Business Partners | November-December 2011

BUSINESS

bponline.amcham.gr

NOVEMBER-DECEMBER 2011 Vol. X | No. 57

Thought Leaders

Out of the Box Thinking— Fixing Greece HR Today

The Greek Energy Reality ▼

The Next Generation

Reinventing Greece ▼

Banking & Asset Management

The Business Model of Retail Banking ▼

ViewPoint

Repowering Greece ▼

Plus Biz Buzz Names & Faces Trends & Trade Makers

AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

Crisis Warriors

Business Analytics for the Management Elite Nikos Peppas

SAS Country Manager, Greece and Cyprus

2012 INTERNATIONAL CES

Tuesday, January 10 - Friday, January 13, 2012

Come with US to CES, Las Vegas, Nevada, U.S.A. The U.S. Commercial Service Servv of the American Embassy in Athens, Greece cordially invites you join the official Greek delegation to the 2012 International Consumer EElectronics Show (CES) - taking place in Las Vegas, Nevada, U.S.A., from January 10 to 13, 2012.

The 2012 International CES is once again gearing up to be the must-attend tradeshow for electronic media and broadcasting professionals, involved aareas such as: Audio, Computer omputer Hardw Hardware w & Software, Connected Home, Content Distribution, Digital Imaging, Electronic Gaming, Emerging Technology, logy, Entertainment/Content, Entertainmee Internet-Based Multimedia Services, Telecommunications Infrastructure, Lifestyle Electronics, Video, Wireless ireless & Wirele Wireless e Devices.

Get a competitive advantage advantaa with the newest technologies and help your business grow!

• Explore more than 2.70 2.7000 exhibitors, 20.000 products and 25 TechZones.

• Select among 200 conf conference fe sessions and 500 noted speakers.

• Network with more thann 140.000 industry professionals from 140 countries.

• Meet with U.S. supplierss interested in exporting, licensing or forming joint ventures in the technology field!

Register with U.S. Emba Embassy-led s Greek delegation at www.export.gov/greece and receive benefits, such as: • Complimentary Exhibits Exhibitt Plus Pass (provides access to the exhibit floor, keynote addresses, and many Super Sessions).

• List of exhibitors who export e or indicate an interest in exporting to Greece.

• Invitation to Global Ma Matchmaking at and International Reception.

• Inclusion in a Greek del delegation l brochure distributed to U.S. exhibitors.

• Network opportunity w with industry professionals.

• Matchmaking assistan assistance n and export trade counseling.

and… VISIT LAS VEGAS , USA!

Over and above doing business, come and be captivated by its unique atmosphere! Las Vegas, an ever-changing fantasy-land of a city, has seen unbelievable expansion since it emerged from the desert just over 100 years ago. Casinos, naturally, continue to draw tourists to Las Vegas, but there’s much more there. From zip lines and car racing to the Bellagio’s worldfamous fountains, Liberace Museum and Tropicana’s Nikki Beach, experiencing all of Las Vegas’ attractions is like riding a roller coaster - which you can do because it has those, too. The sights and sounds of Las Vegas are enjoyed by millions of visitors every year. So, take the opportunity to stay in some of the most unique hotels in the world, eat at five-star restaurants, enjoy health spas and golf courses… and these are just a few of things you may experience in Las Vegas.

Volume X | Number 57

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

24 Nikos Peppas, SAS Country Manager, Greece and Cyprus, discusses the benefits behind a smarter use of data

6 HR Today

The Greek Energy Reality—A Great Opportunity for Change and Development

by Vana Mehleri

8 Chamber News

1 2 Strategy + Innovation

Reef Sailing—Balancing Strategic Anomalies

by Constantinos Stavropoulos

1 3 Insight In Control

by Alexander Athanassoulas

30 THOUGHT LEADERS Michail Bletsas of MIT on building civic capital—one step at a time

1 4 Names & Faces in the News 1 6 North Greece

3rd Thessaloniki Tax Forum – 2011 Internationalization of Higher Education in Greece: A New Approach at International Hellenic University

1 8 BIZ BUZZ

Currents in Today’s Business Environment

30 THOUGHT LEADERS Dimitrios Yatromanolakis of The Johns Hopkins University on targets and actions in culture

2 0 Real Estate

Coldwell Banker Hellas Tips—Easing Relocation Woes

by Dimitris Portokalis

2 2 Banking & Asset Management The Business Model of Retail Banking in Greece

by Stelios Pirpinias

2 4 THE INTERVIEW

Nikos Peppas, SAS Country Manager, Greece and Cyprus

32 THOUGHT LEADERS Elias G. Carayannis of George Washington University on innovation and entrepreneurship

2 8 Thought Leaders

Out of the Box Thinking—Fixing Greece with Michail Bletsas, Dimitrios Yatromanolakis, and Elias G. Carayannis

