 2013, to present. A number of Chamber members were honored.

Research Award for Innovation and Technological Development The European Medical Research Institute (EMRI), PharmaserveLilly’s independent research department, was honored with the Research Award for Innovation and Technological Development. EMRI President Dionysios Filiotis (photo) expressed his gratitude to all partners and scientists, and especially the Director of EMRI, Vangelis Drosinos, for this prestigious award that places EMRI at the forefront of clinical research in Greece and internationally.

Aegean Marine Petroleum Export Activity and International Presence Aegean Marine Petroleum was honored with the award for Export Activity and International Presence. “This distinction is a recognition and reward for your activities in the business arena, but also serves as an example for creating new business initiatives,” said ACCI president, Konstantinos Mihalos, in his letter to Aegean Marine Petroleum founder, Dimitris Melissanidis (photo). During his speech at the award ceremony, Mr. Melissanidis said that this distinction rewards him for the last 18 years and his efforts on both a personal and corporate level, and the hard work and continuous investments in international markets, in a sector dominated by large multinational companies and fierce competition.

SingularLogic e-Business SingularLogic won first place at the ACCI 2013 Awards in the “e-Business” category. Marika Labrou (photo), SingularLogic’s Managing Director, said, “I assure you that, despite the unfavorable economic environment, we will continue our dedicated and spirited work towards providing the thousands of entrepreneurs, businesses and organizations in our customer base with more advanced systems increasing their competitive advantage in the market. We do hope to become a role model for other similar business initiatives.”

King George Hotel Reopens The King George Hotel reopens on June 5, following a three-month, 2.5 million Euro renovtion. The hotel offers 59 rooms, 43 suites, and a Penthouse suite with private pool and jacuzzi overlooking the Acropolis. The Tudor Hall restaurant, located on the seventh floor, and with a magnificent

view of Athens from above, has also been fully renovated. The Ballroom, with a capacity of 400 persons, can be divided intro three separate rooms and is ideal for conferences, meetings and social events. King George hotel will be managed by Starwood Hotels & Resorts Worldwide Inc. Tim

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Ananiadis (photo), Area Manager for Starwood in Greece & Cyprus, said “we are delighted with the addition of King George to the Luxury Collection brand and grateful to Lampsa S.A. and the Laskaridis family for entrusting Starwood Hotels and Resorts to operate their third property in Greece.”

BACHELOR

MASTER

MBA

PhD

EUROPEAN & AMERICAN EDUCATION

Αθήνα: Αμαλίας 38, 105 58 Σύνταγμα, Τηλ.: 210 32 25 961 Fax: 210 32 33 337, e-mail: nycath@nyc.gr Θεσ/κη: Κατσιμίδη 6 & Παπαναστασίου, 546 39, Τηλ.: 2310 889 879 Fax: 2310 835 211, e-mail: nycth@nyc.gr

The Interview

The American College of Greece—

Transformative Teaching, Scholarship and Service David G. Horner, President of The American College of Greece, discusses how education and the learning experience is evolving today within a world that is fast-changing, challenging, and demanding.

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Tell us about The American College of Greece (ACG). ACG (Pierce – Deree – ALBA) is the largest and oldest, comprehensive, American educational institution in Europe. Founded in Smyrna in 1875 and moved to Greece following the destruction of the city in 1922, our current programs span from Gymnasium/Lyceum at Pierce to undergraduate/graduate studies at Deree to graduate business studies, through Ph.D., at ALBA. We enroll just under 4,000 students and are one of the few private educational institutions in Greece that has always been non-profit. ACG has no owner but is overseen by a board of trustees—distinguished academic, professional and business leaders who serve voluntarily without compensation. All board members are donors to the College. Reflecting our non-profit orientation, more than 20% of our students receive financial aid, either an academic scholarship or need-based grant. Deree was the first international American college/university to be accredited by the New England Association of Schools and Colleges, that accredits some of the most prestigious colleges and universities in the U.S., including Brown, MIT, Harvard, Yale, Dartmouth, Tufts. What are the most striking trends that will affect education in the next decade, including technology? The biggest “global trend” is globalization itself, with students, faculty and even institutions moving around the world. Every major U.S. university has a global strategy. Most recently Massive Online Open Courses (MOOCs) have become the hot topic; I am a bit skeptical. I think MOOCs can serve a purpose, especially in spreading knowledge to underserved populations, but personal attention is indispensable to learning, especially for young people. ACG’s mission focuses on “transformative teaching, scholarship and service.” Personal transformation is the biggest value-added outcome of education; technology is an increasingly valuable tool in this process but not without the caring and engaging presence

of faculty and other mentors. No matter where technological innovation takes us, human interaction between students and teachers will always remain a cornerstone of quality education. I see some changing trends in Greece as well. When I arrived here in 2008 it seemed that students and families looked to schools and colleges/universities more as providers of educational content and credentials rather than what in the U.S. we call the “whole student experience.” Content and credentials can be delivered in a classroom by part-time instructors or even on-line, but to deliver the “whole student experience” you need full-time faculty available inside and outside the classroom, an array of programs supplementing the classroom, and extensive campus facilities. This is expensive, but because as a non-profit institution we have invested all our financial resources solely in the educational mission of the College for 138 years, we are able to support this cost structure. I see more Greek families who recognize the added value of this offering. In what ways must schools and colleges adapt to and evolve with global trends; how is ACG adapting? Internationalization is at the core of our institutional strategy. We are sending increasing numbers of our Deree students abroad; they are attending outstanding universities (14 Deree students have studied at Stanford University in the last three years) and gaining invaluable international work experience in global companies in China, Argentina, the UK (London) and the U.S. (New York, Miami, Los Angeles) and elsewhere. Our global network of universities and corporations is expanding opportunities rapidly for faculty as well. For instance, a Deree faculty member will teach at Duke University this fall. We are bringing more students and faculty from around the world to Greece. In our most recent summer school sessions we had student groups, accompanied by faculty, from Boston University, the University of North Florida and Virginia Commonwealth University as well as a substantial student group from the American University in Cairo. Earlier in the spring term Pierce hosted one of the best U.S. public schools specializing in performing arts education and ALBA hosted both the European Business Plan of the Year Competition as well as the Negotiation Challenge—the latter event including teams competing from major international law and business schools (for instance, Harvard Law School and Hastings College of the Law at the University of California, Berkeley). Recently, reflecting both our European and Greek operating context, we partnered with the Open University, one of the best universities and the largest public university in the UK. Though our OU validation agreement, Deree graduates can gain dual—US and European—credentials simultaneously. The educational process at Deree has been “reengineered” to combine both American and British

ACG’s mission focuses on ‘transformative teaching, scholarship and service.’ Personal transformation is the biggest valueadded outcome of education

David G. Horner

elements, drawing on the two strongest higher education systems in the world, to produce a student learning experience that meets rigorous international standards. We have invested significantly in technology. As just one example, the Deree library, which is the largest college library in Greece, has over 100,000 books but also offers access to over 100,000 e-books and millions of articles and databases online. Can private education play a positive role in serving the needs of Greek students and Greek society? I strongly believe so! Greece needs continuous innovation in all sectors, which is always a product of competition and collaboration. The U.S. system of higher education, for example, is as strong as it is because of the enormous diversity of institutions—public, private/nonprofit, private/for-profit. The institutions compete, but they also collaborate. This diversity, among other benefits, opens maximum choices for families and students to select the learning environment that suits them best. All ambitious and justice-oriented societies aim for wide access to quality education, but I believe having strong public educational institutions, as well as quality private, especially non-profit, educational institutions is the best combination for a country. If Greece achieves such a balance, the country can develop as an educational and research hub for the region. This goal has often been mentioned as one of Greece’s future national strategies, but I think this strategy is sound only if the system is restructured to encourage competition and collaboration. The present reality in Greece is quite distant from this, largely due to the implications of Article 16 of the Greek Constitution.

