Business Partners | March-April 2012

BUSINESS

bponline.amcham.gr

MARCH-APRIL 2012 Vol. XI | No. 59

Greek Exports— A Small Miracle! ▼

The Human Age

Leadership in the New Ecosystem ▼

What Women Mean To Business ▼

The Economy, The Crisis, & The Environment ▼

Business Matters

3 Steps to Lower Electricity Costs ▼

Make Innovation Work

Winner Announced! ▼

Plus Biz Buzz Names & Faces Trends & Trade Makers

AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

Members of the Chamber’s

Executive Committee

Moving Greece Forward II

The American-Hellenic Chamber of Commerce proudly celebrates its 80th anniversary in 2012. 80 years of a dynamic and successful presence in Greece. 80 years of continuous and effective support to American and Greek businesses. 80 years of undiminished creative efforts to strengthen commercial, trade, investment, and cultural relations between the United States and Greece. In celebrating this milestone, the Chamber is hosting a series of events, above and beyond those normally on its calendar, to highlight its 80 years of operation. Equally important, we are preparing a proactive, results-oriented policy for our future. We thank all the companies, organizations, and individuals who, throughout all these years, supported us and shared our vision for growth, opportunity, and positive change. We call on all these friends to be at our side as we continue to be active, strong, and armed with an unwavering spirit to fulfill our mission.

AMERICAN - HELLENIC CHAMBER OF COMMERCE Head Office Politia Business Center, 109-111 Messoghion Avenue, 115 26 Athens Tel: 210 699.3559 | Fax: 210 698.5686, 210 698.5687, 210 699.5033 | E-Mail: info@amcham.gr | www.amcham.gr 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 XI | Number 59

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 HR Today

Social Media in Today’s Fast Changing Environment

by Nicholas Vasilikiotis

24

8 Chamber News

1 2 THE HUMAN AGE

Chamber President Yanos Gramatidis leads the Executive Committee in discussing ways for Greece to create a new model of governance and development

Leadership in the New Ecosystem

by Dr Venetia Koussia

1 4 Names & Faces in the News 1 6 Washington Outlook The View From Greek-America

by Alexandros Petersen

1 7 Pro Bono

Business Rescue Made Easier

by Themis Tosounidis

1 8 BIZ BUZZ

Currents in Today’s Business Environment

12

2 0 Entrepreneurial Spirit

Let’s All Be Allocentric PIGs (Patient Innovation Gardeners)

by Elias G. Carayannis

Dr Venetia Koussia, Managing Director, ManpowerGroup, launches a new column: The Human Age

2 2 In Business

Winning Back the Hearts of Visitors

by Afroditi Arvaniti

2 4 Thought Leaders

Moving Greece Forward II, Members of the Executive Committee of the Chamber

3 3 TRAVEL usa

36

Discover America—Illinois

3 4 Women in Business

What Women Mean To Business

Dimitris Lakasas, President of SEVE, Greek International Business Association, discusses how Greek exporters are responding to today’s crisis

by Irene Natividad

3 6 THE INTERVIEW

Dimitris Lakasas, President of SEVE, Greek International Business Association

3 8 Business Matters

Three Steps to Lower Your Company’s Electricity Costs

B us ines s Partners i s the b im onthly magaz ine o f t he A m er ican- He llenic Ch amb e r o f Comm erce DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr PUBLISHER & EDITOR Raymond Matera materay@ath.forthnet.gr Please Recycle

ADVERTISING Raymond Matera materay@ath.forthnet.gr DESIGN snack• PRINTING & BINDING A. PSILLIDIS & CO

OWNER American-Hellenic Chamber of Commerce Politia Business Center 109-111 Messoghion Avenue 115 26 Athens Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 E-mail: info@amcham.gr BRANCH OFFICE 47 Vassileos Irakleiou Street 546 23 Thessaloniki Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 E-mail: n.tsavdaroglou@amcham.gr

4 0 The Economy and the Environment Rethinking Development in Greece

by Theodota Nantsou

4 2 Awards for Excellence Chamber Recognizes Excellence

4 4 Trends & TrAdE Makers 4 6 Business2Business A B2B Toolbox

4 8 Viewpoint

FBAR and FATCA: Alphabet Soup or Trouble?

by Stephen Flott

MARCH-APRIL 2012 | BUSINESS PARTNERS |

DIRECTOR’S DESK

After the completion of the new loan agreement and the PSI process, for which there are serious and factual objections relating to the range of its implementation, Greece is entering a new, critical period. Our adventure, or should I say the Greek Odyssey, is not yet over. Some people say that it is now beginning.

There is much to be done and this requires vision and a strategic plan, which are currently not available.

But even if they suddenly appeared, another major issue needs to be addressed. That is, the absolute lack of confidence by citizens toward the governance system of this country, meaning that the fundamental element of any modern democratic state is missing.

To recover that trust, a major attack on chronic unhealthy conditions and a strike on deep, vested interests need to take place. This means, literally, a war on multiple levels and sectors. But that requires the creation of a modern state apparatus that will operate as a capable and responsible depository of institutions and rules, and not as an obstacle to development initiatives or the promotion of business interests. We need a transparent state with laws that will refer to, and be applied to, everyone. A state that is able to recognize and reciprocate the work and sacrifices of its citizens. A state that cooperates (and not competes) with the private sector for the development of entrepreneurship and employment growth, that today are most needed in our country. Only then could this state demand the respect of its citizens—because it will respect them too.

Such results could hardly be achieved by people who, until recently, did nothing to confront the growing devastation of institutions and rules, unless they come to a complete break with their past. If they do, they will then set the appropriate example that the circumstances require. If not, then sooner or later they will depart, after having caused more harm to their country.

We have reached the time where we need patriotism, with its true meaning, not with the wild, dithyrambic one thrown about by so many. The country has no need of more self-proclaimed heroes and saviors.

Greece now needs responsible citizens equipped with high morals, dignity, and pride, who are committed to work hard in rebuilding the country.

Elias Spirtounias Executive Director

The American-Hellenic Chamber of Commerce A Dynamic, Proactive Chamber The American-Hellenic Chamber of Commerce was established in 1932 and is one of the largest, most active, and dynamic American Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber.

The Chamber's membership is comprised of more than 1,000 proactive companies that seek to expand business horizons, create new business partnerships, and take advantage of trade and investment opportunities in today's global economy.

The American-Hellenic Chamber of Commerce is an active mem-

| BUSINESS PARTNERS | MARCH-APRIL 2012

ber of the U.S. Chamber of Commerce in Washington D.C. and the European Council of American Chambers of Commerce (ECACC).

Mission Statement The American-Hellenic Chamber of Commerce strives for continuous improvement of American-Hellenic commercial and financial relations, through increased membership and through the organization of top-quality events, exhibitions, fora, seminars, and congresses on both sides of the Atlantic.

American-Hellenic Chamber of Commerce Executive Committee

Committees

Gramatidis Yanos President | BAHAS, GRAMATIDIS & PARTNERS

Auditors Committee

Kyriacou Marios T. Vice President | KPMG CERTIFIED AUDITORS A.E. Bakatselos Nikolas Vice President | PYRAMIS METALLOURGIA A.E.

Members: Felonis Athanassios, Papakosmas Dimitrios, Sabatakakis Kyriacos | Coordinator: Andriana Chadjianagnostou

Corporate Governance Committee

Panayotopoulos Litsa Treasurer | PYRODOMI LTD.

Chair: Papacostopoulos Constantinos | Members: Charalambous Yiangos, Dimou Ioannis, Petalas Apostolis, Siamishis Andreas, Hadjisotiriou Paula, Theodoulidou Maria | Coordinator: Daphne Constantinidou

Anastassopoulos Simos Counselor | PETSIAVAS N. S.A.

Corporate Social Responsibility Committee

Karayannis Angelos Secretary General | KARAYANNIS K. GROUP OF COMPANIES

Bacacos George Counselor | BACACOS P. CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Charalambous Odysseas Counselor | CISCO SYSTEMS HELLAS S.A. Papadopoulos Thanos Counselor | CHEVELLAS S.A. Spirtounias Elias Executive Director

Chair: Stavridis Stelios | Members: Alexiou Maria, Constantelis George, Lolas Vassilis, Vrachatis Ioannis | Coordinator: Angela Boyatzis

Environment & Energy Committee

Members: Aloupis Constantine, Bakouris Costas, Karayannis Angelos, Manos Alexandros, Melissanidis Dimitris, Mytilineos Evangelos, Nomikos Elias, Papadimitriou Spyros, Papavasileiou Athanasios, Peristeris George, Stefanakis John, Yannopoulos Sotiris, Yiannopoulos Emil | Coordinator: Angeliki Dikeoulia

Greek Economy Conference Committee

Chair: Kyriacou Marios | Members: Anastassopoulos Simos, Antoniades Vassilis, Bacacos George, Yannopoulos Sotiris | Coordinator: Angeliki Dikeoulia

Innovation & Education Committee

Board of Directors Ahmed Pervaiz | BRISTOL-MYERS SQUIBB A.E. Antoniades Vassilis | THE BOSTON CONSULTING GROUP Antonopoulos Constantinos | INTRALOT S.A. - INTEGRATED LOTTERY SYSTEMS AND SERVICES

Chair: Panayotopoulos Litsa | Members: Charalambous Odysseas, Farmaki Teresa, Giourelis Stephanos, Makios Vassilis, Makridakis Spyros, Patakiouti Maria, Rizopoulos Yannis, Tsigos Dimitris | Coordinator: Katerina Tzagaroulaki

Insurance, Social Security & Labor Matters Committee

Chair: Kremalis Konstantinos | Members: Canellopoulos Paul, Koussia Venetia, Lisseos Panayotis, Panagiotou Andreas, Panorios Manos, Pelidis Manos, Vlasopoulos George, Sarantopoulos Dimitris | Coordinator: Voula Tseritzoglou

IPR Committee

Canellopoulos Paul | CHARTIS GREECE S.A.

Chair: Galanopoulou Katerina | Members: Kyriakides John, Makris Antonis, Zachou Dora, Ross Daniel | Coordinator: Daphne Constantinidou

Costas Stavros | Economist

Leadership Committee

Costopoulos Alexandros | FORESIGHT STRATEGY & COMMUNICATIONS Costopoulos John | HELLENIC PETROLEUM S.A. David George | COCA-COLA HELLENIC BOTTLING COMPANY S.A.

Chair: Miropoulos Artemis | Members: Griveas Polychronis, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Olympios Spyros, Panteliadis Aristotelis, Paraskevaides Stavros, Rabbat Vassilis, Saracakis Alexandros | Coordinator: Ritana Xidou

Medical Devices & Diagnostics Committee

Frangou Angeliki | NAVIOS MARITIME HOLDINGS INC.

Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Andria Magdalini, Boulougouris George, Deligiannis Konstantinos, Derkos Kalogridis, Kartalis Christos, Krinos Gregory, Lindholm Magnus, Maroutsis George, Nikas Dimitris, Papazoglou Konstantinos, Politopoulos Anastasios, Strouzos Anastasios, Tsangarakis George | Coordinator: Voula Tseritzoglou

Kartsanis Georgia | CEO CLUBS GREECE

Northern Greece Committee

De Portu Luciano | PFIZER HELLAS S.A. Filiotis Dionysios | PHARMASERVE-LILLY SACI

Kokorotsikos Paris | EUROCONSULTANTS S.A. Kosmatos Makis | JOHNSON & JOHNSON HELLAS S.A. Kouides Antonis | B.E.R.M.A. A.E. Koutsoureli Eftychia | QUEST HOLDINGS S.A.

Chair: Bakatselos Nikolaos | Members: Accas Ioannis, Alexopoulos Charis, Gigilinis Alexandros, Kafatos Vassilis, Katsaros George, Kokorotsikos Paris, Kouides Antonis, Thanasis Kouimtzis, Koukountzos Kontantinos, Mavroudis Theodoros, Pylarinos Othon, Symeonides Dimitris | Coordinator: Nikos Tsavdaroglou

Pharmaceutical Committee

LAW FIRM

Chair: Pascal Apostolides | Members: Apostolides Pascal, Filiotis Dionysios S., Frouzis Konstantinos, Gaudreault Pierre, Gerassopoulos Marcos, Karagiannoglou Stylianos, Katzourakis George, Kefalas Nikos, Pateraki Evangelia, Pervaiz Ahmed | Coordinator: Voula Tseritzoglou

Mamidaki Eleftheria | MAMIDOIL JETOIL PETROLEUM COMPANY S.A.

Public Affairs Committe

Kyriakides John | KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS

Manos Alexandros | PIRAEUS BANK S.A. Meintassis Harry | HAY GROUP S.A Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. Passaris Despina | PROCTER & GAMBLE HELLAS LTD. Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A. Priamou John | U.S. COMMERCIAL COUNSELOR (RET.) Saracakis John D. | SARACAKIS BROTHERS S.A. Stavridis Stelios | PISCINES IDEALES A.E. Symeonides Dimitris | MEVGAL S.A. DAIRY PRODUCT INDUSTRY Synghelides Polychronis | CHRYSLER JEEP DODGE HELLAS S.A. Tamvakakis Apostolos | NATIONAL BANK OF GREECE S.A. Yiannopoulos Emil | PwC (PricewaterhouseCoopers Business Solutions SA) Zeritis Panos | THRACE PAPER MILL S.A.

| BUSINESS PARTNERS | MARCH-APRIL 2012

Members: Anastassopoulos Simos, Kyriacou Marios, Papadopoulos Thanos | Coordinator: Ritana Xidou

Taxation Committee

Chair: Costas Stavros | Members: Altiparmakis Christos, Ampeliotis Evangelos, Antoniou Basil, Desipris Antonis, Doucas Spyros, Gigantes Stavros, Goulakos Panos, Govaris Vasilios, Kanellatou Athena, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Mavraganis George, Mitsios Stephanos, Nasiopoulou Maria, Papadatos Eugene, Papandreou Cristina, Samothrakis George, Savvaidou Katerina, Sfakakis Konstantinos, Spyriouni Litsa, Stavropoulos Ioannis, Stavrides Vassilis, Trakadi Maria, Tsakonas Yiannis | Coordinator: Katerina Tzagaroulaki

Tourism Committee

Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Anglos John, Argiri Byron, Marriott Carol, Panayotopoulos Panos, Papadopoulou Catherine, Peressiadis Costas, Van de Winkel Bart | Coordinator: Angeliki Dikeoulia

Women In Business (WIB) Committee

Chair: Kartsanis Georgia | Members: Adamopoulou Efi, Athanassoulas Elena, Dimou-Lampadari Maria, Katsou Nelly, Kazakopoulou Betty, Papakonstantinou Ioanna, Pateraki Evangelia, Sideri Anastasia, Tarou Iphigenia | Coordinator: Angela Boyatzis

Θεμελιώδεις λύσεις στην Υγεία

Ε Α Ν Θ Ρ Ω Π Ο Σ Ι Τ Α Ξ Ι Ε Σ Υ Φ Γ Ε Ρ E Y N Μ Ο Α Ν Τ Τ Ο Ρ Α Μ Α Ι Ρ Δ Ε Π Ι Τ Υ Χ Ι Α Ε Σ ΑΝΘΡΩΠΟΣ

Μ Ε Ρ Ι Μ Ν Α

✓ ΕΡΕΥΝΑ ✓ ΕΠΙΤΥΧΙΑ ✓ ΟΡΑΜΑ ✓ ΜΕΡΙΜΝΑ ✓ ✓ ΑΞΙΕΣ ✓ ΦΡΟΝΤΙΔΑ ✓ ΕΠΙΤΕΥΓΜΑΤΑ ✓

ΑΡΧΕΣ

ΥΓΕΙΑ

ΥΠΟΣΧΕΣΗ

Για περισσότερο από 120 χρόνια εργαζόμαστε καθημερινά με ζήλο για την προάσπιση και προαγωγή της ευημερίας της κοινωνίας και του ανθρώπου. Σκοπός μας είναι η συνεχής αναζήτηση, ανάπτυξη και προσφορά πρωτοποριακών προϊόντων για πρόληψη, διάγνωση και θεραπεία που αποτελούν τις θεμελιώδεις λύσεις στην υγεία. Με οδηγό τις διαχρονικές εταιρικές μας αξίες, Πρωτοπορία, Αντοχή στο χρόνο, Μέριμνα, Επιτεύξεις και υψηλό αίσθημα εταιρικής κοινωνικής ευθύνης, εστιάζουμε στο μέλλον και υιοθετούμε σύγχρονες πρακτικές, που διασφαλίζουν την πρόσβαση των ασθενών σε υπηρεσίες και καινοτόμα προϊόντα υγείας προσφέροντας μακροβιότητα και βελτίωση της ποιότητας ζωής των ασθενών.