3 6 Next Generation Initiative

The Next Generation Focuses on Reinventing Greece

3 8 Management

Performance Management: Feedback Is a Two-Way Street

4 0 Defense

Defense Modernization Challenges in the Current Economic Environment

B us ines s Partners is the bi monthly magazine 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

by Dennys S. Plessas

The Antidote to Poison—and Third-Rate Performance

by Panos T. Xenokostas

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

4 2 Travel USA

BRANCH OFFICE 47 Vassileos Irakleiou Street 546 23 Thessaloniki Tel: +30 2310 286.453, 225.162 Fax: +30 2310 225.162 E-mail: n.tsavdaroglou@amcham.gr

4 6 Business2Business

Discover America—Florida and Georgia

4 4 Trends & Trend Makers A B2B Toolbox

4 8 Viewpoint

Repowering Greece

by Alexandros Costopoulos

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS |

DIRECTOR’S DESK

The last two months have been critical regarding the course of Greece, in the Eurozone, in Europe generally and, equally important, in its economic survival. What to most people was an obvious necessity was, at the eleventh hour, finally achieved. That is to say, a coalition government that will set the basis to implement a strict budgetary policy and sorely needed reforms. Although in certain other countries it didn’t take much time to realize that consensus and collaboration are needed to implement such critical policies, in our country we had to arrive at the last possible moment before our political status quo acknowledged there is no other solution. Up to the very last moment the citizens of this country witnessed a bad theatrical play of the absurd before we arrived to the obvious decision. All these tragicomic moments were orchestrated by an ineffective and anachronistic political system that tried, with various methods and subterfuges, to survive, in any way, only to satisfy personal ambitions and to serve vested interests but, we hope, is living its final moments.

But, even under these insupportable conditions, these final developments lend a restrained yet essential optimism that events can proceed better in our country. The new coalition government ought, beyond the negotiation of the new lending contract, to provide a direct imprint on certain developmental policies and processes, such as privatizations, the absorption of available European funds, and the suppression of time-consuming processes that prevent direct foreign investment in our country.

Moreover, it is an ideal opportunity—due to this consensual coexistence—to enact the basis for a fair, comprehensive, and coherent new national tax system and for an educational framework that responds the needs of the 21st Century. Such initiatives are vital in a period of increasing unemployment, decreasing business activity, and a lack of investment initiatives. In a short time this government can reshape its image—and credibility—and earn wider acceptance from Greek citizens, based on integrity, performance, and responsibility. Equal to acceptance by citizens—whose patience has been severely tested— what is absolutely required is real collaboration and consent from the wider totality of political forces, that takes into consideration the future of our country. And if indeed more time is required for this coalition government to succeed in its mandate, then political forces should demonstrate their maturity and grant this time.

Our country cannot waste any more time in pointless delays, erroneous choices, and self-serving political juxtapositions.

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 | NOVEMBER-DECEMBER 2011

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.

C.Ad.01/07

Foh / 2+

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.

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

Bakatselos Nikolas Vice President | PYRAMIS METALLOURGIA A.E.

Corporate Governance Committee

Karayannis Angelos Secretary General | KARAYANNIS K. GROUP OF COMPANIES Panayotopoulos Litsa Treasurer | PYRODOMI LTD. Anastassopoulos Simos Counselor | PETSIAVAS N. S.A.

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

Corporate Social Responsibility Committee

Bacacos George Counselor | BACACOS P. CHEMICAL & PHARMACEUTICAL

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

PRODUCTS CO. S.A.

Environment & Energy Committee

Charalambous Odysseas Counselor | CISCO SYSTEMS HELLAS S.A. Papadopoulos Thanos Counselor | CHEVELLAS S.A. Spirtounias Elias Executive Director

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

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

Antonopoulos Constantinos | INTRALOT S.A. - INTEGRATED LOTTERY

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

SYSTEMS AND SERVICES

IPR Committee

Antoniades Vassilis | THE BOSTON CONSULTING GROUP

Canellopoulos Paul | CHARTIS GREECE S.A. Costas Stavros | Economist

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

Leadership Committee

Costopoulos John | HELLENIC PETROLEUM 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

David George | COCA-COLA HELLENIC BOTTLING COMPANY S.A.