JULY-AUGUST 2013 | BUSINESS PARTNERS | 25

Thought Leaders

Greece’s leading knowledge institutions sound off about the state of education and academia today— and the path to a better, brighter future. Raymond Matera

Education— Shaping Tomorrow’s Greece

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JULY-AUGUST 2013 | BUSINESS PARTNERS | 27

Thought Leaders

The Importance of Student-to-Student Mentoring

I Dr. Stefanos Gialamas President, The American Community Schools

Genuine morphosis takes place when the student drives the entire learning process

nnovative programs that offer unique educational experiences and personal and professional growth opportunities for a school’s students, faculty and community are the basis for achieving excellence in all academic institutions. This unique outlook on education led to the development of the “Innovation Zone” at ACS Athens: modified facilities dedicated exclusively to the development and implementation of such programs, which aim to achieve the following goals: • Institute a culture of innovation • Establish a venue for faculty sharing of innovative practices • Establish a process for solicitation, evaluation, implementation, resourcing and reward/recognition of/for innovative ideas (practice, procedures, programs) It was in the “Innovation Zone” that we asked the question “what is going to happen when we put together a 9th grader taking pre-calculus and a young gifted child in the Elementary school that is learning square roots?” Before we attempt to answer this, let us start with two of the fundamental questions of the “Guided Inquiry” learning philosophy: “What do we think will happen?” and “What are the expected learning outcomes?” Let us recall the vision at ACS Athens of providing a holistic, meaningful and harmonious sustainable education, which means to educate the entire person academically, socially, emotionally, physically and ethically, with ethos as the guiding principle, through continuous learning inside and outside the classroom. The educational experience of students is enhanced through such innovations such as Student-to-Student Mentoring because genuine morphosis takes place when the student drives the entire learning process and when they are given the chance to learn from

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each other in a totally new way. What we expect will happen to the older students is that they will be able to further develop their emotional intelligence skills; they will work with these 6-7-8 year old children and understand how to make connections. They will learn how to motivate and inspire them, to keep them focused, interested and mostly happy. They will also sharpen their creativity skills by deciding how to introduce mathematical concepts to these young children. Finally, they will open up and feel ready to be empowered and trusted to influence and inspire others. New horizons are opened for the students; it is proven that one learns more by sharing knowledge. The feeling that it is “normal” to be gifted and talented helps their self esteem tremendously, while the effort to convey this feeling to the younger ones actually transforms them into more mature, caring human beings. On the other hand, our younger students learn to challenge their abilities and experience that learning is fun! They find a balance of being advanced in academics and sociable at the same time. Since their learning partner is an older student, not an adult, this allows them the freedom, to open up without being afraid to express themselves and show their interests to a “non-authority” figure. The older student does not give grades nor does he determine whether the younger students are good, very good or excellent in their studies. This program gives the opportunity to learn concepts that might not be covered in any formal class. By all means, this is the “best environment” for students to learn and develop their interests, to thrive and transform themselves into beautifully educated young people with ethos, into tomorrow’s leaders who will continue giving what they acquired and eventually change the future.

Education: For Love or Money?

sk any group of older schoolchildren what they aim to study at university and you will receive a refreshingly diverse range of degree course titles; from Medicine to Business Management, from Chemical Engineering to Psychology and Criminology. Ask them why they have made their choice and the answer is more uniform and a little depressing. The purpose of a Bachelor’s degree, in the minds of today’s aspirant undergraduates is to serve as a route to employment. With youth unemployment in the Eurozone topping 25% and in Greece 59%, no school leaver can be chastised for placing a heavy priority on university studies as a route to a career. But something has been lost when bright young people view the final years of education as merely a means to an end.

take for young people today. But teachers, tutors and higher education advisors at schools would be remiss if they did not attempt to reverse the tacit perception that university courses are little more than an essential stamp on the employability of a young adult. At St. Lawrence College, where pupils follow the British system of education and the majority of pupils progress to UK and US universities, we do, of course, counsel pupils to plan ahead and consider their future as they embark upon their university studies. But in group sessions and in one-to-one counseling, we also strive to alert those same young people to the undeniable fact that employers today recognize certain strengths in a graduate that will only have developed if that individual had approached their studies with an enthusiasm and willing determination. Only those who are truly enjoying their degree studies build up

Phil Holden Headmaster, St. Lawrence College

Only those who are truly enjoying their degree studies build up skills of self-discipline and stamina through independent study

Allow me to suggest something surprising; advice that might come as a shock to parents and their children as they start to plan university degree course choices—give primary importance to ensuring you select a subject you love and that you will enjoy studying. Seek out a degree course that truly sparks your interest, stirs your curiosity, and one that you find stimulating and challenging in itself. That is a must, given lectures and tutorials constitute only a minority of time on degree courses. The majority of study is undertaken alone, at a desk or in a library, reading, researching and note-making. Loving your subject is essential! I appreciate this is a difficult and brave view to

skills of self-discipline and stamina through independent study. We all appreciate that the education of young people is a collaborative process with essential input from parents as well as professional educators. We all want the best for our children and pupils. Let’s not lose sight of what that means: learning to value and respect education in itself; and recognizing that the enhancement of a graduate’s employability profile need not conflict with deriving enormous pleasure and satisfaction from undergraduate studies. If we can convey that message to young people as they make choices for their future, we have done them a great service.

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Thought Leaders

Greek Higher Education

Need for Drastic Reforms

T Prof. Nickolaos G. Travlos Dean, The Kitty Kyriacopoulos Chair in Finance, ALBA Graduate Business School at The American college of Greece

The monopoly that state universities enjoy in Greece has created an environment of nepotism, low research output, and poor teaching performance

he higher education in Greece is provided mainly by the State. There are twenty-three State Universities, Polytechnics, Technological Educational Institutes, Military/Police and Ecclesiastical Academies, Academies of Mercantile Marine, (see, Wikipedia, 2012), the Open University, and the International Hellenic University. The above institutions accept 70,000 – 80,000 students per year. Most state universities started offering Master and Ph.D. programs in mid 1990’s. Almost all of them offer Ph.Ds. The undergraduate education in state academic institutions is provided for free to all students. Graduate education in state programs is usually provided for tuitions in the range of €4,000 - €9,000 per program. According to the Greek constitution, private universities are not allowed to operate in Greece. Nonetheless, there are thirty-nine private academic institutions in Greece offering undergraduate and/ or graduate programs under the title of college. These institutions, although not recognized as universities by the Greek State, are either fully accredited by prestigious international accreditation agencies, and/or are offering programs of studies under franchise or validation agreements with universities in other European Union countries. The recognition of the professional (but not the academic) qualifications of the holders of college degrees may be granted if certain conditions are met (see Law 3696/2008, Law 3848/2010, and Law 4111/2013). The majority of these private academic institutions are operating as for-profit-corporations. However, out of the 39 private institutions, there are five institutions (ALBA Graduate Business School at The American College of Greece, the American College of Greece, the American College of Thessaloniki, the American Farm School, and the Athens

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Institute of Technology (AIT)) which operate as not-for-profit academic institutions. The monopoly that state universities enjoy in Greece has created an environment of nepotism, low research output, and poor teaching performance by the average professor teaching at a state university (for details, see Themis Lazarides, 2008 in Greek). Notwithstanding the exceptional performance of several Greek professors and the outstanding publications record of several Greek professors who returned to Greek state universities from renowned universities abroad, the teaching and research environment at most state universities does not allow for high productivity and quality. Faculty evaluation, performance target setting, incentive schemes and accountability were unknown concepts in state universities until very recently when the Government tried to impose internal and external evaluation. Attempts in the last ten years to reform the higher education in Greece and amend the constitution to introduce not-for-profit private universities have failed after the strong opposition of students and faculty of state universities. As a result, the Greek State Universities seldom make it to international rankings; if they do, they appear towards the bottom of the list. Furthermore, they contribute to the low scores regarding higher education which determine the poor world competitiveness of Greece, according to the IMD World Competitiveness Yearbook of 2011. It is the position of the author that there is a need for drastic reforms. In particular, the introduction of private not-for-profit universities will enhance competition, strengthen quality and attract to Greece thousands of foreign students and hundreds of Greek professors from the diaspora—developing a healthy and strong education sector in Greece, in both the private and the public domain.