HR Today

by Nicholas Vasilikiotis Partner Stanton Chase International

Social Media

Major business and thought leaders are continuously debating the fast growing evolution of social networking and how this affects businesses.

in Today’s Fast Changing Environment

S

ocial networking has evolved from a personal and often “entertaining” communications tool, mainly addressed to young people, into a new medium that businesses are using to transform communications with their employees and customers, enabling a two-way interaction between parties who share common interests, beliefs and preferences. More than that, selected social media have turned into a very well established tool for maintaining a network of professional contacts and thus enabling “unhidden potential” for job seekers and executive researchers.

Within this framework, there are several questions at the center of “live debates”: • Which network fits my business?

• How much do I have to invest and what would the benefit be?

• Is this the most effective way for our brand enhancement?

• How can we use social media for our employees’ engagement and also to attract new talents?

• How this can help our organization broaden its business perspective?

Especially in times of recession, when effectiveness, cost efficiency innovation, and change management are topics “on the front page of business agendas,” all these questions need to be considered further.

The main concern of leaders nowadays is concentrated on the “balance” that has to be

| BUSINESS PARTNERS | MARCH-APRIL 2012

kept, so that businesses will enjoy the advantages of an admittedly fast-paced developing sector without running the risk of investing in just a “fashionable tool with no added value.” And these advantages are numerous: • Attracting attention • Better understanding of the target audience • Immediate feedback • Reaching a global audience at low cost • Easy “new business leads” generation • Generation of new ideas • Test and measurement of marketing approaches • Establishment of professional networks formerly out of reach At the outset, any company interacting with social media must gradually adopt the necessary “know how” in order to properly and effectively handle all actions. It is not always obvious that everyone in an organization must possess the skills and “stamina” to keep a social network “alive and active.”

Doing that, the organization has to decide how these “new technology tools” will fit to its strategy and how these tools could be aligned to its processes and structure.

Furthermore, the need for the gradual deployment in selective units will be also necessary as it is not obvious that all departments/managers/employees see the benefit in spending time doing what they may see as “unnecessary” social networking. And finally, leaders must not simply embrace the strategy that “since our competitors do it, then we must also adopt.” An investment in this technology should be implemented simultaneously with the implementation of the means to measure its impact.

Nevertheless, no matter how difficult the adoption of collaborative technology will be for an organization, social networking will continue to grow, enabling different levels of business effectiveness and performance. According to David Armano of HBR Blog Network, “57 percent of businesses surveyed plan to increase social media spending, while 38 percent of CEOs label social media as a high priority.” It’s more than evident that leaders must stay alert and decide on the right timing and method with which they will benefit from social media advantages. The race has already begun…

Nicholas Vasilikiotis is a Partner specialized in the Industrial, Energy, Technology, Logistics & Transportation sectors. He joined Stanton Chase International in November 2010.

Nicholas possesses more than 12 years of working experience in the consulting sector (Deloitte) and in major industrial (Shelman S.A.) and retail companies (Hellenic Duty Free Shops), covering organization development, business operations excellence and implementation of ERP systems.

Κεντρικό Νευρικό Σύστημα Σακχαρώδης ∆ιαβήτης Οστεοπόρωση Ογκολογία Σεξουαλική Υγεία

Αντιμετώπιση Λοιμώξεων Στοματική Υγεία ∆υσπεψία Ιατρικός Εξοπλισμός

Η γραμμή της ζωής, μας ενώνει.

CO 06/2010

Καρδιολογία Εντατική Θεραπεία

CHAMBER NEWS

New Year’s Reception, Athens The Chamber hosted its annual New Year’s Reception on January 30, 2012 at the Athenaeum Intercontinental Hotel. This celebratory event, which this year marked the Chamber’s 80th anniversary, attended by over a thousand guests, brings together Chamber members, leading government officials, members of Parliament, Ambassadors, organization presidents, media and other prominent executives of the business community to enjoy a pleasant and rewarding networking evening. Welcome remarks were made by Vice President Theodore Pangalos, Guest of Honor U.S. Ambassador Daniel Bennett Smith, Minister of Development, Competitiveness and Shipping Michalis Chryssohoidis, and Kostis Hatzidakis, Member of Parliament, New Democracy Party and Chamber President Yanos Gramatidis.

Special awards for excellence in education and innovation were presented to four institutions in Greece: American School of Classical Studies at Athens, American Farm School, The Fulbright Foundation, and Corallia Hellenic Technology Clusters Initiative.

Kostis Hadzidakis, US Ambassador Daniel Bennett Smith, Yanos Gramatidis, Vice President Theodore Pangalos

Kostis Hatzidakis, Panos Kanellis, President, American Farm School

Vice President Theodore Pangalos, Jack Davis, Director, American School of Classical Studies

US Ambassador Daniel Bennett Smith, Artemis Zenetou, Executive Director,The Fulbright Foundation

AmCham Committees Meet with Task Force Members AmCham’s Taxation, Pharmaceutical, and Medical Devices & Diagnostics Committees recently had separate meetings with members of the Task Force in Greece. At the meetings Committee members engaged in an open and constructive dialogue with members of the Task Force and had the opportunity to present key issues that businesses face today.

In addition, the Committees presented their documented positions and recommendations. AmCham is preparing for further meetings for other Committees, with the aim to provide a clear and in-depth picture of the business environment and the critical problems that need to be confronted effectively.

AmCham Statement on PSI and State Bonds The Chamber has recently issued a statement related to the PSI process and the government bonds which the State has issued to many companies against its payment due to them. Amcham expresses its firm opposition to the implementation of the PSI process to include these bonds.

Minister Michalis Chrissohoidis, Vassilis Makios, General Director, Corallia Hellenic Technology Clusters Initiative

Award Winners with Yanos Gramatidis & US Ambassador Daniel Bennett Smith

AmCham Embraces Social Media Follow the Chamber on Facebook and Twitter; keep abreast of Chamber events, notices, positions, and follow links to valuable sites related to the economy and business environment. Become a “Friend” on Facebook and follow Amcham on Twitter from www.amcham.gr

| BUSINESS PARTNERS | MARCH-APRIL 2012

New Year’s Reception, Thessaloniki On February 6 at the Met Hotel in Thessaloniki, the Chamber’s North Greece branch held its annual New Year’s Reception. President of the Committee of Northern Greece Nikolas Bakatselos and Chamber President Yanos Gramatidis welcomed hundreds of guests to usher in the new year and cut the traditional Pita. Guest of Honor was the Consul General of the U.S. Consulate in Thessaloniki Catherine E. Kay. Other guests included Apostolos Tzitzikostas, Stavros Kalafatis, Nikos Efthimiadis, and A. Bakatselos, as well as representatives of the business, diplomatic, and cultural communities of North Greece.

Apostolos Tzitzikostas, Nikolas Bakatselos, Stavros Kalafatis

Guests

Nikolas Bakatselos, Catherine E. Kay, Yanos Gramatidis

Nikos Efthimiadis, Apostolos Tzitzikostas, Yanos Gramatidis

Yanos Gramatidis, A. Bakatselos

Guests

Nikolas Bakatselos, Catherine E. Kay, N. Margopoulos, Yanos Gramatidis

Nikolas Bakatselos, S Tziritis, A Zafieridis, Mr. Ermidis, Yanos Gramatidis

Chamber Supports Global Summit of Women The Chamber is an official supporter of the world’s leading global economic forum for women, the Global Summit of Women, which has developed a reputation as an exciting, fact-filled, hands-on gathering of high caliber delegates from all parts of the globe. The Summit celebrates women’s leadership worldwide by bringing together women business, professional, and governmental leaders for three days of stimulating sessions designed to explore practical strategies and best practices in accelerating women’s economic progress worldwide.

Over fifty international members and partner organizations representing women on five continents are planning to participate in the 2012 Summit in Greece, to be held May 31-June 2 in Athens.

Under the theme of Women: The Engine of Economic Growth, the 2012 Summit will inform delegates on how to access Europe’s changing market, showcase women business and government leaders from the region, provide skills-building sessions for, as well as establish networks among, such leaders.

The Chamber and PIERS The Chamber has established an agreement with PIERS, the major U.S. import/export data provider, so that Chamber members may have access to this mega database in their efforts to penetrate the U.S. market or identify U.S. suppliers of goods and services for the Greek market.  http://ahei.amcham.gr

MARCH-APRIL 2012 | BUSINESS PARTNERS |

CHAMBER NEWS

Make Innovation Work Awards Ceremony Yanos Gramatidis

Litsa Panayotopulos

The winner, John Sporidis-Antoniadis, being congratulated

Christofyllis Douralis (L) accepting the award

Anna Diamantopoulou

Jordi Botifoll

Christos Kyriazoglou (l) accepting the award

Evangelos Papalios (l) accepting the award

Grand Prize winner John Sporidis-Antoniadis and Anna Diamantopoulou

Receiving the $100,000 check

Make Innovation Work Results Grand Prize ($100.000) Title: “Production of algae biomass with a high calorific value as an alternative fuel” John Sporidis-Antoniadis & Panagiotis Panagiotopoulos Best Proposals by Sector

On March 20, the Chamber held the awards ceremony for Make Innovation Work, its global competition of innovative business plans, where it announced the winner of the $100.000 first prize. 273 business proposals were submitted from Greece and the Greek Diaspora. At the event Chamber President Yanos Gramatidis said, “This competition is an initiative of the American-Hellenic Chamber of Commerce to stimulate entrepreneurship and to transition from the gloom of today to optimism about the future of Greece.” The Chair of the Innovation and Education Committee, Litsa Panayotopoulos said, “The main objective of the competition is to demonstrate that we can build cores of competence, which may constantly evolve. Today, with the means at our disposal, we can succeed, we can create new models to change the current environment, and this is neither difficult, impossible, nor utopian. Let us put an end to depression and pessimism!

It is time for creation, development, recovery and a recognition of our values, and our country, again. Let’s all do innovative work in every sector—Yes We Can.“ The Chamber held the competition in association with Cisco. Guests of honor in attendance were Development Minister Anna Diamantopoulou, U.S. Ambassador Daniel Bennett Smith, and Jordi Botifoll, Senior Vice President, EMEAR South, Cisco Systems.

10 | BUSINESS PARTNERS | MARCH-APRIL 2012

Alternative Agriculture Title: “Production of algae biomass with a high calorific value as an alternative fuel” Team Representative: John Sporidis-Antoniadis Green Energy Title: “Tank Multitank” Representative: Christofyllis Douralis Transport-Shipping Title: “Industrial System of real-time monitoring and optimization of the production of complex parts from high-performance carbon fiber” Company: INASCO HELLAS Tourism Title: “Spring Farm Grevena” Company: Spring Farm Grevena

Corporate Government Conference The Chamber, through its Corporate Governance Committee, held its 3rd Conference, “Corporate Governance in Practice,” on February 9, 2012 at the Hotel Grande Bretagne.

This annual conference brought together Corporate Governance practitioners, regulators and representatives of the public and private sectors.

Marios Kyriacou

C Votopoulos

Sophia Kounenaki-Efraimoglou

Panel

Panel

Panel

Chamber Initiates Venture 35— New Membership Category The Chamber, in its recognition of the key role of young entrepreneurship in economic and social development, has created Venture 35, a new membership category that is designed to provide a platform for entrepreneurs up to 35 years of age to form new partnerships with similar initiatives in the United States, to create new business partnerships, and to promote success stories in both Greece and beyond.

The Chamber and the Athens Exchange, in collaboration with the Hellenic-American Chamber in New York, are organizing a major investor forum to be held in New York City June 20 – 21, 2012. The forum will include a half-day economic conference at the Hyatt, a number of B2B meetings at Bloomberg between listed and non-listed Greek companies and organizations and major foreign funds, an official gala dinner with a prominent keynote speaker at the Hyatt, and private breakfast meetings at the Harvard Club. More details on the program and participants will be announced shortly.

Chamber Calendar May 7 Serres, How to do Business in U.S. Seminar

New Chamber Program: Member-to-Member Offers All Chamber members have the opportunity to offer their services or products, at special “member rates,” to other members of the Chamber. Your offers are to be communicated to us, and we will forward them to our members on a monthly basis.

In addition, the offers will be posted on a special page of our website and in Business Partners. You may send the offers you wish to showcase to Chambers members to the special e-mail address: member@amcham.gr

May 9 North Greece, How to do Business in U.S. Seminar May 11 Athens, WIB Luncheon with Rodi Kratsa, Vice President, European Parliament May Thessaloniki, Agro Technology Conference May Athens, 11th HealthWorld Conference May 30 Athens, 8th Tax Forum

MARCH-APRIL 2012 | BUSINESS PARTNERS | 11

The Human Age

by Dr Venetia Koussia Managing Director, ManpowerGroup

Leadership in the New Ecosystem A New, Perpetually Evolving Ecosystem In a world that has already entered an era of profound and perpetual change, our organizations are facing new challenges: greater scarcity of skilled talents, a tidal wave of relevant information permanently at our fingertips, constant technological evolution.

This new ecosystem presents us, as leaders, with complexities unknown to those encountered back in the 20th century. As the nature of leadership is being redefined, the stakes are so high that we cannot pretend that our old ways will still work. We have to re-innovate leadership. In sum, we have to re-innovate ourselves.

Coaching Success ManpowerGroup’s paper “How to Navigate the Human Age” offers a piece of advice on the strategies we can implement to navigate these complexities. According to this study, the first and most critical implication of the Human Age for leadership is this: it must be based on the understanding that companies will only fare as well as their employees.