Medical Devices & Diagnostics Committee

Costopoulos Alexandros | FORESIGHT STRATEGY & COMMUNICATIONS

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. Kyriakides John | KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRM Mamidaki Eleftheria | MAMIDOIL JETOIL PETROLEUM COMPANY 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

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

Public Affairs Committe

Manos Alexandros | PIRAEUS BANK S.A.

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

Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A.

Taxation Committee

Passaris Despina | PROCTER & GAMBLE HELLAS LTD. Pervaiz Ahmed | BRISTOL-MYERS SQUIBB A.E. 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 | NOVEMBER-DECEMBER 2011

Chair: Costas Stavros | Members: Altiparmakis Christos, Ampeliotis Evangelos, Anastasiadis Harris, Antoniou Basil, Desipris Antonis, Doucas Spyros, Gigantes Stavros, Goulakos Panos, Ioannidou Maria, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Mavraganis George, Melemenis John, Mitsios Stephanos, Papadatos Eugene, Papandreou Cristina, Samothrakis George, Sarafoglou Gerassimos, Savvaidou Katerina, Sfakakis Konstantinos, Spyriouni Litsa, Stavropoulos Ioannis, Stavrides Vassilis, Theophilides George, 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

H Bristol-Myers Squibb είναι μια παγκόσμια βιοφαρμακευτική εταιρεία με αποστολή της να ανακαλύπτει, να αναπτύσσει και να παρέχει καινοτόμα φάρμακα που συμβάλλουν στην αποτελεσματική αντιμετώπιση σοβαρών ασθενειών.

Together we can prevail.

Together we can prevail. www.bms-greece.gr Bristol-Myers Squibb A.E. Αττικής 49-53 & Προποντίδος 2, Τ.Κ. 152 35 Βριλήσσια, Αττική ΤΘ 63883 - Bριλήσσια, Τ.Κ. 152 03, Αττική Τηλ.: 210 6074 300 & 210 6074 400, Φαξ: 210 6074 333, ΑΡ.Μ.Α.Ε. 62772/01ΑΤ/Β/07/148

HR Today

by Vana Mehleri Consultant, Industrial, Natural Resources & Energy Practices, Stanton Chase Athens

The Greek Energy Reality;

The Energy sector in Greece experiences a transitional but very interesting period. The growth of the sector has the potential to make a significant contribution to the country’s economic recovery.

A Great Opportunity for Change and Development

T

he liberalization and reformation of the electricity and gas markets is essential and regulatory authorities must be given the necessary power and independence to reduce the market power of dominant firms. Important changes should also be made in the field of renewable energy.

Increasing competition and reducing the role of the State in the energy sector should add efficiency and dynamism to the Greek economy. This, in turn, can generate self sustained employment and prosperity for the country.

In the electricity market fundamental changes in market structures and regulations are needed if Greece wishes to reach its ambitious energy goals. Large private companies have entered dynamically in the sector of sale and trading electricity increasing competition, driving prices down and gaining share of the electricity consumption. However the Public Power Corporation (PPC) remains the dominant player in the wholesale and retail markets and the owner of transmission and distribution assets. In order to mitigate PPC’s dominance, ensure non-discriminatory treatment for independent power producers (IPP) and provide regulatory certainty for investors in a competitive energy market, a strong and independent regulator is needed.

Natural gas is also emerging as the fuel of choice for power generation. As the electricity sector, the natural gas sector has traditionally been state controlled, but is now gaining

pace. Although the State remains in control of most of the gas supply through DEPA and the gas transmission infrastructure through DESFA, new entrants can be expected to gradually reduce this dominance and bring multiple benefits to the economy and the citizens. Ensuring access to the network and the liquefied natural gas (LNG) terminal is crucial for effective competition to emerge.

Greece has a large potential for wind and solar energy and is rightly determined to fulfil this potential. To facilitate renewable energy projects and increase the use of renewable energy, the government recently improved investment conditions significantly by increasing feed-in tariffs, shortening and simplifying the licensing procedures, introducing stronger incentives for local acceptance and adopting ambitious targets. The country aims to raise the share of renewable energy in gross total final consumption to 20% by 2020. Compared with the renewable energy technologies Wind Energy has a significant potential and the government aims to in-

crease it to 7.5 GW in 2020. Careful planning is required to ensure a smooth integration of new renewable electricity capacity into the grid and to maintain the reliability of the electricity system as the share of variable generation increases. The point is that the government should now work to ensure that the ambitious 2020 targets will be met.