Making the Right Decision Should Be Easy!

t a time of great uncertainty parents are not only concerned about how to prepare their children to cope but have no real idea as to what occupational prospects face those children. The decision, therefore, as to where and how a child should be educated has assumed greater importance. But, as every parent knows, making that decision as to what educational system to follow or to what school to enroll their ‘precious cargo’ is not always an easy one. But how difficult is it really? We will assume that parents wish to ‘invest’ in education and hope to provide some competitive advantage for their child. It seems to me that an education in English is imperative. English, whether we like it or not, remains the dominant language in the world and the ‘lingua franca’ for commerce, trade, industry and development. It follows then, that a parent would choose a school that employs native English-speakers, counts native English-speakers in the pupil body and has an academic environment and culture that allows competence in English to develop naturally and to support access to and engagement with the curriculum. More than 3.5 million children attend Englishspeaking schools throughout the world and within the next decade this number is expected to exceed 5 million. English speaking British schools are so popular because they offer a guaranteed standard of education whose reputation is established throughout the world. They are seen, also, as organized, disciplined and caring for the individual needs of each child. In addition, all British schools have established systems of Pastoral Care that value the moral and social education of each child. But, not all British schools are the same. The great majority of them, including Byron College, remain faithful to the British National Curriculum, which leads to pupils taking IGCSE and Alevel GCE exams to gain entry to university. Almost 94% of undergraduates at UK universities have entered with A-level GCE qualifications. Having said that, 100% of Byron College graduates enter their first choice university

throughout the world. It is important to remember that A-levels are the ‘gold standard’ of secondary academic qualifications and they are part of a national system, not an educational ‘product’ created to be ‘sold’ internationally. In those growth areas for British schools, the A-level system remains the primary choice in the Gulf, S.E. Asia, China, India, emerging economies in Europe and North America. There are some very sensible reasons why parents and schools choose A-level GCE’s as the passport to undergraduate studies:

E.S. Carrick School Improvement Partner, Byron College, The British International School

More than 3.5 million children attend English-speaking schools throughout the world and within the next decade this number is expected to exceed 5 million

• It remains the traditional measure of excellence • Pupils studying A-levels have vastly increased chances of acceptance at their first-choice university • Over the two year course it is easier for the school to predict ultimate achievement • The top university departments offering engineering and sciences do prefer A-level scientists because they have studied a wider range of science subjects to real depth and have developed critical thinking and analytical skills appropriate for success at university. Given what we know about British education and the opportunities to study A-levels in Greece then perhaps making the right decision should be easy!

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Thought Leaders

College Studies for Better Job Prospects

Investing in Value

T Dr. Alexandra Kaoni Academic Director, New York College

he implementation of the law 4093/ 2012 in conjunction with the European Directive regarding the recognition of the professional equivalency of diplomas acquired by European citizens, who have graduated in Greek colleges, are important reforms in the area of post-secondary education in Greece. Colleges in Greece give students who want to obtain a foreign university degree with value and prestige, but do not wish to live abroad, the option to avoid relocation costs and the high fees of some foreign universities, such as the ones in the UK. Given that the partner universities still award the degrees and the teaching is done in a safe and organized environment, many students choose colleges in Greece as a more secure investment for their future professional development. Especially in these times of economic crisis, studying away from home, in a school that was not the candidateâ&#x20AC;&#x2122;s first choice, puts an unbearable burden on the family budget with uncertain academic and professional perspectives. Therefore, many students choose the local private college setting to

Colleges in Greece give students who want to obtain a foreign university degree with value and prestige, but do not wish to live abroad, the option to avoid relocation costs and the high fees of some foreign universities

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pursue undergraduate or graduate degrees. Numerous studies indicate that many students are frustrated with the public academic institutions they enrolled in after the national university entrance exams, due to the high cost of living away from home and their lack of interest in the academic syllabus. By choosing to study in a reputable college, students get the chance to select the field of study and specialization of their choice, have a personal academic advisor, and the assistance of the Liaison Office, which will bring them in contact with companies the very first year of their study. Also, private colleges ensure a safe and organized educational environment, free of teacherâ&#x20AC;&#x2122;s strikes and the subsequent loss of teaching hours. Students have access to modern facilities and educational services, and through their interaction with foreign students and professors with solid international experience, they are educated in a multicultural environment, gaining great experience for todayâ&#x20AC;&#x2122;s global job market. The link between education and the labor market is neither direct nor obvious. The education system, the curriculum, the teaching staff, and the culture of the educational institution, depending on the personal characteristics of each individual, and the market particularities are some of the major factors affecting the employability of young graduates. An educational system that emphasizes creative thinking and intercultural communication can provide internship opportunities, modern curricula, and offer courses taught by leading experts, who combine academic expertise with market knowledge. This educational multicultural training organization is constantly assessed and evaluated to produce graduates that can easily be absorbed by the labor market. Our graduates, indeed, staff firms or continue their studies in prestigious universities abroad to obtain higher qualifications.

The Benefits of Opening Up

very year in May, the NAFSA conference takes place in the U.S. It is a large international educational conference, which brings together educators from the all over the world involved in all aspects of international education and particularly in educational exchanges or simply in study abroad. Among the 8,000 attendees are also representatives of schools in countries that offer educational services to a growing international student market. Almost every country is represented in this conference with its own pavilion: U.K., Italy, France, Spain, the Scandinavian countries, Australia, Singapore, Korea, China, Mexico, Turkey. In Turkey’s colorful pavilion, State and private universities co-exist and elbow each other for attention. The only country that is always absent, in spite of its enormous potential in offering educational services to international students, is Greece. What is even more astonishing is that, in Greece, no one, except for an initiated few, understands the enormous potential of international education and our country’s comparative advantages. Ancient civilization, rich culture, superb landscape and mild weather; these are all features that we can promote. The language may indeed be an obstacle, but not an insurmountable one, as long as one realizes that whatever we do in this area will have to be in the English language. First, we need legislation that recognizes the status of schools that strictly serve international students and that do not offer complete four year studies nor award degrees. Presently, the law only recognizes “kollegia” and “ergastiria eleftheron spoudon”, entities which offer studies to Greek students and therefore, justifiably, concerns itself mostly with the protection of the Greek consumer, particularly with respect to false advertising. Second, we should facilitate the movement of international students to Greece by liberalizing the regime of student visas and making sure that immigration authorities can make the distinction between foreign students and economic migrants. Similarly, there must be provision for temporary teaching permits and teaching visas, as well as visas for foreign students to do short

(6-12 month) internships in Greek companies, without violating Greek labor laws. Third, we need to facilitate visits to museums and archaeological sites of foreign student groups accompanied by their professors, offering them free entry as well as the right of academics to instruct the students in the archaeological sites. Greece has huge potential in becoming a destination for foreign students and enormous benefits, both financial as well as in public diplomacy, can be derived from this activity. The Italians, the British, the Australians, draw huge numbers of students each year, most of them from the U.S. Why does Greece receive such a pitifully small number of foreign students each year? Education all over the world is becoming internationalized. There are many American universities with campuses in other countries.

Alexis Phylactopoulos President, College Year in Athens/DIKEMES

In Greece, no one, except for an initiated few, understands the enormous potential of international education and our country’s comparative advantages

An ever-growing number of schools around the globe, use English as the language of instruction, but our universities remain desperately insular. They keep themselves away from these developments, and from governance practices like the newly established governing councils of State universities that would let fresh air come in from abroad. The benefits to “opening up” our minds and our system to foreign students, and to attitudes that look beyond the border can be very rewarding. But someone needs to pay attention to this great opportunity.