Leaders, thus, must focus on coaching and developing workers to optimize workforce performance. Indeed, a recent study1 from Right Management, ManpowerGroup’s Talent & Career Management experts, found that the quality individuals most value in a leader is someone who values employees and

12 | BUSINESS PARTNERS | MARCH-APRIL 2012

is good at developing people. This reflects the importance of the shift in the Human Age from command and control to coach, from a push management approach to pull. Managers are becoming more aware of the need to engage people personally, on a human level, seeking to understand employees and to gather their ideas. The Human Age leader

As everybody has simultaneously access to more information than ever before, it is no longer possible for a leader to be the master of all

must understand a business’ responsibility to nurture workers instead of ruling by decree.

Harnessing the Power of Technology A point that leads us to a much-needed switch in mindset from push “I’m leader because I know better and I am your boss,” to pull “I lead because I am better able to iterate knowledge and make sense of it and, I

As leadership in The Human Age is being redefined, one cannot help but wonder: “What does it take to be a successful leader in The Human Age?”

recognize skill and prioritize nurturing and development.” It might be true that in the previous era leaders were promoted based on their technical or “hard” skills. Today, however, a good leader is defined by behavioral capabilities. As Big Data and the rapid evolution of new technology means everybody has simultaneously access to more information than ever before, it is no longer possible for a leader to be the master of all.

Instead, we will have to leverage technology as an enabler; and with a human approach, not only be aware of the changing world of work but be ready to quickly curate relevant information, understand the implications, adapt and share insight accordingly in a way that empowers our people.

Embracing Diversity Lastly, finding out what truly empowers our people has never before been so complex, as they are located in multiple locations around the world, belong to different generations, have diverse motivations, expectations, as well as cultural norms. However, engaging in two-way communications with our workforce at the click of a button has never before been so simple. The responsibility lies upon the Human Age leader to embrace this diverse workforce, understand their needs and capabilities and use them to optimize performance and achieve all that is humanly possible.

1

“How Leaders Drive Workforce Performance”, Right Management

 Learn more about The Human Age: www.manpowergroup.com/humanage

NAMES & FACES

...in the news  Hay Group Launches New Online HR Tools Global management consultancy Hay Group has launched a new suite of online tools and solutions for integrated management of human resources, with a focus on: Talent Assessment and Development (psychometric assessment and emotional intelligence tools); Leadership Assessment and Development (diagnosis of leadership competencies, Leadership Effectiveness and Organizational Climate); Reward Management (PayNet - online global database of compensation and benefits); and Employee Effectiveness and Organizational “Readiness” (online employee surveys that measure employee engagement and enablement). Hay Group’s offerings provide opportunities for directly comparable benchmarking at a geographical or sectoral level to facilitate managers to take the right decisions for human resource  www.haygroup.com optimization.  Aon Greece Launching Branded Insurance

Solution

Aon Greece is launching its own unique branded solution for the insurance of medium and upper valued households. All in One has been exclusively created and supported for Aon Greece by one of the most recognized Lloyd’s syndicates. This new product offers All Risks Coverage for “building” and “contents” of households of medium and large insured values, as well as third party liability coverage, with the lowest premiums in the market. As an option, coverage is offered for fine arts, collections, jewelery and other valuable items. Aon Greece offers a discount of 10 for American-Hellenic Chamber of Commerce Members.

All in One covers “building” and “contents” of households of medium and large insured values; Third party liability coverage; Optionally, fine arts, collections, jewelery and other valuable items. The advantages of the program, as stated by Aon Greece, are: An average of 20% savings in premiums, compared to similar insurance programs; All Risks Coverage ; Very high limit of liability of €3.000.000; Quick and simple policy issuance and claims procedures; Immediate delivery of policy via e-mail; Coverage for items which are normally excluded by similar programmes, such as bicycles, money, valuable items; Detailed lists of contents are not required.

Greek Independence Day— Washington DC Deputy Foreign Minister Dimitris Dollis, responsible for Overseas Hellenism issues, represented the government at the annual ceremony commemorating Greek independence held at the White House on Thursday March 22. United States President Barack Obama referred to the longstanding mesDimitris Dollis sages of the Greek Revolution of 1821 and the “common values” uniting the two countries, and reiterated Greece’s contribution to American democracy, as well as the contribution of the Greek American community as a “bridge” between the two countries.

After the ceremony at the White House, Dollis attended the open reception hosted by Ambassador Vassilis Kaskarelis at the Greek embassy in Washington.

7 Billion Euros, Still Laggards Pantelis Tzortzakis, Deputy Minister for Administrative Reform and Electronic Governance, recently said that, despite the input of around 7 billion Euros in EU funds over two decades, Greece has failed to update its electronic data-keeping systems. “Not only Pantelis Tzortzakis are we not even close to the European average, we are the laggards... we actually bring down the European average,” he said. He added state records were still not streamlined and it was no wonder that millions of Euros were paid out in fraudulent benefits every year.

Capital Link Recognized by Intercontinental Finance Magazine Capital Link was recognized as the ‘Premier International Shipping & Maritime Investor Relations Firm - North America & Europe’ by InterContinental Finance Magazine based on nominations received by the magazine’s publishers.

 Aon Greece, e-mail aonrisksolutions@aon.gr, tel. 213 017 7100

Speaker’s Corner 14 | BUSINESS PARTNERS | MARCH-APRIL 2012

A Measure of Success

A Measure of Failure

—Michelangelo

—John Wooden

The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.

You can make mistakes, but you are not a failure until you blame others for those mistakes.

Nikos Ververidis Founder and General Manager AEGEANALE

Art Connects Us All Tell us about AEGEANALE AEGEANALE is a unique international platform of contemporary art, culture and tourism taking place in 2013. We place top artists from around the world in a one-month residency program in spectacular Aegean destinations. Using local resources and drawing inspiration from the surrounding environment and culture, each artist will create a distinct piece of art in a prominent public space. Works of art will thereafter remain as permanent, public installations, transforming the Aegean into a pioneering open-air gallery.

Why did you decide to launch AEGEANALE now?

The crisis presented the perfect opportunity to turn a dream into reality. This crisis presents an opportunity to capitalize on the region’s potential in thematic tourism. It provides a valuable new source of revenue for participating communities and presents an innovative model for cross-border touristic development. Second, AEGEANALE is about building partnerships between the Aegean region and the rest of the world. At a time of heightened tensions between countries, we want international tourists, artists and journalists from all over the world to come to our sea and be inspired. Our motto is “art connects us all.”

What are your hopes and expectations for the project?

My primary goal is to create a successful model of art, tourism and international collaboration that can be replicated throughout many countries in the Eastern Mediter www.aegeanale.org ranean for years to come.

 Club Hotel Loutraki The Board of Directors of Club Hotel Loutraki SA, at a board meeting on March the 5, 2012, elected Nikolaos D. Remantas, Legal Advisor, as the new Managing Director of the company. According to the same decision, the Board of Directors of Club Hotel Loutraki SA proposed Nikolaos Remantas to become Administrator of the JV Club Hotel Casino Loutraki. On March 1 Club Hotel Loutraki SA and Antonis Stergiotis, then Chairman and Managing Director of the company and Administrator of Club Hotel Casino Loutraki, announced the termination of their collaboration.  Y-LOGIMED S.A. Represents DeRoyal Industries Y-LOGIMED S.A., a subsidiary company of Hygeia Group, is a leading medical supplier in the Greek healthcare sector and an exclusive representative of the Tennessee-based, DeRoyal Industries. DeRoyal Industries is an International Healthcare Product manufacturer specialized in the areas of Surgical & Acute Care, Orthopedics and Patient Care, and Wound Care, holding more than 70 U.S. patents.

DeRoyal is one of the largest suppliers for soft orthopedic goods in U.S. hospitals and manufactures over 30,000 products, such as patient restraints, rehab products, wound care products, temperature monitoring products, angio/cathlab accessories, suction and waste fluid management and disposable surgical products.  ICAP Group Expanding ICAP Group is the largest Business Services Group in Greece, with offices in five cities. In addition, the Group is expanding in the Southeastern Europe Region, with strong subsidiaries in Bulgaria, Romania, Serbia and Cyprus.

As of the beginning of 2007, ICAP Group’s strong majority shareholder is the SEEF fund of Global Finance, the largest private equity firm in Southeastern Europe, while Coface, one of the world’s largest Credit Insurers and Business Information providers, is its minority shareholder.

ICAP Group is rapidly developing into a multidisciplinary service provider, providing innovative solutions and diversification. At every link of the corporate value chain, there is a service provided by ICAP Group: from the initial business plan at the establishment of the company, to organization and staffing, market research, the continuous flow of business information, as well as outsourcing solutions. ICAP Group services and products are grouped into four major business service lines: Credit Risk Services, Marketing Solutions, Management Consulting, People Solutions.  www.icap.gr

A Secret No More

It’s Your Future

—Leo Burnett

—Alan Kay

Curiosity about life in all of its aspects, I think, is still the secret of great creative people.

The best way to predict the future is to invent it.

The Design Factor

Design is a funny word. Some people think design means how it looks. But of course, if you dig deeper, it’s really how it works.

—Steve Jobs

MARCH-APRIL 2012 | BUSINESS PARTNERS | 15

Washington Outlook

by Alexandros Petersen

The View From Greek-America

R

ibbing often more successful cousins across the Atlantic has always been a pastime in Greece. Just as loudly extolling the virtues of the homeland has been a mainstay of the Greek-American community.

With the Greek economic crisis, things have changed. While the great accomplishments of Ancient or Byzantine Greece are still a source of pride, the Diaspora increasingly sees the trajectory that modern Greece has taken as a mark of shame. Many GreekAmerican entrepreneurs have always lamented the more constricted business environment and business culture in Southeast Europe. But, there was a sense that with the diversification of the Greek economy, EU membership and attendant reforms, the opening of the Balkans and better relations with Turkey, Greece was heading in the right direction. It was just a matter of time.

Now, after countless exposés and questions of “how did we get here,” the consensus view among Greek-Americans is that Greece was mired in a crippling cycle of political, institutional and commercial stagnation. At the worst of times, this sense is tinged with feelings of betrayal: due to the perceived irresponsible behavior of cousins in the homeland, and guilt: at having been away from the homeland as the catastrophe unfolded.

But for those that have been active bridgebuilders for a long time, the events that un-

16 | BUSINESS PARTNERS | MARCH-APRIL 2012

folded were less of a surprise. As John Sitilides, a government relations specialist and advisor to the State Department in Washington DC framed it, “Greek-Americans are experiencing less of a perception change than the realization that much of the political and economic dysfunction in Greece of which they have been aware has now been exposed to American and international audiences. Greek-Americans worked hard for years with Greek political, business and social counterparts to promote reforms fostering educational enrichment, meritocratic advancement, streamlined public administration, responsive governance, economic competition, labor productivity, civil society engagement, the rule of law, and an energized coupling of personal responsibility to individual rights.”

Paul Glastris, Editor in Chief of the Washington Monthly magazine and a former Clinton speech writer, was “struck by the number of Greeks who understand that this is an ill that has been visited upon them with their active cooperation. Greeks know that their government and society has been living beyond its means.” One of the main repercussions over the long run may be that the world will ben-

A great uncle of mine in Greece liked to say that God created man, then He created woman and only after that did He create the Greek-American.

efit from the emigration of young, talented Greeks. “Maybe America will get some smart Greeks and better food.”

But like many Greek-Americans, Glastris also looked to the future. It will be a “keelhauling, ugly experience,” but “Europe will figure itself out. Sticking with Europe over the long-haul will be to Greece’s benefit.”

This was echoed by an Obama administration official working on Southeast Europe who preferred to remain anonymous: “U.S. policy towards Greece in the long-run will be predicated to a large extent on how much Greece can genuinely reintegrate into European institutions. Much depends on Europe’s trajectory, but we also see many opportunities for Greece going forward.”

Sitilides summed up the way forward from the standpoint of many in the United States: “the Greek people have it in their power to initiate and commit to the effective rebranding of their nation and their society in the eyes of the world. To the degree that essential reforms are actually implemented and fully institutionalized, Greek Americans will be Greece’s most enthusiastic, innovative, and reliable partners.” In terms of relations between Greece and the United States, Sitilides added that, “Washington... looks forward to a redoubled commitment to Greece’s regional leadership if it successfully emerges from the depths of the crisis in the years to come.”

Alexandros Petersen is an advisor with the Woodrow Wilson International Center for Scholars in Washington DC and author of the critically acclaimed book The World Island: Eurasian Geopolitics and the Fate of the West, available at Amazon.com.

Pro Bono

by Themis Tosounidis Attorney at law, LL.M., Kosmidis & Partners Law Firm, www.greece-lawyer.com

Business Rescue Made Easier—

Recent Amendment of “Article 99” Procedure

I

t was not until 1990 that a pre-insol- proceeding more effective. We can outline vency proceeding was introduced in the following basic amendments introGreek law that assisted restructuring duced by law No. 4013/2011, in force since efforts and was known as Art. 44 pro- 15.09.2011. ceeding. The difference between an in- First, a restructuring agreement between the solvency and a restructuring proceeding is majority creditors and the debtor can be imthat the former leads to the liquidation of posed on the minority creditors. This “cramthe company, while the latter, under certain down” effect does not extend though to circumstances, may lead to the company’s creditors whose claims came into existence rescue and rebound to its previous form. after the opening of the Art. 99 proceeding.

The Art. 44 proceeding was the only such Second, the new Art. 99 provides that this proceeding provided for by Greek legislation proceeding is applicable also for debtors for almost 17 years; nevertheless, it never be- who have ceased their payments in general, came as popular as the conciliation process i.e. for debtors fulfilling the requirements for introduced in Greek bankruptcy law in 2007. a bankruptcy procedure. The basic idea beThe latter is widely known as “the article 99 hind this is the fact that a restructuring procproceeding” and it involves the appointment ess may lead to better and fairer results for of a mediator by the court, with the purpose of negotiating an agreement with the majority of creditors (at least 50%).

The Art. 99 proceeding has become quite popular, especially While the new amendment among big enterprises, as it prohas introduced changes vides the possibility of protection against enforcement measures by that can be positive for enterprises, the creditors.

Almost four years after they first fundamental problem came into effect, the provisions with rescue in Greece on the Art. 99 proceeding were remains the slow-moving recently amended, in an effort to limit certain abusive uses of this judicial system proceeding, and to render the

For many decades, only the “classic” insolvency procedure was provided for by Greek law.

both the debtor and the creditors, even if the debtor is just a step away from bankruptcy.

Third, it is no longer necessary for the court to appoint a mediator in an Art. 99 proceeding. The basic idea of the “new” Art. 99 is to provide flexibility to the parties in order to reach an agreement without an “official” stage of negotiations with the involvement of a mediator. The reasoning behind this is that in many cases the debtor and the majority of the creditors may be able to reach an agreement by performing confidential negotiations, thus not obliging the debtor to divulge all of his financial difficulties in full detail. This possibility can be quite important, as in many cases the majority creditors are a couple of banks that financed the debtor, and reaching an agreement with one or two creditors is much easier. Despite this fact, the court retains a significant role in the process, that extends from the opening of the procedure to the ratification of the agreement between the parties.

Fourth, the opening of the Art. 99 proceeding is no longer necessarily accompanied by a suspension of individual enforcement measures; the court is free to order the suspension or not.

While the new amendment has introduced changes that can be positive for enterprises in the current state of the economy, the fundamental problem with rescue in Greece remains the slow-moving judicial system, since the courts are packed with cases and their hearing is set for rather distant dates.

Only time will tell whether the “new” Art. 99 will surpass these practical obstacles and enable efficient rescues, along with avoiding abusive uses noted in the past.

MARCH-APRIL 2012 | BUSINESS PARTNERS | 17

BIZ BUZZ

Manage Your Google Identity Venture-backed startup BrandYourself.com has launched the first do-it-yourself platform that makes it easy for any person to take control of their own Google results. In the past, if someone wanted to improve what showed up when they were Googled, they either needed to know the technical process of Search Engine Optimization (SEO) or pay a reputation company thousands of dollars to do it for them.

According to CEO Patrick Ambron, BrandYourself ’s free product simplifies the entire process so the average consumer can finally manage their own name in Google without being forced to break the bank.

Users simply submit any positive links they want showing up at the top of Google—including a LinkedIn profile, a personal website, or an article written about them—and use BrandYourself ’s simple tools to help those links rank higher for their name, burying unwanted results in the process.

Half of Innovative Startups Are Founded by ‘User Entrepreneurs’ A study released in March by the Ewing Marion Kauffman Foundation shows that “user entrepreneurs” have founded more than 46 percent of innovative startups that have lasted five years or more, even though this group creates only 10.7 percent of U.S. startups overall.

‘User entrepreneurs’ are characterized as those who have created innovative products or services for their own use, then subsequently founded firms to commercialize them.

“Users have ignited technological change in industries ranging from medical devices to sports equipment to juvenile products. In many cases, users, not producers, have the best information, and their incentive is to build something better for their own use. As a result, they are able to create truly novel innovations. When they commercialize these innovations, we all benefit,” said Sonali Shah, assistant professor and Buerk Fellow at Foster School of Business, University of Washington, and co-author of the report.

Two Greek Hotels Awarded in 2012 Global Travelers’ Choice Awards Two Santorini hotels have placed among the top twenty-five worldwide in the 2012 tripadvisor.com Travelers’ Choice Awards for ‘best service.’

Anastasis Apartments in Imerovigli won the third-place designation in the awards this year while Enigma Apartments & Suites, located in Fira, earned the tenth-place spot.

Topping the charts in 2012 is the Arcadia Residence in Prague, Czech Republic, followed by the Hamanasi Adventure and Dive Resort in Hopkins, Belize.

Anastasis Apartments also placed second in the world for the ‘best hotel’ category.

The prestigious Travelers’ Choice awards are compiled from millions of user-generated reviews from the tripadvisor.com website each year.

18 | BUSINESS PARTNERS | MARCH-APRIL 2012

Greek Mobile Games Start-Up Scores Big AbZorba Games, the Athens based mobile games company, recently announced that it has attracted a six-figure seed investment from the UK. The first-round investment comes from Lawrence Howe, a private investor from the UK, who believes that AbZorba’s strategy, model and achievements represent a promising business opportunity in the hottest segment of mobile gaming: mobile casinos.

Launched in September 2011, AbZorba Games creates live multiplayer casinothemed games for Android and iOS mobile phones.

Andrew Hughes, Co-founder & CEO of AbZorba, commented, “We are extremely excited to raise this round which will enable AbZorba to execute its aggressive expansion and growth plans by launching more titles such as live roulette and live poker and, importantly, recruit talented young developers here in Athens.”

Folli Follie Goes ‘Crazy for Greece’ Greek jewelry and accessories company Folli-Follie SA has launched a campaign designed to support and promote Greece’s international touristic image overseas.

Under the heading ‘Crazy for Greece,’ the innovative new campaign features actress Gaile Lai posing in front of the Greek flag on the island of Spetses. The campaign, also including video, will run in leading newspapers, websites and fashion media around the world—particularly targeting the Asian market.

The campaign is the latest in a series of initiatives by Greek firms aimed at bolstering Greece’s global brand. “Especially during this difficult time Greece is living through, private/business initiatives are more necessary than ever,” Folli-Follie noted, according to Bloomberg.

Facebook Explains Best Practices for Corporate Page Management Facebook is lending a hand to businesses looking to maximize public outreach through ‘Pages’ on the ubiquitous social network. In a short guide recently distributed, Facebook offers valuable pointers for Page optimization, such as: 1. Assign clear ownership of the social media strategy within your organization 2. Collaborate with media teams to promote great content with ads and sponsored stories 3. Be succinct in your posts, between 100 and 250 characters 4. Post at least five times a week 5. Post at the optimal time of day for your target audience 6. Be seasonable and timely 7. Post photos and videos 8. Reward fans with exclusive access to content, product, events, and offers 9. Let your fans know how to engage with your content (like, share) within the first 90 characters

Retail in 2012: All About Customer Interaction and Experience A new report by the US-based National Retail Federation and KPMG LLP finds that retailers in 2012 will focus on a number of customer-centric functions, including IT and ecommerce investments, enhancing customer service initiatives and, building on their mobile platforms.

“Though customers are always a company’s top priority, customer satisfaction will get a huge facelift this year,” said NRF President and CEO Matthew Shay. “From increasing their brand visibility through cross-channel initiatives to providing unique, personalized shopping experiences through every channel, retailers have indicated 2012 is all about the customer.”

According to the survey, nearly 67 percent of companies rank customer satisfaction as the top strategic initiative for 2012 and, similarly, 82 percent say customer service strategies will be their top priority in the coming year, up from 75 percent last year.

Aiming to grow that customer interaction, 45 percent of companies are actively developing widgets, gadgets or advanced links that can be incorporated with their social media pages, and another 41 percent are planning to develop these items over the next 18 months. Not surprisingly, after years of practicing cost containment, this year more than half (52%) of respondents plan to increase their IT budgets.

“Clearly the retailers who master the one-to-one customer approach, and who also leverage the full potential of e-and-mobile commerce platforms, will be in a much stronger position to gain wallet share,” said Mark Larson, KPMG’s global head of retail.

From Crowdsourcing to Crowdcoaching A second division Mexican football club, Murcielagos FC, has placed a new Director Téchnico or coach in charge of the team: its own fans. According to reports, the team’s owners ceded all strategic coaching decisions to its fans after a previous coach made a series of ill-advised and unpopular moves.

Now, the team plays games with no game-day manager, but instead relies on the input of a system called Director Téchnico Electronico, powered by the live input from thousands of the club’s fans. Via SMS and web portals, fans vote on the team’s starting lineup and overall strategy throughout the match. If a player has a poor game, Murcielagos fans can force a substitution. At the end of the game, fans can elect the most valuable player, who will then receive a financial bonus.

MARCH-APRIL 2012 | BUSINESS PARTNERS | 19

Entrepreneurial Spirit

by Elias G. Carayannis, PhD Professor of Science, Technology, Innovation and Entrepreneurship, George Washington University

Let’s All Be Allocentric PIGs (Patient Innovation Gardeners)

U

nfortunately, short-sightedness and short-termism among politicians and policy makers in Europe and the U.S. has led to an exacerbation of the situation and a slow and increasingly risky series of balancing acts (as I write this Greece has been assessed at being in “selective default” with serious risk of both sudden and catastrophic deterioration as well as broad contagion effects).

The conceptual foundation of the Hellenic Renaissance Initiative rests upon the following ideas: • Current stratospheric unemployment levels, especially among the young, constitute a moral failure and a self-destructive crime against the society and economy of a country and it is absolutely critical to control, mitigate and reverse that. One answer may be the effort as it is unfolding in the University of Ioannina Innovation Odysseys Initiative (http://ok2012.uoi.gr) as well as other universities around Greece and in cooperation with angel and mentor networks in Europe and the U.S., where about 30 researcher and entrepreneur teams are entering the process of business plan development, evaluation, and presentation to potential investors including seed funding, foundation and co-location of start-ups at the University of Ioannina Technology Park and locations in the U.S., for instance

20 | BUSINESS PARTNERS | MARCH-APRIL 2012

the George Washington University Science and Technology Ecosystem.

• If these efforts reach critical mass and result in the formation and growth of an entrepreneurship and innovation ecosystem that is present in both Greece as well as other countries and markets, via the co-location of university spin-offs, we may see a new middle class emerge that is empow-

This effort . . . could well transform the current dire brain drain from Greece and other European countries into a formidable brain gain

ered with the wisdom of global and local experience as well as the resources and capacity to act as part of the Global Hellenic Entrepreneurship and Innovation Ecosystem, bridging markets and pushing the endless frontier of Science, Technology and Innovation further forward.

• This new and emerging middle class of global entrepreneurs and innovators would also act as the foundation, platform and protec-

The stability and sustainability of the Greek economy and society are of strategic importance for Europe as well as the U.S., given the geopolitical, geo-economic, geo-strategic and geotechnological (Geo-STEP) inter-dependencies across the region and beyond.

tive buffer for a new era of open, transparent and democratic institutions, dynamics and processes in Greece and help in the emergence and evolution of political parties and mechanisms that would be more empowered as well as accountable and transparent.

These efforts, however, need time, perseverance, esthetic sensibility and structured and disciplined use of knowledge, know-how, experience and expertise. That is why it is critical for the Hellenic Renaissance Initiative to succeed to have a team of allocentric patient innovation gardeners (PIGs) that would come from among experienced, successful and inspired members of the global Hellenic Diaspora (researchers, academics, entrepreneurs, investors, policy makers and other professionals) and could set the pace and prove the concept for a way forward which could also constitute a working prototype for the entire European Union.

If this effort succeeds, it would indeed establish sufficient opportunities, bridging of markets and leveraging of net-centric knowledge serendipity and arbitrage effects that could well transform the current dire brain drain from Greece and other European countries into a formidable brain gain (via both the physical presence of repatriated innovators and entrepreneurs as well as the virtual presence, participation and contributions of all others engaged in support of start-ups in Greece).

Women

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In Business

Winning Back the Hearts of Visitors

Afroditi Arvaniti, General Manager of the NJV Athens Plaza Hotel in Constitution Square, discusses the challenges of operating a luxury hotel amid the current, chaotic environment of the city center.

Operating a luxury hotel in Constitution Square now, and during the last two years, must be highly challenging. What has been the impact of the current environment on your operation?

The dramatic changes we experience in Greece during last two years, on a daily basis, as well as the tension in the current environment, obliges us to respond very quickly. We concentrate our efforts in maintaining our daily operation in line with the standards of a luxury hotel. This means we must continuously struggle to perform at the high levels we demand of ourselves.

How are visitors responding, knowing that staying at the heart of the Greek capital can be a unique, wonderful experience yet not being sure if there will be episodes that will prevent them from enjoying that experience?

All our efforts—of our staff as well as my own– are to eliminate within the hotel any negative impact and inconvenience that may be caused by a demonstration or violent episodes. Our priority is to maintain a safe and comfortable “cocoon” inside the hotel and protect our guests from the unfortunate incidents happening outside. It is fortunate, though, how fast things go back to normal as soon as each demonstration comes to an end.

Naturally, we cannot pretend nothing is happening. Every day people see on TV the extreme situations that are bound to make them feel very insecure and discourage them from visiting our city.

22 | BUSINESS PARTNERS | MARCH-APRIL 2012

Do you believe there are measures that can be taken to change the current course of events that is damaging to business, employment, city tourism, and Greece’s image?

Syntagma square, the area where we are located, is part of the historical center of the city. In other civilized cities the historical center is protected more than anything else and very strict laws apply for events, demonstrations or chaotic situations. We have the example of Rome where, a few months ago, the mayor of the city invited all the political parties, together with the unions, to discuss the dramatic negative impact that demonstrations have on the city’s tourism. As a result they decided to prohibit all demonstrations in the historic center of Rome, to protect the touristic image of the city together with thousands of jobs.

The question is simple: “why can’t we do the same in Athens?”

This is the only way to reverse the image of our city and gain our position among the top 10 most visited destinations. Otherwise we will forever be like Sisyphus in an endless backslide, with no hope of improvement!

To “win back the hearts” of visitors means first of all to “win back the trust.” A trust that we gained during the very successful Olympics in 2004, due to our consistency and efficient work and that, during the last two years, has been constantly compromised.

Does Athens have the opportunity to “win back the hearts” of visitors so that a dynamic, win-win relationship can again be established?

Even under these difficult circumstances those people who visit Athens very rarely say that they do not want to return. On the contrary, they say that they have a wonderful time and they would certainly recommend Athens to their friends. Once they come, they have a very good feeling for our city. But “perception is reality.” If the only image constantly presented to people by the media is negative, of a chaotic city where the rule of law does not apply, without the counterweight of positive aspects, we will only experience distrust and a shortfall in our bookings.

To “win back the hearts” of visitors means first of all to “win back the trust.” A trust that we gained during the very successful Olympics in 2004, due to our consistency and efficient work and that, during the last two years, has been constantly compromised.

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Thought Leaders

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Moving Greece Forward II Members of the Executive Committee of the American-Hellenic Chamber of Commerce offer insights and ideas on how Greece can emerge from its current static environment, characterized by cronyism, favoritism, nepotism, and opacity. Economic expansion is a direct outgrowth of deeper structural change that is directed at new behavior, a new nature of relationships, and a new ethos.

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Thought Leaders

Combating Corruption—

Yanos Gramatidis President

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ne of the fundamental tasks of the government is to design and implement effective policies to combat corruption, which is widespread throughout the public administration system, and indeed affects all aspects of economic and social activity. As a measure of assessing the level of competitiveness of a country, corruption is a key factor responsible for Greece’s poor international rating and, at the same time, it is an important factor discouraging new foreign investment.

The fight against corruption is difficult, requiring the adoption of new and innovative practices capable of creating measurable results. Most of all, however, it requires a strong political will, as the political personnel of the country are challenged to confront long-standing interests that have made

corruption an integral part of the people’s mentality. Abolishing this practice requires radical reform which, at the same time, is absolutely necessary for the government to achieve its fiscal goals and to boost growth, competitiveness, and employment.

In this context we should not attempt to reinvent gunpowder. On the contrary, we should identify and adopt best international practices, such as those of Singapore and Australia that are based on the combination of a strong anti-corruption commission and of an efficient system of e-collection, classification and cross checking of information and citizen complaints. Such a system, if combined with an overall system of e-government, would limit to the absolute minimum the physical contact between citizen and public servants, thus significantly diminishing the possibility

A Blueprint for the Construction of the “New Greece”

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Marios T. Kyriacou Vice President

t is easy to propose a series of piecemeal measures to improve specific functions in the Greek public sector.

However, I would suggest something entirely different—something I believe is a precondition if we are to really change Greece effectively.

It is generally accepted that any major organization does not only succeed because it is managed, from time to time, by good directors, experienced executives, and a capable CEO. Nor does a ship arrive safely at a port simply because it has a capable crew and captain.