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Thought Leaders

Leave the Soil Richer

S Dr. Panos Kanellis President of the American Farm School & Perrotis College

We urge fellow educators to partake of our hallmark vision of preparing students to succeed in an ever more challenging economic climate

ince the founding of the American Farm School in 1904, education has focused on the “learn by doing” approach that helps students take control of their lives and build successful futures. Today, the School and its division of higher learning, Perrotis College of Agriculture, Environment and Life Sciences, concentrate hard on preparing graduates for professions that will help to build recovery in the Greek and Balkan economies. The new Center for Agricultural Entrepreneurship, based in Perrotis College, is an innovative approach to teaching adults. From its creation in September 2012, individuals who are earnest about taking advantage of family rural roots—or by necessity must start from scratch in agriculture-based endeavors—acquire the knowledge and practical skills necessary for the agrofood sector, and are guided in business incubation. In the BSc program of Perrotis College, we’ve reconceived our direction, leading to the emergence of three vital majors: Precision Agriculture, International Business (with emphasis on the agrofood sector), and Food Science and Technology. We have the flexibility as a private institution of higher learning to do this. The future of agricultural production is based on using technology to eliminate the guesswork—from preparation of fields for planting to delivering agricultural produce to market. International Business focuses on measurement: of consumer behavior, of international joint business ventures, and of other elements that will lead to a healthy business economy in our region that is influenced by the success of the agrofood sector. Graduates with the Food Science major are highly employable because they are qualified with both scientific expertise and business know-how. Leading all efforts in Perrotis College, however, is research. An entire floor of the main academic

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building now houses the Aliki Perroti Research Laboratories. These include the Precision Agriculture Laboratory; the USDA Agricultural Research Service’s European Biological Control Laboratory, in collaboration with Perrotis College scientists; and an extensive Life Sciences Laboratory. Elsewhere on campus, the New Food Product Development Laboratory and Sensory Analysis Laboratory have opened. All these research facilities are also available to the students of the Center for Agricultural Entrepreneurship and to collaborating teams from U.S. and other universities. The American Farm School’s historic high school program, addressed to children of families with immediate ties to agriculture, has changed. There are urban children destined to succeed in science or in rural enterprises as well; therefore we encourage young women and men from the city to enroll. Horizons are widening, and many students follow their graduation with study in the United States. We have also launched a dynamic new initiative in primary education, starting with a Preschool. We inaugurate new facilities for a Primary School (grades 1 through 6) this September. The focus is primarily on environmental education through experiential learning, but also on cultivating the thirst for scientific research in youth—and helping them master English at an early age. The American Farm School began in 1904 to prepare its students to “leave the soil richer, rather than poorer,” and vowed that “future generations would not suffer on account on our farming methods.” Extending this to the broader values of education today, the School urges fellow educators to partake of its hallmark vision of preparing students, from the earliest age through adulthood, to succeed in an ever more challenging economic climate, while having a positive impact on the environment.

Excellence and Extroversion

he most serious and acute problem faced by Greek universities nowadays has to do with the ever-diminishing funds allotted by the State, as a result of the unprecedented economic crisis in our country. I will not address the question whether it is of actual use to downsize investments in human capital when the structure of our economy is collapsing; but I intend to highlight the fact that under the circumstances, it is pivotal to maintain a satisfactory—to say the least—level of standards in education, research and student care, if not to promote excellence as pursued by our University on an ongoing basis. It is a blessing—and at the same time a byproduct of the quality and international repute of our faculty members—that at Athens University of Economics and Business we manage to attract funds outside the State budget through our numerous research projects and our quality postgraduate courses that are in high demand.

institution in Greece to receive this award. Another internal problem that I identify with universities in Greece is tied to their introverted orientation or—if you wish—their limited extroversion. There is a great need for local educational institutes to open up to society and the economy, as subsequent synergies will benefit all parties. Foolish and outdated stereotypes that pose as obstacles to such a move should be decisively put aside. Excellence, extroversion and contribution to society are the pillars for our stream of actions and our source of inspiration at Athens University of Economics and Business. We assist our students in their business initiatives in many and creative ways. We are the country leaders in hosting foreign exchange (ERASMUS) students. We attract foreign candidates to our postgraduate courses. We build academic partnerships with major tertiary education institutes in Europe and around the globe.

Prof. Konstantine Gatsios Rector, Athens University of Economics and Business

There is a great need for local educational institutes to open up to society and the economy, as subsequent synergies will benefit all parties

Without this extra funding, we would fail to offer many of our services to our students; just as we would cease to boost research and provide support to doctoral and postdoctoral students. As a result, it seems like a small miracle that AUEB keeps constantly ranking in the top 5% of almost 20,000 universities worldwide; and it is surely worth stressing that our institution received last year the EFQM Excellence Award for our commitment to excellence, our push for innovation and entrepreneurial spirit, our quality in education and administration standards as well as for reengineering our services and functions. Many leading universities and many major organizations and corporations in Europe pursue excellence via the EFQM model. AUEB has been the first academic

Through the ‘Business Confucius Institute’ we host at AUEB, we have organized two HellenicChinese Business Partnering Conferences in Athens in 2011 and 2012, and a Greek Products Fair in Beijing this May 2013—a unique, pioneering initiative crowned with huge success and highly attended by local media. At the same time, we feel it as an obligation to provide support to those social groups that have been hit the most by the ongoing crisis. The youth, the unemployed, small enterprises and youngsters who wish to make a new start, to overcome the crisis and stand on their feet, can all benefit by the ‘Social Contribution Network’ set up at AUEB by faculty and students on a volunteer basis.

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Thought Leaders

Transforming Universities

From Expert Authority to Proven Credibility

C Prof. Lazaros Polymenakos Associate Dean, Athens Information Technology

And now for the trillion Euro question: What kind of education best drives economic growth?

olleges and universities worldwide are feeling the pressure to adapt to an ever changing landscape of challenges. Our knowledge society demands more graduates, who increasingly return to study, as lifelong learning covers work and leisure needs. And curricula focus on specialized knowledge, which renders graduates readily employable in a still fragile economy, but does not allow them to adapt to a changing workplace. Furthermore, there are pressures from alternative ways of acquiring knowledge: • Virtual Learning: The WWW is the new schoolroom, a cyber-world which is neither a school nor a room. Anyone can acquire immediately skills and knowledge needed, by attending an online course or by collecting free material online. This questions the ROI of established institutions training and the benefits of a university education. • As new technology adoption in education is slow and the benefits not readily seen, it is common topic that something has to change in the way students learn, how curricula are organized, or how teaching is delivered (online or classroom). Universities and Colleges, however, have a key competitive edge against other knowledge industries through their core values, including: • Research-based teaching: Universities do not just teach known things. Their Faculty and researchers generate new knowledge and pass it on to their graduates • Curricula for the long-term cognitive needs of individuals: University curricula do not just train on tools and solution recipes but foster understanding of concepts and research methodology. Therefore, universities and colleges can lead the

Sources 1. “The Future of Learning Institutions in a Digital Age”, C. Davidson, D. Goldberg, The John D. and Catherine T. MacArthur Reports on Digital Media and Learning, MIT University Press, 2009.

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way of educational transformation, especially in Greece during the financial crisis. Self-learning and flexible curricula tuned to the learning needs and the interests of the individual student become the most valuable proposition. Another shift is from presumed authority derived from the legal framework of public-only universities, to establishing Institutions (private or public) which ensure continuous proof of credibility of the knowledge and skills taught, evidenced by the graduates’ career paths—and not just employability records. Center-stage come the methods of collaborative partnerships that allow graduates to solve complex challenges and problems through interdisciplinary thinking and international collaborations. Such problems require broader comprehension including sustainability, interoperability, human interaction, social implications. And now for the trillion Euro question: What kind of education best drives economic growth? Countries caught up in financial crisis like Greece are asking academics, businessmen, economists for some direction. The answer may come from the transformation brought over by collaborative and networked learning. The networking culture of the younger generation requires that institutions focus on flexibility, interactivity and results. This is the teaching and research practice that Athens Information Technology adopts via its programs, thus becoming over its 10 years of operation a power plant not only for knowledge but for innovation. It brings together specialized technical learning and communication skills, invention and business education, thus allowing a new look on old methods and a brilliant spark in new approaches.

2. “ Rethinking University Teaching in the Digital Age”, D. Laurillard, , Open University, UK, Forum Futures 2002. 3. “ The University Unbound: Transforming Higher Education”, I. Kubiszewski, R. Costanza, originally published by Solutions, June 17, 2013.