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Similarly, an orchestra does not perform harmoniously because it is comprised of excellent musicians. The qualifications and abilities of these executives, seamen, or musicians are certainly necessary, but they should all operate under a specific plan if they are to be successful. Is it possible to erect a very large and complex building without an architectural plan? Can the architectural plans be prepared before deciding where to locate the building or how it will be used?

I believe therefore, that

Greece needs to formulate a Vision for the future and based on that vision to prepare a detailed action plan: its Business Plan if you will. The vision should determine what kind of country we would like to have, say 20 years from today. Do we want an agricultural (farming, stockbreeding), industrial, touristic or a services based country or a country that is a mixture of the above. I would guess the latter, but how much of which?

We need to decide today and plan accordingly, taking into consideration the pros and

Political Will and Effective Measures of corrupt behavior and practices. The operation of such a commission should be further empowered by parallel initiatives by judicial and police authorities in providing full cooperation to the staff of such a commission and not to create any obstacle whatsoever to its activities.

The introduction and the successful implementation of such an efficient measure would no doubt give a positive signal to the rest of the world and would positively contribute to the restoration of the credibility of the country that has been heavily damaged for decades, and especially in the last three years. Together with other factors, reforms and measures, it would also give a positive signal to the international business community which would then be able to place Greece once again in the circle of those countries where foreign in-

cons of each scenario, as well as a forecast of how the world and especially our neighborhood might evolve and change in the next 20 years. Furthermore, we need to decide now

vestment is well received and protected. Finally, it would help the country to meet its contractual obligations toward its international creditors through the increase of its revenues, the cutting of costs and, the increase of growth.

Abolishing this practice requires radical reform which. . . is absolutely necessary for the government to achieve its fiscal goals and to boost growth, competitiveness, and employment

what role we want Greece to have in the EU, in the Balkans, and even globally.

A good, with some exaggeration, example of the concern about doing things

Greece needs to formulate a Vision for the future and to prepare a detailed action plan: its Business Plan if you will

without a plan is the current “Helios� program. Given that Greece is not self-sufficient in food production, has anyone considered how much land is required for the installation of photovoltaic and other similar parks, taking into account the plethora of licenses already issued? Will there be enough land left for farming and stockbreeding? Is it better for us to produce and export energy, or to produce enough food to satisfy our domestic demands? In the event of a Greek bankruptcy, has anyone wondered what we would eat until we were

able to import food?

This is why an analytical and detailed business plan needs to be established today to ensure that we take all those required steps in order to meet our vision of the Greece of tomorrow. It is evident that the vision and the business plan for the New Greece requires the involvement of many people with knowledge, dedication, and vision. Obviously before then many other initiatives (i.e. tax reform) can still be undertaken to improve the current pressing requirements.

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Thought Leaders

Development—A New Relationship Model

I Nikolas Bakatselos

n April 2010, Greece officially requested the assistance of the IMF support mechanism and since then, through a tight fiscal policy, the country’s GDP has shrunk, by 4.5% in 2010 and 6.8% in 2011.

This downward path is not expected to reverse over the next two years, rendering it as the only EU country with six consecutive years of recession. Traditional drivers of the economy, such as the public investment program and consumption, are sinking or even completely collapsing, as is the case of the construction sector. At the same time the explosion of unemployment creates social tensions that are a great concern.

Although even before the crisis the country’s economic model was not viable, recent developments now make reforms urgent. Also, it is now clear that the strict fiscal measures have not yielded what was expected and could lead the country into a vicious cycle of recession.

What is needed is growth which will not only contribute to the improvement of economic indicators and debt sustainability, but will contribute to raising the living standards of citizens. This growth, however, can not and should not occur due to consumption and borrowing, but through a real liberation of the productive forces of the country, which are admittedly still many. The oversized state, our ‘great patient’, should redefine the terms and modes of its operation, drastically reducing its intrusive, and

The oversized state should redefine the terms and modes of its operation, drastically reducing its intrusive, and customer-focused role, to an executive, less bureaucratic and more efficient one, oriented to serve the citizen.

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customer-focused role, to an executive, less bureaucratic and more efficient one, oriented to serve the citizen. The fight against opacity, excessive legislation, overlapping of responsibilities, and delays in justice will dramatically improve the relation between the State and the citizens, will save valuable resources and contribute to capital inflows. This can be achieved by following the example of other EU countries and through the use of technology. It is revealing that through the electronic control of expenditure IKA (Social Security Fund ) alone saves 1.2 billion Euros annually.

Improving the business climate should be a fixed component in the policy of the State. Radical changes are needed, not only in legislation but also in the mentality that governs a range of business issues, including taxation, procedures of establishment, operation and closure of enterprises, employment regulations and businesses transactions with the State. The establishment of a stable, clear, and friendly business environment will contribute to the repatriation of capital and the inflow of FDI, which the country needs so badly. Despite the reactions of minorities, the proper liberalization of closed markets should be completed, since increased competition will lead to lower prices, to an increase of domestic competitiveness and, according to estimates, could result in a 13% increase in GDP. Last, substantial emphasis must finally be given to the most efficient medium to long term investment, knowledge. Educational reform must take into account the needs of the labor market and research should be evaluated so that it is not an end in itself.

It is normal that habits and practices of decades do not change overnight. But Greece has lost precious time and every day that passes without actions makes reforms all the more painful. Political leadership by itself is not enough for the successful outcome of this crisis. The whole society must join forces. And this can be achieved only with a clear communication strategy to make clear where we are, what is needed to get us out of this situation, and mainly where we want to go.

A Turnaround Program in Three Steps

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f course we can do it. Of course we can “turn around” things and situations.

We do not need courage or discipline.

What we need is the cool mind of a ‘professional.’ The way a professional athlete, pilot, soldier, or sailor handles a difficult situation under pressure. The way he acts is cool, analyzing the situation, learning quickly, and starting to work on things that he can do, under his control, with resources available at that time.

We can do the same in Greece by building “a turnaround” program in three fast steps:

1st Step We build a new “mentality,” with the mental skills of a “professional” that give him or her control and confidence.

For this we use the following concepts: • Control the controllable • Do not assign blame • Disregard the uncontrollable or turn to the controllable • Change the situation or change “your” attitude • Employ model thinking • Make preparation a top priority

2nd Step Coolly analyze how things work now and define the obstacles and weakness to perform, in order to define how we can achieve performance.

Such obstacles are: • Inability to visualize situations and develop objectives • Difficulty to adapt in dynamic situations • Low production capabilities • Low abilities to solve problems • Poor use of Learning (although Greece is the 3rd country in the world with university educated people.)

3rd Step This is the start of a “massive change” program.

We use the “the small wins“ method to roll out change from bottom up, which is easier, smoother and also faster than difficult large-scale reforms from the top.

We create the action we need to ensure results including high performance infrastructure, jobs and opportunities. High performance infrastructure gives us the facilities to overcome all the above (step 2) obstacles.

Action involves 3-4 special designed fast projects (up to 6 months). Projects of low risk, low cost (sponsored or funded with seed money) in areas of Greek interest e.g. Agriculture, Tourism, Energy, Services.

To ensure success we use a High Performance Model and the support of experts in each field.

In this model we use state-of-the-art technology from different industries (Manufacturing, Telecom, IT, Military), technology that can be widely used (no investment required) in any area and by any kind of people. In this way we can quickly build high-performance infrastruc-

Litsa Panayotopoulos Treasurer

These projects have high adaptable capabilities and can then quickly be scaled to larger areas and populations tures and quickly create jobs and opportunities.

We can develop very attractive jobs and we can transform people to new ‘T-shaped’ employees, with capabilities that ensure lifelong income and continuous development.

These projects have high adaptable capabilities and can then quickly be scaled to larger areas and populations, generating the infrastructure, jobs and opportunities to turn around today’s difficult situation and lead Greece back to growth, to prosperity, and to move forward, and eventually back to universal “respect” in a very specific short time.

MARCH-APRIL 2012 | BUSINESS PARTNERS | 29

Thought Leaders

The Long Road to Change…and a Shortcut

W Simos Anastasopoulos Counselor

e all know what needs to be done; maybe the perspectives are different. This is Greece, and everybody has a solution with the least personal cost, but we all have realized by now that we need to change. How do we change is the question.

The Memorandum provides the guidelines and the timeframe to proceed with what is necessary to reform the economy and reach fiscal consolidation. However, its implementation will present the biggest challenge. Execution and implementation of the rules, the guidelines and the laws are the weak points of today’s society as a result of the last change that relaxed the Greek ‘ethos’, legitimized various ‘transactions’ and transformed our society and economy to the point that is not competitive any longer.

To change again is inevitable, as survival instincts at least will prevail. Changes, particularly in men-

Greece doesn’t have to rediscover democracy, it just needs to reinstall it tality, however, require some time. It will take at least a generation (or two) to transform ourselves, to again accept that the laws apply equally and to all, and that the road to prosperity (and profit) requires work rather than connections. There is healthy sense in the words “competitiveness” and “achievement” and we need to discover this sense

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again if we want to progress.

Greece doesn’t have to rediscover democracy, it just needs to reinstall it and, in the absence of prominent political figures who will instigate social behavior change, what I am suggesting is a Task Force (yes, another one, comprised of authoritative Greek personalities) that will operate, in parallel and independently from any other government body, and will oversee and steer the necessary actions to change the legal system and education. A swift resolution of legal disputes and competitive education are the goals that can be achieved through public dialogue and by exemplifying both ‘Ariston’ and individual accountability. These actions will take time, will change mentalities, and will raise the next generation to the level necessary to face the challenges of the future and compete in a globalized society.

In the meantime we should proceed with all necessary actions and regulations to liberate the healthy forces of the market, especially for the creation of new businesses and opportunities for new entrepreneurs. We should apply every pressure to the government to lift all obstacles, including the time needed to establish a new business, and those related to taxation, closed professions, employment rules, and any obligatory enrolment to organizations and syndicates.

These actions will immediately advance growth, will create jobs and increase public awareness that a market with rules does provide opportunities for advancement.

Leading by example, within the rules of the new reality, will accelerate change in mentalities and will act as a shortcut to the long road to change.

I see a further role for the Chamber, if we want to assist the evolution of change, in: actively participating in bodies that promote reforms to the legal system and education and, through our committees, demand real time removal of the obstacles of doing business today.

Revitalize Athens City Center, Revitalize the Local Economy

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ver the past seven years, following the Olympic Games of 2004, we have experienced a dramatic downgrade of Athens’ city center.

Although this part of the city should be its social, commercial, and cultural hub, we have seen it become an unfriendly and unwelcoming area, with shattered buildings, closed businesses, street crime, and many illegal immigrants, some of whom are engaged in illegal activities.

The frequent demonstrations, marches and protests, often followed by violent incidents and riots, have driven consumers away from the city center. Many hotels and businesses have been forced to close, and a picture of an abandoned city center has been created.

What has been done has been done. Now, however, is the time for a crusade that will revitalize Athens’ center. Many downtown areas in the world have suffered a downturn, for a variety of reasons. But in most cases all stakeholders have rallied together to revive their urban spaces. A revival certainly can’t be accomplished overnight but great gains can be made with a commitment from all parties involved.

Drawing from the experience of other countries, we will see that if we break through the bureaucracy we can accomplish our goals.

Downtown revitalization encompasses a wide range of activities. It requires the cooperation of central and local government, Chambers of Commerce, the private sector, civic organizations and other key institutions. We could, for example, establish an “Athens City Center Foundation” that would adopt the specific area to be reinvigorated in the heart of the city and create a multi–functional direction toward an urban environment offering culture, entertainment, and vibrant commercial activity.

The opening of new retail businesses, a rise in the number of visitors to the city center, a young student population—which itself would create exuberant night life—could be just a few of the items on the agenda.

All across Europe, and in the United States, citizens and planners, policy makers and urbanists, have spearheaded major revitalization programs.

Such programs include safety and security, housing improvements, retail modernization, public space improvements, streetscaping and pedestrianization schemes. Luckily, we don’t have to reconstruct Athens’ center like some other cities in the world, just revitalize it in a smart manner.

New jobs will be immediately created, tourists will flood the city, and a renaissance will evolve.

For a city so rich in culture we have not exploited its hidden gems. One example: walking trails could be established around the city, such as the “Ancient Trail,” the “Roman Trail” or the “Byzantine Trail.” Through these, visitors would wander over the entire city to see and visit the recommended stops. In fact, there are endless

George Bacacos Counselor

We could, for example, establish an “Athens City Center Foundation” that would adopt the specific area to be reinvigorated in the heart of the city ideas on how to draw more locals and tourists to the city center.

It is encouraging that the Mayor of Athens has recently met to discuss such programs with the new Minister of Citizen’s Protection and a group of interested stakeholders, coordinated by the Athens Commercial Association, have designed a number of initiatives in this direction. This will propel the efforts of the KIPOKA voluntary group that has been successfully highlighting these issues over the past three years.

In a very short time, when people feel that the center is safe and offers—as it does—outstanding shopping and entertainment, a lively dining scene, endless cultural attractions—businesses will flourish, people will be proud of their city, and residents and visitors will enjoy the city center once again. And that is no small thing.

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Thought Leaders

Focus on Sectors

Energy and Environment, Alternative Tourism, Innovative Agriculture, Shipping

Odysseas Charalambous Counselor

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main prerequisite for the Greek economy’s development is, apart from resolving the budgetary issues, to give priority to development sectors.

Energy and Environment The optimal management of energy resources is a big wager that requires implementation of a long-term energy strategy, with a view to gradually reduce energy dependence on third countries, pass to the era of energy producing low to zero carbon dioxide emissions and decrease energy waste.

Greece’s energy dependence reached 72% in 2006 compared to 57% for the EU-15 and 54% for the EU-27. At the same time, Greece ranks first among EU members in the production of pollutants from carbon dioxide, due to the dependence of domestic energy generation on lignite, by 95%. Lastly, 45% of the annual energy consumption, by 25%, relates to manufacturing and,

by 20%, to households.

These problems may be addressed through: • The high penetration of renewable energy sources in all sectors, which will lead to the decrease in the raw material input to energy generation and the restriction of air pollution • The reduction of energy consumption in public buildings, domiciles and industrial facilities, through “smart building” solutions and energy consumption units controlled by the grid

Alternative Tourism The tourist industry contributes to the Greek economy by approximately 18% of GDP. Currently, competition from emerging Mediterranean destinations is strong, especially at price and service provision levels.

• Greece can further develop its tourist industry by redefining its policy and drawing a long-term strategy for developing tourism that will no longer focus on the number but on the quality of the arrivals and the volume of visitors’ consumption.

Such forms of tourism are Agrotourism, Ecotourism, and Archaeological Tourism.

Additional objectives of Greek tourism must be the prolongation of the tourist period from 5-6 months to 8-9 months, the improvement of the services, and the promotion of the tourist product all over the world.

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Innovative Agriculture The agricultural sector accounted for 3.3% of the GDP in 2008 and largely contributes to the economy, regional development, social cohesion and the population’s alimentation.

Agricultural and food products cover approximately 30% of total exports (compared to 7-8% in EU-15) and 13-14% of total imports.

However, for Greek agriculture to remain competitive, it needs to focus on: • Decreasing production and selling cost of its products as well as producing organic and other special, high-demand products. A distinctive example is the globally unique “Chios Mastic” and “Kozani Saffron” products, with the Greek production (4-7 tonnes) standing out among the competition.

• Increasing its export products through a strategy for promoting and highlighting the exceptional quality that is distinctive of Greek products, which are therefore pro-

moted in the markets under a recognizable brand name, acquiring a larger share in the global market

Shipping The Greek shipping industry, which represents 7% of the GDP, is one of the greatest in Europe, along with that of Italy, covering cumulatively 50% of the total sea transport of passengers in Europe.

However, to further develop the shipping sector, the following have to be done: • To promote the use and exploitation by private investors in the Greek port sector • To reinforce shipping training in a traditional and demanding profession, where our country has been historically prominent • To attract and retain young people in the profession, especially in periods of increased unemployment, and to preserve the Greek crew quotas • To address contemporaneous threats, such as piracy and terrorism

Greece can further develop its tourist industry by redefining its policy and drawing a long-term strategy for developing tourism

Travel USA

On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

Discover America—Illinois ★

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llinois is located in the heart of the US, boasting scenic byways, lush vineyards and weaving networks of lakes and rivers. It is the 24th largest state and it is bordered on three sides by water (Lake Michigan, and the Mississippi, Missouri, Ohio & Wabash Rivers). Illinois has been home to four US presidents (Lincoln, Grant, Reagan, & Obama), each celebrated with myriad trails and historical markers; Abraham Lincoln is brought back to life at the Abraham Lincoln Presidential Library & Museum in Springfield, and visitors can dine at President Obama’s favorite restaurants in Chicago. Chicago is known as ‘America’s Favorite City’ and is a stunning metropolis with a genuinely charming mid-western atmosphere. Situated on Lake Michigan, Chicago is blessed with 29 miles of lakefront, including sandy beaches and cycle paths. The city is as diverse as its scenery, from its jaw-dropping skyscrapers to outdoor sculptures.

Experience interactive public art, authentic Blues music, interesting architecture, fine dining and world-class museums and theatre. Chicago is also a shoppers’ paradise, with the Magnificent Mile shopping area welcoming millions of visitors to its wealth of premium department stores every year. Some of the most unique items can be found in the eclectic neighborhood boutiques just a short journey from downtown and the best bargains can be found at the outlet malls statewide. chicago

THE LAND OF LINCOLN Land Area 56,400 sq. miles, 24th largest state Population 12,901,563 State Capital Springfield Largest City Chicago Local Time CST – 8 hrs behind Greece Climate Hot summers and cold winters with snow December to March. Moderate rainfall the rest of year Parks 131 State Parks

 For more information: Illinois Bureau of Tourism Tel: 00 1 312 814 2828 Email: ceo.enjoyillinois@illinois.gov Web: www.enjoyillinois.com

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Women in Business

by Irene Natividad President, Global Summit of Women

What Women Mean

To Business

“The best stimulus for the economy is to invest in women entrepreneurs,” stated Lars H. Thunell, CEO of the International Finance Corporation–the private sector arm of the World Bank–at an International Women’s Day event.

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hat remark may seem hyperbolic to some economists, but it reflects a reality at two levels– first, the growing tide of women entrepreneurs worldwide, and second, proven U.N. studies which show that increased earnings among women results in improved healthcare and education of their families. In other words, upgrading women’s economic status is key to sustainable development and according to the IFC’s CEO, key to economic recovery globally.

Within the last two decades, women’s entrée into business ownership has grown dramatically. In the United States alone, 40% of all privately held firms are now womenowned, and women now comprise the majority of new U.S. small business owners.

Those businesses now generate $2.8 trillion in revenues yearly, according to the Center for Women’s Business Research, and they

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employed 23 million workers in 2009.

In Europe, one out of every three small businesses is owned by women. In China, the second largest economy in the world, women own 40% of private businesses, and in Japan, one out of four small businesses is owned by a woman. In every corner of the world, women have come to microentrepreneurship in majority numbers as well, catapulting many families out of poverty. In Rwanda, a country best known for genocide that killed so many of the country’s men and boys, women now own 40% of the nation’s businesses—and growing. It is also the only country in the world where women parliamentarians, at 55%, form the majority, and many say that it’s a direct consequence of their growing economic power. One minister stated that the Rwandan economy recovered on “the backs of its women.”

Since small businesses form the backbone

of every economy in the world, the fact that women are a growing group of those owners signals a shift that needs to be accelerated, according to the IFC. Right now, government-sponsored stimulus packages around the world are focused on infrastructure projects that are meant to generate jobs. What the IFC is signaling is that some of those funds should be targeted at buttressing small businesses that depend on loans to survive and thrive, but especially for women-owned enterprises, which have more tenuous lifelines.

In addition to women’s growing economic clout as entrepreneurs, women also play a pivotal role in the global economy in two other key aspects—as workers and as consumers. Right now, women make up 35-50% of the paid workforce in every corner of the world and their numbers are growing, both as a consequence of sheer need that forc-

es many to seek employment outside the home, or to make use of advance training and education which have made them more marketable. In Europe, Japan and South Korea, which are all facing a rapidly aging workforce, training women for the jobs of the present and the future is key to survival.

According to a 2007 Goldman Sachs study, reducing the gap in employment between women and men in different parts of the world would boost GDP—by 13% in the Eurozone, by 16% in Japan, and by 9% in the U.S. The report concludes that “Gender inequality hurts economic growth,” or to put it another way, developing women’s business leadership is key to a competitive 21st century workforce.

As women’s income has risen due to entrepreneurship or employment, so has their earning power. The result is that women in the developed economies now make the majority of buying decisions—80% in the U.S. alone. American women are the majority of car buyers, Internet users, education and healthcare consumers, not to mention office equipment purchasers for their own enterprises or the organizations they work for. What this means is that what a woman decides to buy is key to profitability of many companies in every country. That is not only true for women in developed economies such as the U.S, but also for village women in India, who purchase Nokia phones for use by their fellow villagers to connect them with the outside world for a fee; or the women employed by Unilever and Danone in the Philippines and Bangladesh to sell household products or yogurt door to door—all generating revenues for themselves for the first time while providing market penetration for companies in areas normally deemed unreachable in the past.

To sum up, women not only bring income home to their families, they also create jobs through the businesses they create no matter of what size, and impact their local and national economies by what they decide to buy. It is clear that they are critical to any economic recovery, and stimulus packages worldwide should consider the gender impact of any proposed plans.

This ‘business case’, while widely accepted

. . . what a woman decides to buy is key to profitability of many companies in every country by development professionals, is not as clear to the majority of government and business leaders, who still see initiatives to advance women as a social issue as opposed to an economic imperative. There is a plethora of research not only from the U.S., but also Europe, Turkey and Vietnam that provide data indicating that the more women in senior management or boards of directors, the better is a company’s financial performance in terms of return on assets, return on equity, increase in share value, greater intensity in oversight functions or all four. The same results are obtained no matter which country conducts the study or the number of companies covered in the survey. The Finnish Business and Policy Forum’s research covered the largest number of companies—12,728—and it showed that those businesses with majority female boards outperformed those companies with majority male boards by 20%. The longestterm business case study was conducted by Professor David Ross of Columbia University, who looked at 1,500 U.S. companies over a 14-year period, and found that companies with women in senior management outperformed their peers in terms of return on assets and annual sales growth.

So, if women are performance drivers for

corporations, for small business growth, consumer expansion, and economic sustainability as a whole, what needs to be done by governments and the private sector to accelerate the realization of women’s economic potential? For one thing, leaders from both sectors, who publicly acknowledge women’s economic value, need to act on it. A survey of 1,500 global executives

by Mckinsey & Company (Women Matter, 2010) showed that while a majority acknowledged the business case for women’s inclusion into leadership roles, few placed gender diversity at the top of their agenda, let alone in it. Pressure on companies to address this issue is being placed by governments through mandated quotas for women directors, some corporate governance commissions and stock exchanges that are making board diversity a necessary component of good corporate governance, and institutional shareholders like large pension funds, who are demanding changes in board composition that is more inclusive.

Companies need to move from viewing women’s initiatives as a function of corporate social responsibility externally and human resources internally, to a function of strategic market growth.

Governments need to implement and monitor equity laws already in place, as well as enact legislation that open access to credit for women, that provide funding for women small business owners and above all, that enable women to inherit and own land and other forms of property. Economic participation hinges on education, and clearly, girls’ access to it must be implemented. These are well-known measures to which nations sign on in numerous U.N. resolutions. Well, it’s time to get beyond good words and good will. For economies to survive and thrive beyond this recession, women’s economic power must be harnessed.�

Irene Natividad is President of the Global Summit of Women, a 22-year-old economic forum focused on expanding women’s economic opportunities worldwide, which will be hosted by Athens, Greece for the first time on May21-June 2nd.

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THE INTERVIEW

Greek Exports—

A Small Miracle!

Dimitris Lakasas, President of SEVE, Greek International Business Association, discusses how Greek exporters are responding to today’s crisis and how exports are a bright light in the Greek economy. There are challenges, however, that need to be addressed.

Please provide us with a current view of Greek exports, in the midst of today’s severe crisis.

Greek exports made a small economic “miracle” in 2011. We witnessed an export increase of 37% (with fuels and oils), while the value of Greek exports over the same period is estimated at 22.4 billion Euros. This is a historic record, since Greek exports have never before surpassed 20 billion Euros. At the same time, the trade deficit has significantly fallen by 33.1%, given a decrease in Greek exports by 7.7%.

Unfortunately, during the last two months of 2011 we observed a decline in the upward trend of Greek exporting activity. This may be attributed to restricted liquidity and to the government payment default of confirmed obligations to the exporting enterprises. If these two major problems are solved in 2012, then I’m certain that we will experience a continuation of 2011’s upward trend, with double-digit growth rates in Greek exports expected in the forthcoming years.

What are the greatest challenges facing exporters today?

The most crucial issue is the lack of liquidity. Liquidity equals survival for Greek enterprises today. Greek enterprises’ working capital has been dry for more than one year. Even the healthiest companies have seen the bank credit lines either closed or at predatory rates. Moreover, the government payment default toward Greek exporting enterprises for confirmed obligations has intensified the problem.

The second major challenge for Greek exporters is the Greek image. They are making huge efforts, to convince potential foreign buyers not only of the quality of their products, but also for their credibility. The problem is that, even though Greek products meet all the requirements to enter the foreign country, they do not yet receive the acceptance they deserve in foreign markets.

The most crucial issue is the lack of liquidity. Liquidity equals survival for Greek enterprises today.

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How is SEVE responding to these challenges?

With regards to liquidity, and before matters get worse, SEVE demands the Greek government take the following measures: a) The immediate repayment of government obligations to Greek exporting enterprises, especially the direct refund of the VAT credit and the offset of the government and enterprise obligations, which are overdue. b) The non-wage cost reduction and transportation and energy cost reduction c) The direct activation of the financial instrument Go2Market, which aims to provide liquidity in export enterprises via the banking sector With reference to Greece’s image, I strongly believe that it is very difficult to overcome this situation, but still not impossible. And that’s because Greece has a long entrepreneurial tradition. Beyond this tough period there are many competitive advantages for both the country and Greek products. If the products can be promoted in an effective way then, of course, the situation can be reversed.

I believe that Greece will find its way to emerge from the crisis. This is because today Greece “produces and exports.” This is the growth model proposed by SEVE. We argue that only by adapting new consumer habits—consume what we produce, increase our competitiveness, produce internationally tradable goods of high value—we will be able to get out of the economic crisis.

How can the crisis become a lever of growth for Greek exporters?

Until the beginning of the crisis, Greece was a relatively closed economy. We were highly dependent on imports with the services’ contribution to GDP estimated at 78% (2010). We ran a large trade deficit—even in the agricultural sector, where the country is supposed to have a strong competitive advantage.

However, the economic crisis has led to an internal market shrinkage and consumption reduction. This spells bankruptcy for the majority of Greek firms if they do not go “international.”

It had to get to this stage for the Greek enterprises to start thinking seriously about going abroad in order to survive. Exporting, by definition, equals growth for the firm, in terms of increased sales, higher profits, economies of scale, reduced vulnerability, new knowledge and experience, and enhanced global and domestic competitiveness.

Nevertheless, exporting has many challenges, which can only be surmounted through careful preparation and planning. Exporting means increased costs, language and cultural differences, a lot of paperwork, and increased competition. The most important characteristics of a successful exporter are adequate levels of commitment, willingness, effort and resources needed to gain a foothold in foreign markets. There are plenty of best practices of Greek entrepreneurs, who took the challenge and gained significant market share in difficult and distant markets, such as China and Australia. I hope that such examples will grow larger in the coming years, to prove that the economic crisis was not an obstacle, but a roadmap to growth for Greek exporters.

In what way can Greek exporters and manufacturers create value added to their products so they are more attractive to the global marketplace?

First of all it is imperative that the Greek exporters become more competitive, creating value added to their products. The major challenge is to produce and sell value-for-money products in global markets, targeted to middle, high and upper-high income buyers. We have to compete based on our quality with strong West European economies, like Germany, Italy and France and not with China and India. To achieve this, Greek enterprises have to invest in educa-

The most important characteristics of a successful exporter are adequate levels of commitment, willingness, effort and resources needed to gain a foothold in foreign markets.

tion and training of their employees. With regards to product development and design, they have to commit a part of their resources to research and development.

Where does the United States fit into the export strategy of SEVE? According to the latest statistics for 2011, Greek exports to the United States have grown by 98.4%, almost double in value, since 2010 and contribute a 5.4% share to the total Greek exports. I have to stress here that a major factor in this development was the increase in Greek petroleum exports to the United States (the USA is the 2nd largest customer of Greek petroleum exports). Still, it is evident that the United States presents a strong export partner for Greece. It is a target market for Greek exporting enterprises and for SEVE’s members as well.�

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Business Matters

Three Steps

to Lower Your Company’s Electricity Costs As domestic market conditions in Greece continue to tighten, reducing the costs of utility expenses will be one of the key priorities for Greek firms in 2012.

C

ompanies that are able to minimize utility outlays—especially in an era of costly electricity—will likewise gain a significant cost advantage over the competition.

Not surprisingly, managers today are preoccupied with questions of “where can we economize in our energy expenses?” and “how can I improve my company’s energy efficiency?” Yet to most executives, the sources of energy savings remain elusive.

For this reason, many firms are choosing to hire professional energy consultants to extract value in energy savings. One of the most dynamic energy consulting firms playing this role right now in Greece is AZ Solutions.

Formed by veteran businessman Lazaros Fe-

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lous in 2011, AZ Solutions is able to leverage over two decades of managerial experience in corporate cost cutting and operational efficiency planning. With a deep client base in high-energy consuming segments (retail, industry, events, restaurants), AZ Solutions helps firms reduce costs on electricity bills,

minimize consumption of electric energy, and produce energy through applied methods from renewable sources (RES).

The firm offers the following guidelines for companies in Greece looking to minimize energy costs.

Explore Your Options The first step toward lower energy expenses is to explore all options for electricity provision. Often times, companies can immediately cut electricity costs by switching providers or choosing a more strategic corporate energy plan.