Education as a Springboard for Change

illiam Butler Yeats, the major playwright and great poet of the 20th century, proclaimed that ‘Education is not the filling of a pail, but the lighting of a fire’. This fire, at our educational institution, was ignited over 127 years ago and continues to burn brightly today. We strongly believe that progressive education is the path—or the highway—that leads to a better and more balanced society; a powerful medium to experience the joy of learning, to create a new mentality and instill a set of values to students encouraging them to contribute to society and bring about positive change in the world. Greece’s economic and social crisis has dramatically reduced the income of every Greek family thereby negatively affecting their morale. However, a crisis can serve as a springboard for a new beginning asking us to reevaluate our strengths and weaknesses in an effort to keep us moving forward. The announcement of the establishment of the first Center for Talented Youth in Greece (CTY - Greece at Anatolia College) was welcomed as a significant educational achievement for the benefit of all of Greek society. This is the result of strategic collaboration with the Stavros Niarchos Foundation which generously supports the establishment of CTY in Greece and Johns Hopkins University which will transfer to Greece, through Anatolia College, the technical know-how and the expertise in operating such centers for charismatic and talented youth. CTY Greece will identify and offer academically advanced students, ages 5 to 18, from across the region, comprehensive summer, online, and weekend programs. CTY programs feature challenging course work, innovative teaching methods, and new academic experiences designed to foster intellectual development and a love of learning. According to the Johns Hopkins University Center for Talented Youth Report, “The establishment of CTY Greece at Anatolia College fills a gap considering the fact that conventional educa-

tional programs in Greece are basically oriented to the requirements of the average students and often unable to detect the particular abilities of such children and provide for to their potential” There are many examples of youth, who through such programs, not only succeeded in cultivating and displaying their talents but also contributed directly to society. Jack Andraka, who developed the test for diagnosing pancreatic cancer, Mark Zuckerberg, co-founder of Facebook, Sergey Brin, co-founder of Google, and singer Lady Gaga, are among the most notable ones. There are multiple benefits arising from this strategic collaboration for society. Students, teachers and parents alike will gradually become exposed to a different and innovative educational approach. We believe that the knowledge that will be accumulated through Anatolia College over the course of the years will be channeled into the Greek educational community. CTY - Greece at Anatolia College will not be an exclusive system but an open system, providing the opportunity for well developed and tested educational approaches to spread throughout the wider Greek educational system. All this comprises an invaluable asset for Greek society, which today, more than ever, is seeking ways to overcome the impasse and offer a promising future to its youth. Additionally, CTY programs can inspire gifted young people, leading to “successful business minds” which can have an impact on economic development and innovation. We believe that in recent years, it has become evident that monetary measures cannot supply long-term solutions to the crisis on their own. The country also needs to invest in education by providing a creative and flexible framework to encourage the public and private sector to undertake initiatives which will provide a window of opportunity to our youth, prepare us to adapt to the ever changing socioeconomic needs. In the long run this will shape future generations and help them successfully meet the challenges of the 21st century.

Dr. Panos Vlahos President of Anatolia College

We strongly believe that progressive education is the path—or the highway— that leads to a better and more balanced society

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Thought Leaders

Turbulent Socioeconomic Environments

Our Responsibility to Ensure Proper Edification Ekaterini Mantoulidou President, Mandoulides Schools

Following the standard curriculum prescribed by the Ministry of Education is a path which, regrettably, no longer meets the demands of a highly competitive national and international work force

ccompanying the bittersweet end of each school year comes the time for potentially life-altering resolutions. Twelfth grade students are called upon to make one of the most important decisions of their lives, and every school to set new goals while keeping in mind the socioeconomic atmosphere of each country, which unfortunately influences the variety of steps available for improving the quality of education offered. In the rapidly evolving sector of Academia and Education, it is always a challenge to persevere. The 2012-2013 school year has been satiated with social and political instability. It i s an unfortunate fact that, now more than ever, the public education sector in Greece is in need of a reform. Following the standard curriculum prescribed by the Ministry of Education is a path which, regrettably, no longer meets the demands of a highly competitive national and international work force—a work force ready to assimilate but, at the same time, not hesitant to exclude candidates. With that in mind, each school should assume responsibility for offering quality education, ultimately aimed at a multifaceted edification of students. We are liable for securing the best possible educational environment, an environment both safe and holding the necessary requirements for them to create, to distinguish themselves. It is, therefore, necessary to follow the evolution of the education sector—to the degree that this is feasible—by aiming higher each year. One aspect of progress in education that has left Greece, in specific, mostly unaffected is the extraordinarily rapid introduction and assimilation of new, interactive technologies and teaching methods by schools abroad, as well as the inter-

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national collaboration of institutions. Within this framework, Mandoulides Schools, in collaboration with Zografio Lykio organized an original and revelatory conference titled “150 years K. P. Kavafis”, under the auspices of the Ecumenical Patriarchate, in which 13 schools from Greece, Alexandria of Egypt, Nicosia of Cyprus and Istanbul of Turkey took part. We hosted distinguished authors, came into contact with great painters through the program “Zontani Pinakothiki” (Live Art Gallery), participated in national as well as international student conferences, celebrated “100 years of Thessaloniki, the city of great educators”. At the same time, we implemented a novel educational program: “Flipped Classroom; the class is changing” which this year managed to complement traditional teaching methods in mathematics and physics. This program enables students to watch lectures online, at home, thus allowing more time to be allocated for exercises in the classroom, collaboration with the teacher and consolidation of materials presented. An additional innovative program, which will be included in our curriculum this upcoming school year, is the introduction of Case Studies. This program aims to develop students’ critical thinking abilities as far as resolving controversial situations is concerned while at the same time preparing them for admittance to tertiary education, where such assignments are commonly encountered. Difficult though it may be to show resolve in the face of adversity, we, as educators, are now more than ever responsible to adapt to the everevolving landscape of our field in order to ensure that we provide young people with the best possible provisions to face the challenges put forth by today’s world.

Qualified Undergraduate and Graduate Study Programs in Association with University of Derby, UK

ducational perspectives in the field of high school in our country are very positive nowadays, according to the recent recognition of graduates’ professional entitlement—those who are qualified with Bachelor and Master degrees from European Universities. In addition, the recognition of students’ professional rights was a fundamental request of all the graduates, therefore, the professional equivalence of their degrees with those of public universities is ensured. It is worth mentioning that the Mediterranean College offers unabridged Bachelor and Master’s study programs in association with the University of Derby (according to the agreement of Franchise) whose graduates receive their professionally recognized university degree after their graduation from college. Furthermore, the whole portfolio of supportive services that the Mediterranean college offers to our students and graduates makes the Mediterranean College a top choice for hundreds of young people. For the Mediterranean College, the professional success of students and graduate is a high priority. To ensure the achievement of our target, we have established optimal interfaces with the job market and a number of services and institutions such as career day, a professional guidance service and special programs for the development of professional skills. For the first time in Greece, this year we organized the Employability Week, which contributed to the increase of our students’ employability with measurable results. I could also claim that the Mediterranean College successfully educates the future leaders of the marketplace. Hundreds of young people enter the job market every day with full support from perfectly organized and specialized services. The overwhelming majority of our students succeed in the professional and operational fields during the 36 years

of successful development of Mediterranean College. Accordingly, the most respected Greek and multinational businesses trust Mediterranean College graduates for their professional and operational skills. Moreover, the Mediterranean College graduates club contributes essentially to our goal due to the fact that it targets to keep in constant touch with its members following the European models. The members of our club are staffed in important positions in big companies, creating this way a powerful network of cooperative members and companies. There is essential cooperation with corresponding structures of University of Derby. The Employability Week brings together students, graduates and top staff of important companies. The Employability Week helps our students build a successful career. In addition, the Employability Week offers a variety of professional skills, inspiring our students.

Vasilis Galanis Marketing Director Mediterranean College, Mediterranean College, Academic Studies with advantages

Knowledge creates opportunities, offers power and enhances the spirit

The knowledge and the power of knowledge are important values of Mediterranean College. Knowledge creates opportunities, offers power and enhances the spirit. The Mediterranean College has adjusted its fees to modern needs, so access to university will not be prohibitive for the average Greek families. Additionally, through the academic scholarship system, a 35-50% fee reduction is offered to students who received academic distinctions and academic scores over 65%. Scholarships are also offered to vulnerable groups.