Monitoring is also a key component of energy reduction. AZ Solutions employs energy analysis software to monitor and reduce your energy consumption in real time,

AZ Solutions is able to leverage over two decades of managerial experience in corporate cost cutting and operational efficiency planning.

with bidirectional communication and real time alerts.

These energy monitoring, management, and analysis services are offered for home and commercial users. Using advanced algorithms, AZ can inform you about your consumption, raise your awareness, enhance your energy behavior and shape your energy demand by providing you with the real-time tools, personal tips and incentives to achieve your energy goals.

Trim the Fat The second step towards energy savings consists of discovering areas where energy can be conserved. According to industry experts, most companies today have significant ‘fat’ in their electricity usages that can be immediately cut out at minimal expense. The trick, of course, is knowing where to look.

For example, switching institutional lighting to LED units can make a sizable dent in operational expenses practically overnight.

In fact, in as little as one year, the energy savings from upgraded lighting systems can offset any investment. In addition, LED bulbs last up to 40 times longer than incandescent bulbs, drastically lowering waste and maintenance costs. For this reason, AZ Solutions has partnered with Toshiba to provide cutting-edge LED lighting technology to clients within Greece.

AZ Solutions’ partnership with the global electronics giant comes at an opportune moment: Toshiba has recently suspended all work with traditional lighting sources and

is moving aggressively and exclusively into LED solutions. Always a step ahead of the competition, Toshiba’s engineers have managed to create an entirely new light technology by ingeniously incorporating semiconductor technology into the LED design.

The result is a brand new, low-consumption lighting product with high efficiency and excellent quality. The synergies from the partnership with AZ Solutions promise to deliver state-of-the-art and cost-efficient solutions for businesses in Greece. However, AZ Solutions reminds its clients that energy savings means more than changing a light bulb. Companies can also realize massive cuts in their energy expenses by replacing outdated and inefficient machinery, weatherizing company buildings, and systematically introducing ‘ergonomic changes’ to the company’s overall workflow. To uncover and plan these solutions, companies should speak with a qualified technical consultant.

Produce Your Own The third step in cost cutting that all business—big and small—should consider is substituting purchased energy with selfproduced electricity from RES. While the process may sound daunting, with the right guide, developing a robust RES platform is both cheap and easy.

The most common form of RES installation for all firms is solar panels. With more than 300 days of sun per year, a photovoltaic production system can quickly translate into massive savings for Greek businesses—all

while promoting eco-friendly business practices. Recognizing the growing demand for solar solutions, AZ Solutions has partnered with global leader Synpower to provide turnkey photovoltaic systems in Greece.

Companies have options beyond solar as well. As technology rapidly advances, companies have a greater number of RES systems to consider in their self-produced power needs, including wind and biomass.

Find the Solution That’s Right for You Energy savings plans are as unique as the companies they serve. For this reason, AZ Solutions works at a personalized level with each client to ensure that the energy savings solutions are viable and sustainable.

Recent customers include hospitals, malls, restaurants, cafes, office buildings and stadiums. In each case, the company’s team of specialized engineers works to identify all areas where cost savings can be achieved, no matter how small, and produce comprehensive plans to realize these savings goals.

AZ Solutions’ currently invites inquiries on possible energy saving measures. “We are at your disposal for the provision of a competitive proposal for the reduction of the cost of electric energy, the reduction of energy consumption via LED lighting units, and the production of energy from photovoltaic units,” says AZ Solutions’ Director, Lazaros Felous.  info@a-zsolutions.gr

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The Economy & The Environment

Rethinking

by Theodota Nantsou Environmental Policy Coordinator, WWF Greece

Development in Greece As Greece sinks deeper into the whirlpool of the economic and humanitarian crisis and pictures of angry street rallies hit the news headlines around the globe, another crisis is unfolding that should not remain unnoticed.

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he environment is also hit hard by the austerity and structural adjustment policies that are implemented in Greece. The few but very crucial regulatory environmental advances achieved over the past three decades are now rapidly being lost to new laws and regulations that favor a shortsighted and environmentally catastrophic development model.

The most characteristic and painful environmental losses of the past 6 months are: • The dismantling of the environmental public administration, crippling prospects of successful implementation of EU and national environmental policies and legislation • The legalization of old and future illegal buildings, even within protected and archeological areas

• The annihilation of environmental safety checks for large investments and construction projects • The absorption by the State budget of the Green Fund (Greece’s only environmental funding mechanism) What makes matters worse is the widespread view, at the level of the Government and the Parliament, that the environment is now a “luxury.” Especially for Greece, a country that depends on tourism and agriculture, it simply does not make any sense to jeopardize the resources that sustain these important economic sectors: the striking landscapes and the diversity of nature, the islands and the sea, the soil and the clean air.

Last January, WWF brought to light the alarming rate of these perilous environmental losses. In two letters1, which were addressed 1

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to the IMF’s Managing Director Christine Lagarde and the EC’s President Jose Manuel Barroso, WWF stated that although Greece was never an environmental frontrunner, the troika that dictates fiscal policies and supervises the Greek economy is clearly now accountable for the current environmental rollback that we are witnessing.

The economic crisis is systemic and challenges the economic development paradigm that favors growth at the expense of the earth’s capacities. Sustainable development pathways based on ‘green economy’ principles and outcomes are rapidly becoming the new paradigm for a truly sustainable economic progress. Why then is Greece being sent to environmental Dark Ages? Why not see the current crisis as an opportunity for a U-turn in the direction of truly sustainable pathways?

http://www.wwf.eu/news.cfm?203071/Environment-jeopardised-by-economic-bail-out-plans-warns-WWF

© Andrea Bonetti / Mount Parnassus, one of the very first National Forest Parks in Greece

A Sustainable Future for Greece Can Only be Green!

Any successful exit strategy from the economic crisis needs to be sustainable and is definitely not simply fiscal. A visionary and long-lasting strategy needs to start by building on existing competitive advantages in an innovative and sustainable manner. Looking at Greece’s competitive advantages, one cannot but admit that they are inextricably related to either the natural environment and resources or cultural heritage or both. It should therefore not strike one as odd that the economically significant sectors of Greece’s real economy are built on the country’s globally unique natural and cultural treasury.

Safeguarding one’s wealth is key to overcoming hardships. This is an overarching principle, if we are to successfully respond to the challenge. In the case of Greece, the ‘reforms’ of the major economic sectors are designed at the expense of the “natural coffers”, ie the natural resources, the landscape and biodiversity.

A second principle is that in order to be competitive, one needs to invest in innovation and quality. In the case of Greece, all economic sectors lack a visionary framework that favors innovation and quality.

Principle number three is that cross-sectoral synergies are good for all, achieve best cost-benefit ratio, economize on time, as well as natural, human and financial resources. Consequently, they speed up development progress. In the case of Greece, sectoral policies lack this vital synergistic approach. Such examples are the areas of agriculture-waste & water management, forest management-timber products, food industry-waste & water management, protected areas-quality goods & services, waste management-fuel production.

Greece’s promising economic sectors are primary production (mainly agri and aqua culture, fisheries and forestry), energy, tourism, constructions and, why not, industry. These sectors could, under conditions of sustainability and innovation serve as the “heavy artillery” for Greece’s green exit from the crisis.

The basic directions for sectoral green reform would need to include resource and energy efficiency, minimization of waste and emis-

sions, production of ‘green’ (aka environmentally sustainable) products, assessment of the economic value of environmental services and integration of any environmental costs, as well as decent labour policies.

At the national level, a variety of crucial horizontal policies and governance reforms are required, in order to facilitate and sustain the sectoral reforms.

• Integrated spatial planning. The existing spatial plans are complicated, incoherent and fail to set clear rules for both environmental protection and business activity.

• Clear and succinct environmental legislation. Environmental legislation in Greece is full of tailor-made exemptions (nomika parathirakia or ‘legal windows’) that complicate entrepreneurial activity and often result in annulling decisions by the courts.

• Strong environmental inspection and jus-

Sustainable development based on ‘green economy’ principles is becoming the new paradigm for economic progress

tice system. Given the current crippling trends for the public administration, the prospects of an environmental inspections system are rather scant…

• Green market mechanisms and certification schemes. At present, certification schemes exist almost exclusively for organic agriculture.

• Greening of the taxation and financial incentives system.

Last but not least, in order however to achieve a full and comprehensive evaluation of the progress of the green economic reforms, the indicators of economic progress would need to be enriched and go beyond GDP and include environmental and social parameters, such as ecological footprinting and social well-being.

As the economic crisis is not restricted to Greece, the depressing environmental crisis that results from the austerity and structural adjustment policies imposed on Greece now serves as the platform for an environmental rollback in other EU countries, such as Spain and Portugal. What therefore are the lessons that the EU is giving to the rest of the world? Especially as the Rio+20 UN Summit (June 2012) is focusing on green economy, why is the EU saying to the developing world that the environment is indeed a burden in financially troubled times?

Running frantically in a crisis mode, Greece should stand back and rethink its future and development model. As a country blessed with natural and cultural riches, Greece should be receptive to positive and truly sustainable change.

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Awards for Excellence

Chamber Recognizes

Excellence Fulbright Foundation in Greece

In 1946, the visionary freshman U.S. Senator J. William Fulbright of Arkansas founded the Fulbright Program of International Exchange. The idea was simple: to create a program, with the whole world as its stage, that would simultaneously encourage students from as many countries as possible to study in the United States while persuading young Americans to live in, and come to know and understand, Africa, Asia, Europe and the Western Hemisphere, and the Pacific. Currently, the Fulbright Program operates in over 155 countries worldwide.

The Fulbright Foundation in Greece was established in 1948. It is an autonomous, non-profit, non-partisan, bi-national institution.

The Foundation’s objective is to broaden and strengthen mutual understanding between Greece and the United States by offering educational and cultural exchange opportunities to Greek and American students, scholars, researchers, artists and teachers.

Since 1948, Fulbright-Greece has awarded more than 4,700 grants to Greeks and Americans and has offered free advising services for studies in the United States to thousands of individuals. Fulbright alumni include Nobel and Pulitzer Prize winners, prime ministers and heads of state, professors and scientists, ambassadors and artists, Supreme Court Justices and company presidents.

The continuity and growth of programs offered by the Foundation would not be possible without the support of the United States and the Hellenic Republic Governments and the generosity and philanthropy of corporations, foundations, institutions and individuals.

The Fulbright Foundation gratefully acknowledges the continued support and dedication of its donors.

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American Farm School and Perrotis College

An independent, nonprofit educational institution founded in Thessaloniki in 1904, the American Farm School is a center of teaching and research excellence in sustainable agriculture, the environment and other life sciences.

Major educational divisions today include the Primary School, Secondary School, the Perrotis College of Agriculture, Environment and Life Sciences, and Adult Education and Research.

The School prepares its graduates for prominent roles in community life and in the agriculture, food and natural resource sectors by teaching scientific and business practices that are economically viable, ecologically sound and socially responsible. The School’s founder, Dr. John Henry House, was a practical idealist who believed in educating the whole individual: the head, the hands and the heart. After more than a century of implementing the founder’s vision, the American Farm School continues its dedication to the dynamic fusion of theory and practice in all levels of life science education that has become the institution’s hallmark.

As the oldest American educational institution that has operated continuously in the region, the American Farm School remains what former Ambassador of the United States to Greece R. Nicholas Burns recently described as a “strong and visible example of what is best about America,” adding that the School “does more for U.S. relations abroad than almost any other kind of investment we could be making in the region.”

At its annual New Year’s Reception on January 30, the Chamber recognized four outstanding institutions in Greece for their achievement. The Chamber presented Awards of Excellence to the Fulbright Foundation in Greece, the American School of Classical Studies at Athens, the American Farm School, and the Corallia Clusters Initiative.

American School of Classical Studies at Athens

Since 1881 the American School of Classical Studies at Athens (ASCSA), a private institution based in Kolonaki, has been committed to education, archaeological research, and to the general preservation of Greek cultural heritage. Through a vigorous publication program it disseminates information about history and archaeology both to the Greek public and to the international and Greek scholarly communities. ASCSA serves multiple constituencies. It is a teaching institution that introduces graduate students from North American universities to the archaeological sites and monuments of Greece. Lectures in ASCSA’s Cotsen Hall are open to the general public and via the Internet at “www.ascsa.edu.gr”. Its two libraries provide resources to scholars in Greece: the Blegen Library devoted to the study of Greece and Rome, the Gennadius Library among the greatest in the world for the study of Byzantine, Medieval, and modern Greece. ASCSA’s archives house the papers of Seferis, Elytis, Mitropoulos, the Dragoumis family, Heinrich Schliemann, Konstantinos Tsatsos, and many other notables.

ASCSA also sponsors archaeological explorations. Since 1896 its members have explored Ancient Corinth and since 1931 the Athenian Agora. Both projects represent permanent and valuable contributions to the Greek people and to the promotion of tourism.

ASCSA has built museums and research centers at both sites, and is particularly proud of the Stoa Attalos, which its members reconstructed in the 1950s. ASCSA’s Wiener Laboratory supports the work of dozens of archaeological scientists each year. ASCSA is today one of the world’s leading research and teaching institutions and the largest American overseas research institution of its kind.

Corallia Clusters Initiative

The Corallia Clusters Initiative is the first organization established in Greece for the structured and systematic management and development of clusters, with the strategic aim to develop cohesive and productive innovative ecosystems within which actors operate in a coordinated manner, in specific sectors and regions of the country, and where a competitive advantage and export orientation exists. In those clusters, Corallia acts as Cluster Facilitator (cluster initiative/organization), implementing specific support actions, which involve all innovation ecosystem actors, including industry, academia, research labs, venture capitals, business angels, and regional and central governmental stakeholders.

Corallia has supported the development of highly-specialized clusters in knowledge-intensive thematic sectors with a strong export-orientation, possessing examples of success stories, such as the mi-Cluster (microelectronics), the first innovation cluster in Greece, and the siCluster (space technologies and applications) and gi-Cluster (gaming and creative content), two emerging industrial innovation clusters in Greece. Additionally, Corallia has contributed to the kick-off of clusters in other sectors such as mobile services, bio-agro-food, and has performed preparatory actions in renewable energy and shipping.

The total turnover of all clusters supported by Corallia, surpassed 7 billion € in 2010, constituting a significant proportion of the GDP of Greece, while at the same time contributing increasingly in the reduction of the external trade balance, as most companies have a strong exports orientation. The clusters have also been able to attract significant capital from private investors globally, and strategic investments for the establishment of multinational technology development centers in Greece.

MARCH-APRIL 2012 | BUSINESS PARTNERS | 43

Consumer trend firm trendwatching.com has coined the term ‘flawsome’ for brands that show some empathy, generosity, humility, flexibility, maturity, humor, as well as some character and humanity.

According to the firm’s trend spotters, everything from disgust at business to the influence of online culture (with its honesty and immediacy) is driving consumers away from bland, boring brands in favor of brands with some personality. At the same time, consumers are benefiting from almost total and utter transparency (and thus are finding out about flaws anyway) as a result of the torrent of readily available reviews, leaks and ratings.

Therefore, trendwatching.com expects a rise in corporate behavior that is more transparent and, ultimately, more human. As the firm writes in their monthly review, “human nature dictates that people have a hard time genuinely connecting with, being close to, or really trusting other humans who (pretend to) have no weaknesses, flaws, or mistakes - don’t assume brands are any different.”  www.trendwatching.com

The Search for the Source of Creativity University of Southern California researchers are working to pin down the exact source of creativity in the brain – and have found that the left hemisphere of your brain, thought to be the logic and math portion, actually plays a critical role in creative thinking.

“We want to know: how does creativity work in the brain?” said Lisa Aziz-Zadeh, assistant professor of neuroscience at the USC Dornsife College of Letters, Arts and Sciences.

If you paint or sculpt, you may think of yourself as right-brained. The right hemisphere of your brain is often thought to be the creative half, while the left is thought to be the rational, logical side. But a new study from a team led by Aziz-Zadeh demonstrates that while the right half of your brain performs the bulk of the heavy lifting when you’re being creative, it does call for help from the left half of your brain.

“We need both hemispheres for creative processing,” said Aziz-Zadeh.

Online Branding to Expand by 50% in 2012 Advertising will expand across the board in 2012, but growth in the online branding segment should outpace the traditional and online markets, says Deloitte in its annual Technology, Media & Telecommunications Predictions.

While the overall advertising sector will grow 5 percent, online branding will expand 50 percent to $20 billion, as more companies look to digital to build the long-term value for their brands. More sophisticated methods for measuring the success of online branding campaigns - such as Real-Time Bidding, which allows companies to specify exactly where and in what context their ads will appear - have transformed digital marketing campaigns from their humble beginnings of banner ads.

Advertisers have also increasingly turned their efforts to tailoring adverts specifically for the online world via videos and social media campaigns. Companies will need to develop new skills as the prominence of digital branding increases.

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15 Must-Follows on Twitter

.

The Rise of the ‘Flawsome’ Brand

W

W

W

TRENDS & TRADE MAKERS

1. Storyful @Storyful Authentic, cooperative and socially useful journalism 2. Gadget Lab @gadgetlab Gadgets and high-tech hardware 3. Springwise @springwise Scans the globe for smart new business ideas 4. Inspirational Quotes @Inspire_Us A steady stream of inspirational words 5. Rotten Tomatoes @RottenTomatoes The internet authority on movie reviews 6. Cool Hunting @coolhunting Daily updates on art, design, culture and technology 7. GoodNews @GoodNewsGR Only good news and local heroes from Greece, in Greek 8. Human Rights Watch @hrw Info on human rights crises and global developments 9. TwiHaiku @twihaiku Community generated poetry feed 10. Mark Bittman @bittman Top food writer tweets on all things food 11. BBC Breaking News @BBCBreaking A central source for breaking news around the world 12. Change.org @Change The world’s fastest growing platform for social change 13. Zen Habits @zen_habits A relaxing getaway from the frantic twitterscape 14. Harvard Biz Review @HarvardBiz Blog posts, Management Tips of the Day, Daily Stats, and more 15. Business Partners @Businssprtnrs Your source for fresh content, videos, business intelligence and lifelong learning

Thousands of Years of History on Your Phone Greek computer engineer Konstantinos Gkourloumenos has developed an innovative new ‘Augmented Reality’ application for IOS and Android that allows users to discover more than 400 museums throughout Greece based on the user’s location.

The application also allows users to search the database of Greek museums by subject matter and provides detailed maps and travel instructions (including public transportation), a must-have feature for tourists and locals alike.

A parallel website, www.greekmuseums.gr, provides users with the complete museum information on a beautiful web interface. The website operates as a non-profit project with the sole purpose of promoting Greek cultural heritage throughout the country.

Cruise Industry Builds Up Steam in Chania The region of Chania, Crete has positioned itself as a major stop on the Mediterranean cruise circuit, and its economy is poised to reap the benefits.

According to data recently published in Haniotika Nea, more than 140,000 visitors will arrive in the port of Souda this year on sixty-four separate arrivals from international cruise giants like Royal Caribbean. The expected flood of tourists will bring much needed revenues to the region and facilitate greater investment in port infrastructure and touristic services.

Regional tourism authorities, eager to promote Crete as a world-class cruise destination and build strategic partnerships with industry leaders, travelled to Miami in March to participate in the international Cruise Shipping exhibition.

National Geographic Names Greece Among Best Trips in the World for 2012 In its annual guide, National Geographic has named Greece one of the world’s top destinations for 2012. Unlike most guidebooks, however, the magazine recommends that visitors steer clear of overcrowded islands, writing, “While some islands have been scarred by unregulated development—and as the country grapples with the worst financial crisis in its modern history—Greece’s rugged mainland retains its unadulterated allure.”

Planning a getaway? National Geographic also recommends the following destinations: • Iceland • Koh Lipe, Thailand • Dresden, Germany • Istria, Croatia • Northern Colombia • Virunga Volcanoes, Africa • Costa Brava, Spain • Sonoma, California • Muskoka, Ontario • Oman • London, England • Guatemala • Sri Lanka • Belfast, Northern Ireland • New Zealand • Panama • Peru • Pittsburgh, Pennsylvania • Mongolia

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U .

E EU to Address Lack of Women T in the Boardroom DIREC The EU wants citizens to weigh in on how to get companies to appoint more women to their boards of directors. In Europe’s top firms, women make up just 14% of members and only 3% of board chairs in the EU are women.

Studies by consultants McKinsey and by Ernst & Young have found that companies with a more equitable balance of men and women have higher profits. More women in top positions could therefore increase Europe’s competitiveness.

The Commission has launched a public consultation to find out if the EU can do more to correct this imbalance—including setting quotas. The online consultation is open until 28 May.

MARCH-APRIL 2012 | BUSINESS PARTNERS | 45

@ fo in

B2B

What does Twitter do for businesses?

As a business, you can use Twitter to quickly share information, gather market intelligence and insights, and build relationships with people who care about your company. Often, there is already a conversation about your business happening on Twitter.

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Twitter is an information network. Millions of people, organizations, and businesses use it to discover and share new information.

On Twitter, anyone can read, write and share messages of up to 140 characters.

These messages, or Tweets, are public and available to anyone interested in them.

Twitter users subscribe to your messages by following your account. Followers receive every one of your messages in their timeline, a feed of all the accounts they have subscribed to.

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Twitter and Business A Twitter Glossary

Best Practices

Mention Once you’ve signed up and chosen a Twitter username, you and others can mention an account in your Tweets by preceding it with the @ symbol, eg: “Glad your shipment arrived @janesmith!

Retweet To share a Tweet by another user, click Retweet below it to forward it to your followers instantly.

Message If you want to privately Tweet to a particular user who’s already following you, start your Tweet with DM or D to direct-message them, eg: “DM @joesmith234 what is your order number?”

Hashtag Users often prepend # to words in their Tweets to categorize them for others eg: “Check out our new products for the Fallhttp://t.co/link2 #fallsale” Think of hashtags as the theme of your Tweet.

Users can then click on a hashtag to see other similarly-themed tweets and find yours in search.

Share. Share photos and info and give a glimpse of developing projects and events.

Listen. Regularly monitor the comments about your company, brand, and products.

Ask. Ask questions of your followers to glean valuable insights and show that you are listening.

Respond. Respond to compliments and feedback in real time Reward. Tweet updates about special offers, discounts and time-sensitive deals.

Demonstrate wider leadership and knowhow. Reference articles and links about the bigger picture as it relates to your business.

Champion your stakeholders. Retweet and reply publicly to great tweets posted by your followers and customers.

Establish the right voice. Twitter users tend to prefer a direct, genuine, and of course, a likable tone from your business, but think about your voice as you Tweet.

Dining: For Business and Pleasure Lambros Restaurant

Let’s Go Down to the Sea Again Spring sunshine, warm days, and fresh salt air are reason enough to escape the city for seaside dining. Lambros Restaurant in Vouliagmeni is a delightful destination for a mid-day repast or an evening by the water, with a few friends or family, or for a relaxed business get together. Abutting the water opposite Lake Vouliagmeni, Lambros offers a spectacular view and well-prepared seafood. Top-notch ingredients, glistening fresh fish, and courteous service, with reasonable prices, translate into enjoyable dining.

Lamros does not stray far from tradition, which is a good thing if traditions are kept.

A variety of salads—village, mixed, roka,

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beetroots, wild greens—are crisp and made to order. Appetizers include octopus, shrimp salad, mussels, as well as old-fashioned tzatiziki and taramasalata. And standbys such as crisp French fries and deep fried

zucchini entertain our secret cravings.

Of course seafood is the star here and fresh fish grilled or fried—chosen from the display—is cooked to order and served without fuss or commotion. Lambros also offers some well-done seafood and pasta combos that respond to more au courant trends. Grilled steaks, chops, chicken and fillet take care of meat eaters. Lambros can accommodate large parties, has easy parking, and offers indoor and outdoor tables. All in all, a nice spot.

Lambros Restaurant Posidonios Avenue, Vouliagmeni Τ: 210 896 0144

The Business Bookshelf

The Start-up of You

by Reid Hoffman, cofounder and chairman of LinkedIn, and Ben Casnocha, Random House

A blueprint for thriving in your job and building a career by applying the lessons of Silicon Valley’s most innovative entrepreneurs.

Unemployment rates are sky-high. Creative disruption is shaking every industry. Global competition for jobs is fierce. The employer-employee pact is over and traditional job security is a thing of the past. Here, LinkedIn cofounder and chairman Reid Hoffman and author Ben Casnocha show how to accelerate your career in today’s competitive world. The key is to manage your career as if it were a start-up business: a living, breathing, growing start-up of you.

Why? Start-ups—and the entrepreneurs who run them—are nimble. They invest in themselves. They build their professional networks. They take intelligent risks.

They make uncertainty and volatility work to their advantage. These are the very same skills professionals need to get ahead today.

This book isn’t about cover letters or resumes. Instead, you will learn the best practices of Silicon Valley start-ups, and how to apply these entrepreneurial strategies to your career. Whether you work for a giant multinational corporation, a small local business, or are launching your own venture, you need to know skills that match today’s environment. As Hoffman told Thomas Friedman: “You can’t just say, ‘I have a college degree, I have a right to a job, now someone else should figure out how to hire and train me.’ You have to know which industries are working and what is happening inside them and then find a way to add value in a way no one else can.

For entrepreneurs it’s differentiate or die—that now goes for all of us.”

Jargonaut Architecture Police

An individual or group within a company that makes sure software and hardware development follows established corporate guidelines.

Defrag

short for: defragmentation To optimize your hard drive, usually with a program that “cleans it up” and makes it run as smoothly as possible.

Eurominutes

Scenes in syndicated TV shows that are included in foreign versions but cut from US episodes to increase the time available for commercials.

Flash Sale

A “flash sale” is a limited-time discount on a product or service sold by retailers to offload surplus stock either directly or, more commonly, through members-only flash sale sites.

Yetties

A term for “young, entrepreneurial, techbased twenty-somethings” or “young, entrepreneurial technocrats.”

THE LIST

by Travelogue

Internesia Pylos

The inability to remember which Web site a piece of information came from

By Andreas Stylianopoulos President, Navigator Travel & Tourist Services Ltd

Manual Submission

Westin Resort, Costa Navarino

Birds at the Gialova lagoon

Bay of Voidokilia

Nature has been kind to Pylos, with a crystal sea, spectacular landscapes, abundant produce, and the best bird watching in Greece.

Stay Westin Resort, Costa Navarino: luxury meets nature Hotel Navarone: great location and views Hotel Philip: inn style hotel with local charm Eat Neo Kastro: Local by the water Pylou Gargalianon, Gialova: Solid Greek To Ellinikon Pigadia: Homemade Costa Navarino, a variety of restaurants DO Birdwatching at the Gialova lagoon Bay of Voidokilia New and old venetian castle Cave and palace of Nestor

The process of submitting your Web site’s URL to a search engine or search directory with the intent of getting it listed on the search site.

Sapplet

short for social applet A “sapplet” is a social applet that is designed to overlay on Facebook pages or other social networking sites.

Netbetting

Web jargon that refers to the ability to gamble online.

Reproduced by Permission © 1994-2010 NetLingo® The Internet Dictionary at http://www.netlingo.com

MARCH-APRIL 2012 | BUSINESS PARTNERS | 47

ViewPoint

by Stephen Flott Managing Partner at Flott & Co. PC, based in Arlington, VA

FBAR and FATCA Alphabet Soup or Trouble?

A

lthough you have to file a return, you may not owe any tax. U.S. citizens residing aboard are allowed to exclude some foreign earned income from U.S. tax. $92,900 is the limit for 2011.

In addition, the U.S. permits foreign taxes paid to be applied as credits to U.S. tax.

U.S. citizenship taxation has existed for many years. So, why is everyone talking about it now? Two simple reasons: FBAR and FATCA. FBAR is short for Foreign Bank and Financial Account Report. FATCA is short for the Foreign Account Tax Compliance Act. The U.S. requires U.S. citizens who have an interest in or signing authority on one or more bank or other financial accounts to file an FBAR annually if the total amount in all of their foreign financial accounts equals or exceeds $10,000 (€7,480) at any time during the year.

FATCA imposes a separate reporting requirement. Effective with the 2011 tax year (meaning U.S. tax returns due this year), U.S.

citizens living abroad who file as single or married filing separately must attach a new form (Form 8938) to their U.S. tax returns if the total value of their foreign financial assets exceeds $200,000 on the last day of the tax year or $300,000 at any time during the year.

The thresholds are $400,000 and $600,000, respectively, for those filing joint returns.

Foreign financial assets include financial

Why is everyone talking about U.S. citizenship taxation now? Two simple reasons: FBAR and FATCA. accounts at foreign financial institutions (e.g., banks, brokerages), securities issued by non-US persons (e.g., stock in a nonU.S. company), financial instruments is-

The American-Hellenic Chamber of Commerce

Were you born in the U.S.?

Have you ever received a U.S. passport? Are you a U.S. citizen? If you answered “yes” to these questions, you are required to file a U.S. tax return on your worldwide income, regardless of where you live and whether any of your income came from a source in the U.S. sued by non-U.S. persons (e.g., promissory notes) and interests in foreign entities (e.g., a private foreign company or partnership).

The IRS also considers trusts, swap agreements, and option contracts entered into with non-U.S. persons to be “assets” that must be reported on Form 8938.

Form 8938 is not a substitute for an FBAR filing. Assets must be reported on both forms when they meet both filing requirements. Failure to file an FBAR can result in penalties ranging from $10,000 to 50 percent of reportable account balances. Failure to file a Form 8938 can result in penalties up to $50,000. FBARs for 2011 must be received by the IRS on or before June 30, 2012. Form 8938 must be filed with the tax return on or before June 15, 2012.�  http://www.flottco.com/

BUSINESS

Become a Member

bponline.amcham.gr

To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s most preeminent and proactive business organizations, apply on the Chamber website at www.amcham.gr, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7 and request an application form.

To subscribe to Business Partners, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7.

48 | BUSINESS PARTNERS | MARCH-APRIL 2012

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