JULY-AUGUST 2013 | BUSINESS PARTNERS | 39

The World of Work

Randstad Workmonitor

Is Experience More Important Than Education in Finding a Suitable Job?

he Randstad Workmonitor survey for 2nd Quarter 2013, explored labor market participation, mobility, confidence and job satisfaction. In Greece, 83% of the respondents of the quarterly Randstad Workmonitor believe experience counts more than education in finding a new job and this falls in line with the worldwide figure of 81%. Throughout the world, mostly every country agreed with this statement, especially employees in China (92%), the UK (91%) and India (91%). 74% of young people (aged 25 or younger) in Greece also believe that experience is more important than education, although to a much less extent. It is interesting to note that young people in Demark and Norway (50% and 52%, respectively), are not convinced that experience is more important for young people. Other countries where young people agree that experience is more important include China (90%), Turkey (85%) and the UK (82%). Globally, 69% of young employees (under 25) more often feel that for them experience weighs harder than education.

Willingness to Relocate for a Job? Globally, almost half of the employees say they are willing to move to another country

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for the right job, especially employees in India (73%), Mexico (70%) and China (69%). Of those surveyed in Greece, 53% stated that they are eager to move abroad if necessary for a new job. The countries where employees that are least willing to leave their country for a job include Denmark (28%), the Czech Republic (30%) and the US (31%). Globally, four out of ten employees are prepared to exchange a part of their salary if it helps them secure their own position within their organization. In Greece, 48% of those surveyed stated that they were prepared to do this. The most willing people were from India (69%) and Spain (63%). People from countries least willing to exchange salary were from Hungary (15%) and Chile (19%).

Finding a Job: Is it More Difficult for the Younger or the Older? Or Both? Almost two thirds of all employees believe it is difficult for young people to find a suitable job. Countries such as Greece, with difficult economic conditions, agreed the most with this. Greece was ranked the highest (91%), followed by Italy and Spain (both at 89%). Countries such as Singapore (44%), Germany (50%) and Norway (51%) agreed the least. Although it is hard for young people to find a suitable job, for older people it seems to be

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.

even harder. Globally, almost nine out of ten employees believe it is hard for this group to find a suitable job. The hardest country for older people to find a job is the Czech Republic with 97% of the people agreeing on this issue. Shared second place was Greece with Hungary (both at 96%). Countries at the lower end, but are still relatively high are Norway (76%) and India (79%).

Accepting Jobs Below Level of Education In countries where the level of youth unemployment is high it was mostly reported that young people accept jobs below their level of education. Greece had the highest number of people agreeing with this statement at 96%. Other countries that followed are Poland (87%) and Spain (82%). In Singapore (43%), Denmark (48%) and Germany (50%) employees believe least that young people often work below their education level. Globally 72% of people think young people accept jobs below their level of educations. On the other hand, the numbers for older people accepting jobs below their education level are even higher. In Slovakia (94%), Poland and Hungary (both at 90%) and in Greece (86%) people agreed that older people accept jobs below their level of education.

Temporary Work a Stepping Stone? Recruitment Agency Useful in Finding a Job? Globally, employees think temporary work can be a stepping stone to a permanent job. Countries where people agreed the most are Malaysia (89%), France and Poland (both at

% of respondents that agree experience counts more than education in finding a new job

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88%). Employees from countries agreeing the least are Czech Republic (54%), Greece (56%) and Hungary (58%). Almost all employees across the world, including Spain (94%) and Greece (90%), agreed they would rather have a temporary job than no job at all. In every country that was surveyed, most employees stated that they would use a recruitment agency to find a job if they were unemployed. It seems customary to go to a recruitment agency, especially in Brazil (93%), Mexico (89%) and Spain (87%). In Greece 70% stated that they would use a recruitment agency to find work if they were unemployed. In other European countries such as Sweden (55%), Germany (56%) and Norway (65%) it is less common to use a recruitment agency to find work. Throughout the world, there is belief that job security is low. In countries where the economic situation is problematic like Greece (94%), Hungary (93%) and Spain (91%), people agreed with the statement “In my country there is no such thing as ‘job security’.” On the other hand, Sweden and Norway (both at 39%) agree least with this proposition.

% Respondents who believe that temporary work can be stepping stone to permanent work

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Job Satisfaction While employees in countries like Denmark (82%) and Luxembourg (77%) have the highest job satisfaction levels, the latest Workmonitor survey reveals employees in Greece (53%) and Hungary (43%) are the least satisfied. The job satisfaction rate in Greece remains approximately the same levels since Q4 2012.

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 Second wave in 2013 was conducted during 18 April to 3 May 2013.

Shaping the World of Work Randstad specializes in solutions in the field of flexible work and human resources services. Our services range from regular temporary staffing and permanent placement to inhouse, professionals, search & selection, and HR Solutions. The Randstad Group is one of the leading HR services providers in the world with top three positions in Argentina, Belgium & Luxembourg, Canada, Chile, France, Ger-

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Of those surveyed locally 38.2% expect that they would be able to find a comparable job within the next six months, which is slight decreases since Q1 2013 (-0.4). Fear of job loss is at exactly the same level as Q1 2013 at 45.5%.

Confidence in Finding a New Job in Greece

many, Greece, India, Mexico, the Netherlands, Poland, Portugal, Spain, Switzerland, and the United States as well as major positions in Australia, Japan and the UK. End 2012 Randstad had approximately 29,300 corporate employees and around 4,500 branches and inhouse locations in 39 countries around the world. Randstad generated a revenue of 17.1 billion euro in 2012. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam, where options for stocks in Randstad are also traded. For more information see www.randstad.gr. Good To Know You

july-august 2013 | BUSINESS PARTNERS | 41

Pro Bono

Managing

by Stathis Mihos Legal Director, Pfizer Hellas S.A.1, Member of the Labor and Insurance Committee of the Chamber

Social Networking

Risks

or those of you that were not away from planet earth during the last decade, I probably do not need to explain the importance of social networks. You certainly have also noticed that the use of social networks has exploded in recent years. Facebook has surpassed the mark of one billion users; as is often mentioned, if Facebook was a country, it would be the world’s third most populated one, behind China and India. For businesses, the use of social networks is a double-edged sword, as it can have both favorable and unfavorable consequences. On the one hand, social networking is a great way to: • Create brand awareness • Manage online reputation • Recruit talent • Learn about technologies and competitors • Intercept potential prospects On the other hand, the use of social networks gives rise to a lot of worries for employers: • Liability • Security issues (For example, the 2008

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For those of you that were not away from planet earth during the last decade, I probably do not need to explain the importance of social networks Koobface worm—the name is an anagram of the word ‘Facebook’) • Leaking of trade secrets • Decrease in productivity • Copyright or trademark infringement • Unauthorized use of client names or other info • Creation of an unproductive workplace environment • Corporate espionage A significant and growing number of incidents involving misuse of social networks— creating tensions between employers and employees—have been recorded in recent years. Thousands of incidents have been reported in which employees were fired for activity on social networks, usually for posting unflattering comments about managers or customers or spending too much time visiting social networks and neglecting their duties and clients. (An amusing case: Oone employee who was fired after posting a video on YouTube of himself and two of his colleagues play fighting with plastic bags in the company warehouse won the

dismissal case in court because the video had only received eight hits!) The problems with social networks start even before an employee is hired, during the selection process. Employers use information posted by the applicants themselves in order to find out whether an applicant has been involved in illegal activities, or to discover incidents of poor work ethic, including hostile feelings about previous employer and discriminatory tendencies. Employers also use social networks to check the quality of the applicant’s writing or communications skills and to evaluate the applicant’s judgment in maintaining his or her public online persona. Yet these employers also run the risk of being held liable if found to have violated, in a hiring decision, anti-discrimination in the workplace laws related to use of criteria such as race, age, disability, religion, and sexual orientation. During employment, the most pressing issue regarding use of social networks in the workplace is whether or not to allow it and,

if not, how to implement such ban. But problems relating to social networks do not end when an employee leaves work. Supervisors and co-workers are increasingly asked to ‘recommend’ former employees on LinkedIn after separation from employment. So, is the networked workplace in trouble? And what is an employer to do? According to recent research2: • 36% of employers monitor usage of social media sites • About one-third of businesses have had to take disciplinary action against an employee for misuse of social media • Just over one-quarter of abuse was by former, rather than current, employees • 40% of employers consider it an advantage to allow employees to use social media for both business and non-business use • Just over one-quarter of employers block employee access to social media • Only about one-third of employers currently provide training on appropriate use of social media • 31% of employers do not have dedicated social media policies However, the employment relationship, by its nature, flourishes when the rules that govern it are clear, precise and respected. To this end it is recommended that employers have in place a social networks risk mitigation policy and program. The employer may use the policy in addition to other company policies, to address issues relating to social networks. Specifically, an employer should:

1. Consider the scope of the policy • Check local legislation provisions when operating in more than one country. • Check under what conditions it might be permitted to monitor social networking use in or out of the workplace. • Consider restriction of social networks use during working hours or on employer-issued devices or when employer’s network is used. • Consider using the least intrusive methods (blocking access to social network sites). • Set rules for use of social networking sites outside of the workplace (especially for work-related purposes) or when private

IT devices are used. • Check if there is an obligation to provide employees with other communication tools to access social networks. • Check if involvement of Works Councils or employee consent is required in adopting policies on social networks use. • Consider using post-termination provisions against misuse of social media by former employees.

2. Consider the content of the policy • Regulate the use of company email addresses to register with a social network. • Regulate the use of company logos or trademarks in postings. • Make clear to employees if they need to disclose (identity/affiliation) and use disclaimers (not my employer views) when

media without prior specific authorization. • Be careful so as not to violate legal provisions related to trade union rights.

3. Consider the enforcement of the policy • Check under what conditions monitoring of social networks may be permissible and especially regarding their use by employees. • Adopt clear procedures for monitoring and enforcing policies and activities, to the extent allowed by legislation. • Explain the sanctions when the rules on social networks are violated. • When taking disciplinary action against an employee or when making hiring decisions, check whether it is permissible to refer to social networking sites or use evidence of such violations, especially if obtained without employee’s consent.

The employment relationship, by its nature, flourishes when the rules that govern it are clear, precise and respected using social networks. • Give guidelines on friend requests by colleagues or managers. • Explain the permissible use of information concerning the business, employees and clients, and the prohibitions on communication of confidential and proprietary information and disparagement of competitors, employees and clients. • Adopt social media policies that are specific rather than impose across-the-board prohibitions. • Make sure managers understand the perils of “recommending” or commenting on the job performance of former employees via social

• Be reasonable when deciding on the appropriate sanction to impose. • Don’t exclude the possibility that a posting might be inaccurate, out-of-date, not intended to be taken at face value, or even posted by someone other than the person who is supposed to have posted it. • Above all, verify that all employees are aware of the policy and have attended relevant training sessions. Just be careful about one thing: your policy should not try to cover individually mention all forms of social networks, as it would run the risk of being outdated by the time it was adopted!

The views expressed are personal Proskauer 2012 Survey: Social Networks in the Workplace Around the World 2.0

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july-august 2013 | BUSINESS PARTNERS | 43

Marketplace

Evaluating

by Christos Papazachopoulos CFO-AHI Carrier South Eastern Europe

Investment Opportunities in Greece The economic conditions in Greece today are not comparable at all with the conditions that existed a few years ago

period of steady growth has been followed by a strong recession in most sectors of the economy. The change in the economic scene has undoubtedly created severe changes in market forces and disorders in several industriesâ&#x20AC;&#x201D;leading some companies to leave the market and creating opportunities both for those who manage to survive and those who enter the market. The main changes now underway are changes in legislation which remove entry barriers for newcomers, changes in consumer spending and a shift in preferences to valuefor-money products. All these changes have

resulted in a relative shift in competitive positions of companies in Greece. This, in turn, has left some unfilled gaps in the market which, along with low valuations, create good investment opportunities. A strategic and financial analysis in this turbulent economic environment is intended to define the dynamics and characteristics of the market and diagnose the profit pools and key risks. The evaluation of investment opportunities within this framework will lead to smarter investments with good yields.

Strategic Analysis The evaluation of investment opportunities should begin by assessing the industry. The

This, in turn, has left some unfilled gaps in the market which, along with low valuations, create good investment opportunities

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profitability of each industry is different and depends on competitive forces of the sector. The degree to which companies keep their generated profits depends on the bargaining power of customers and suppliers. Some companies in Greece operate in sectors, such as the beverage industry, which generate significant profits. The actual profitability they can eventually realize, however, is relatively small as a percentage of their turnover due to the high bargaining power of large customers like supermarket chains

reap the biggest benefits. Companies that have good liquidity and access to capital have a competitive advantage over companies that rely on high leverage and are unable to meet short-term obligations. The latter can become an acquisition target of the former. Changes in tax legislation and the strict new laws for tax evasion are likely to further change the competition dynamic among companies. The competitive but unfair advantage of companies that did

pose the performance drivers and find out if a company can excel in delivering value to its customers, provided that financing will be secured from other sources. Decomposing performance drivers means to examine the extent to which, for example, a company in the retail sector makes money from effectively using its assets or if it does so by high margins per unit. If the analysis shows that this company makes money from increasing its margin per unit then, sooner or later, the company will face

It is very important for the investor to understand the agility level of the company and its ability to adapt and absorb hits arising from changes in the market

and the competition from suppliers like the transportation companies. Moreover, the profitability of small companies in the beverage industry is squeezed because of the fierce competition with big customers. The crisis has brought a lot of change in this respect. Some retailers are losing leverage because of decrease of demand and liquidity challenges. Big local retailers and supermarkets have defaulted and other multinationals have divested from the Greek market. The change of regulations in the transportation sector, which allows more transportation companies to operate, has decreased transportation costs, leaving more profits to manufacturing companies. Competition will increase among companies to improve productivity by optimizing cost structuresâ&#x20AC;&#x201D;through the reduction of labor costs and better use of their assets. As a result, the competitiveness of companies will improve, allowing them to compete with companies outside of Greece. The companies that will act fast in this area will

not pay taxes will cease and will create the opportunity for compliant companies to compete on an equal basis. Investors should evaluate all of these changes during a due diligence they conduct in the Greek market.

Financial Analysis A robust financial analysis begins with a check of the reliability of published financial data. It is very important to verify that the available financial data makes sense and they are not adjusted. The objective of financial analysis is to evaluate the performance of the company. However, it should not be limited only to the calculation of certain ratios, it should go further than thatâ&#x20AC;&#x201D;to decompose all the elements connected to performance and find out correlations with the strategies. In Greece, several companies are facing major financing problems, mainly due to the credit squeeze in the market. This does not mean that their operational strategy does not work. Investors should decom-

issues with its performance. Macroeconomic trends in Greece show that companies focusing in cost strategy and effectively utilizing their assets have a higher probability of success. It is also important when analyzing the financial statements of a company in this economic environment to take into account extraordinary events that can distort the analysis. Such events are frequent in the Greek market and have to do mainly with bad debts in account receivables and slow moving inventories due to the problem of market liquidity and the sharp drop in demand. It is very important for the investor to understand the agility level of the company and its ability to adapt and absorb hits arising from changes in the market. Investment opportunities exist, and will always exist, regardless of the economic crisis. What is important is to use an appropriate framework, like the one proposed here, to identify, evaluate and capitalize on existing opportunities.

JULY-AUGUST 2013 | BUSINESS PARTNERS | 45

Leadership Tales From Ancient Greece

Fish Scale and Broken Pottery

by Artemios Miropoulos

Right outside the straits of Gibraltar, on the coast of the Atlantic Ocean lies the Spanish port of Cadiz near the ancient Gades, what the Greeks called Gadeira.

ades was one of the earliest Phoenician colonies, a walled compound in the beginning, true to the ancient meaning of its name. A trading post and a fishing village, it later became a flourishing port and joined Carthage after the Persians had taken over Phoenicia. An expedition of Hannibal himself in 219 BC brought Gades to the side of Carthage during the wars against Rome. Today’s long-bowed Portuguese fishing boats might be descendants of the ancient Phoenician boats that reached Britain in search of tin. Gades’s silver coinage of the time, called the Hemidrachm, showed Hercules with a lion skin headdress on one side and dolphins, tridents or tuna fish on the other. The coins made sense. These were sea people, living right next to Gibraltar, the Pillars of Hercules. Little did I know how Gades would fit in my day when I first met Charles Williams that noon early in the summer of 2012 at the offices of the American School of Classical Studies in Athens.

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Dueling Fleets

Digging Questions

Dr. Charles K. Williams, II, is an archaeologist with a prominent position in the excavations at Ancient Corinth for more than half a century, sometimes funding the work from his own personal wealth, a senior citizen with a very American name and a sharp, relentlessly penetrating look. Like all men with passion, he did not hesitate to draw sword and put me en garde the moment introductions had been made: “You mean Athenians kept us contained within the Corinthian Gulf,” he said. His challenge required a quick response. During the Peloponnesian war, the Corinthian fleet, the second strongest next to the Athenian, was blocked from exiting into open sea by a mere twenty Athenian ships lurking in the narrows of Nafpactos. I replied in a disregarding manner as a true snobbish Athenian of classical times would have, that Corinthians were practically useless to their friends the Spartans since the Corinthians weren’t able to contribute a day’s worth of fight. We both liked the outcome of our verbal duel and sat down with coffees.

I asked which was his most thrilling moment during his excavations. I had in mind the picture of Indiana Jones bending to pick up a gold mask, a king’s crown, a piece of armor or some precious relic. I was disappointed but not surprised to hear people often used to ask him this sort of question. “It’s not during the excavation, it’s rather during the interpretation of the findings,” he replied. “You see, an excavation is like data gathering. You make sure you don’t damage or miss any. Then you systematically do your classification and secure your inventory. Until that time you probably have no idea or maybe a faint suspicion of the meaning that lies among the debris you have piled up. Once we ran into a most bizarre discovery: the remains of a square building filled with huge quantities of two kinds of material that were puzzlingly different. Broken clay pottery, tons of it, and heaps of fish scale.” It was during the excavations in Forum Southeast that lasted from 1977 to 1979

Remains of the Day The pouring rains of centuries dissolved the thick salt, but the remaining broken pottery and fish scales were left behind to tell the story of a trade route and a past of a more globalized economy and inclusive society than we might want to believe. A survey on Big Data released by IDC, a global market intelligence firm, claims that today’s intelligent economy produces a “torrent” of data through social interactions, mobile devices, facilities equipment and R&D simulations that aggregated to more than 1,8 trillion gigabytes for 2011 and head towards 90 trillion by 2020. In the Harvard Business Review of May,

Drawing by Vasilis Evdokias

that diggers unearthed a mid 5th century commercial establishment once dealing in a thriving fish and wine import business. As it was later proven, salted fish factories in Gades supplied preserved tuna fish on a large scale to Corinth. Gades most probably also exported garum, as it was later called by the Romans, fermented fish sauce made from the inner parts of sardines, mackerel or tuna, a delicacy in traditional recipes. The fish was preserved in thick salt all crumbed up inside transport amphorae, vases with pointed toes, a shape that allowed them to be lined up and stacked in a ship’s hull in such a way that shifting of cargo could be prevented. According to M. Z. Munn, amphorae were produced either in Gades or even more southern in the kilns of Kouass on the coast of Morocco. The amphorae were produced in different degrees of hardness. Amphorae of hard-fired clay were probably used to contain liquid fish sauce, while the more porous ones were used for salted fish. The incoming salted fish amphorae were single use as there was only one way to retrieve the merchandise. They were smashed, the fish was taken out of its salted mold together with its outer skin and scales, clean, ready for market use.

2013, editor Angelia Herrin describes Big Data and Analytics as the twin forces driving innovation. “One provides information while the other sifts through it for precious insight” in endless applications such as forecasting, identifying bottlenecks in the supply chain, or searching niches in challenging consumer markets”, but then wonders how “in a world of uber-statistics and change ... companies (can) develop the capabilities to truly distinguish between signal and noise, nuggets and the nugatory” or as Nate Silver, author of The Signal and the Noise, put it: “Every day, three times per second, we produce the equivalent of the amount of data that the Library of Congress has in its entire print collection, but most of it is like cat videos on YouTube or 13-year olds exchanging text messages about the next Twilight movie.” In the daily operations of modern business, the researcher, like the archaeologists at Corinth, is faced with such an ocean of input-to a great extend crap or irrelevant--that it’s not a surprise that sometimes even the most committed suffer from data complacency, hovering over information with a lack of belief that they can pick out something of significance that others haven’t already seen.

Artemios Miropoulos (a.miropoulos@linkagegreece.com) is the Managing Director of Linkage in Greece and the Chairman of the AmCham Leadership Committee

Information, Meaning, and Data Craig Mauzer, the photographer of the American School of Classical Studies at the Athens Agora, once told me that excavations are “a destructive process”. Never again will the soil that preserved its findings for centuries return to the state before the digging. Once you dig out your finds, you’d better sort them properly or else part of the information is lost since findings preserved by soil and luck for a thousand years face decay, damage and misplacement the moment they are unearthed. Findings can be like the salt that washed away in the centuries after the Gades amphorae were smashed. The scholars also know there is a link between items found together in the same trench; if data are related they have got to be relevant. During my short personal experience of excavations, I had the archaeologist breathing down my neck, asking which layer I was digging. When the soil changes color, you move though a different time zone of centuries and therefore the findings are vested with a totally different significance. As Warren Bennis put it, ”There is a profound difference between information and meaning,” and the business researcher should approach the responsibility of treating data with professionalism and intuitive judgment, for once a search is done and a set of beliefs is established a second attempt to extract meaning has less chance for success.�

JULY-AUGUST 2013 | BUSINESS PARTNERS | 47

ViewPoint

Question: What is your #1 advice for social media strategists and managers? Answer: Stop talking about social media.

Why Brands are Getting it Wrong in Social Media

ype “social media” into a Google search bar and you’ll find roughly about 4.7 billion results in .30 seconds. Next, try “social media conference.” You’ll see something along the lines of 1.2 billion results in .25 seconds. Social media is important but I’d argue we aren’t celebrating it for the reasons we should. Instead, we are forcing social media to conform to traditional thinking and processes rather than adapting business philosophies and supporting methodologies to meet new opportunities. Every day, I hear about how social media strategists and managers are frustrated with the lack of executive support. Yet, many aren’t doing themselves any favors. Executives don’t speak the language of

social media. They speak the language of the C-Suite and their audience are shareholders and stakeholders…not necessarily customers or employees or “people” in its most human sense. So, in the face of skepticism or fear, the best advice that I can offer you is to learn the language of the C-Suite when making the case for what it is you believe is the right thing to do. Making the case for social media has less to do with Facebook or Twitter or Likes, views or Retweets and more to do with using these networks to glean or introduce value. To earn the attention and respect of the CSuite and ultimately customers is the ability to connect the dots to the very things that every stakeholder values and communicating it in a way that is approachable and appreciated.

The American-Hellenic Chamber of Commerce

Facebook, Twitter, Youtube and every network thereafter are merely communities, ecosystems, and platforms where information is exchanged and relationships are formed and abandoned. Social technology isn’t the answer; it’s part of the answer. Yet social strategists are often caught up in a socialized ecosystem of catch-up and that’s part of the challenge and the test. There’s always going to be a new network or another shiny object. There are always new case studies or expert theories flooding blogs, conferences, and books. The best advice I can give you is to stop talking about social media as a means to an end and start thinking about how social media becomes a means toward triggering meaningful activities or outcomes that align with business priorities or objectives and customer expectations. Social media is not the crux of you argument. It is an enabler. This is your opportunity to lift the conversation from tools to value and to translate the promise and opportunity of social into an emissary of meaningful engagement that aligns business goal, social media strategies and customer value.�  Source: Brian Solis, www.briansolis.com

BUSINESS

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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.

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