The government of Greece should act quickly and effectively. Intensify electricity market reform, ensure attractive conditions for future investments and consider further limiting market dominance of the Public Power Corporation and the Public Gas Corporation, also through privatisation. At the same time boost investments in the field of renewable energy sources exploiting the high potential of Greece, promote energy efficiency in order to save money, improve energy security and mitigate climate change.

Regardless of the economic situation in Greece, these reforms are very important and can contribute to the country’s long – term development.

VANA MEHLERI is a Consultant, acting as senior member of the Industrial, Natural Resources & Energy and Logistics & Transportation Practices. Vana started her career with Stanton Chase in September 2008, following her engineering studies. She holds a B.Eng. in Energy & Environmental Engineering from the Technical University of Crete, as well as an M.Eng. in Water Resources & Environment from the University of Patras (Department of Civil Engineering). Vana has successfully participated in the completion of senior level as well as specialized assignments serving multinational and local clients within her areas of expertise.

| BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

A Greek company conquering the globe! > Since 1959 > 9 Company-owned subsidiaries in Europe, Asia & Mid. East > Exports in more that 65 countries worldwide > International business activities count for more than 95% of company's production

> Stainless Steel/Granite Sinks

> Kitchen Taps

> Electrical Appliances

> Cookware

PYRAMIS METALLOURGIA A.E. 17th km Thessaloniki - Serres, P.O. Box 10 278, 54110 Thessaloniki, Tel.: +30 23940 56751, Fax: +30 23940 56745 exportsales@pyramis.gr, www.pyramisgroup.gr

CHAMBER NEWS

Message from the President Now is the time to build a new Greece, one that is rational, viable, and meritocratic. We have been to the abyss. It is time to rise from the depths, comply with our obligations for reform and act as a responsible society that reflects, and honors, our heritage—the birthplace of democracy. Success will be achieved through the intelligent use of public assets, making public expenditure effective, creating a public sector that is small, responsive, and efficient. We must concentrate on smart growth that makes use of cutting edge thinking and our comparative advantages. The burden of the past must be shared, the challenge of development collaborative. Citizens are obliged to take part in actively building this new Greece. It is not only a duty, it is a reward for living in a democracy.

Let us richly reap rewards.

3rd Thessaloniki Tax Forum The Chamber and its Taxation Committee held the 3rd Thessaloniki Tax Forum on October 21, 2011 at the Hyatt Regency Hotel in Thessaloniki. This year the Forum focused on the New National Tax System. More than 150 delegates attended the day-long event that explores taxation as a key component of today’s economy and entrepreneurship.

The forum sponsors were RSM Stylianou, Orthologismos; the forum supporter was Coca Cola 3E and the official air carrier was Aegean Airlines. The forum communication sponsors were Agelioforos, www.agelioforos.gr, Kerdos, e-forologia.gr and Business Partners Online.

Yanos Gramatidis

Stavros Costas

Nikolas Bakatselos

With Catherine Kay

Yanos Gramatidis President, American-Hellenic Chamber of Commerce; Citizen, Athens.

Boston Consulting Group (BCG) Survey The Chamber hosted a presentation of the Boston Consulting Group (BCG) survey— Navigating The New Consumer Realities—on September 21, 2011, at the Hilton Hotel.

The survey results were presented and extensively discussed, showing the changes that are developing in the consumers’ spending habits and the ways companies could adjust to the current market conditions.

Camille Egloff-Ghikas making presentation

Yanos Gramatidis

| BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

Vasilis Antoniadis

Panelists

AHEI Seminar— How to do Business in the USA The American-Hellenic Enterprise Initiative (AHEI) held its 3rd US Business Seminar “How to do Business in the USA” on September 30, 2011 at the Chamber of Heraklion, Crete. AHEI is an initiative of the American-Hellenic Chamber of Commerce.

The seminar was organized in collaboration with the Association of Crete Exporters (SEK) and the Chamber of Heraklion. The specialized event covered the majority of the sectors of interest for small and medium enterprises (SMEs) and focused on legal, regulatory, marketing, logistical, and partnership issues.

Specialists from the USA explained legal points that exporters in particular must be aware of, tax issues for establishing a presence in the U.S., and procedures to be followed for FDA certification. Also highlighted were points related to U.S. Customs & Border Protection (CBP).

The delegates at the seminar included producers and entrepreneurs from Crete, who underlined the significant potential for enhancing cooperation and investments with the USA. The president of the Chamber, Yanos Gramatidis, stated that the American-Hellenic Enterprise Initiative (AHEI), with its more than 40 partners, focuses on concrete results: “Through American–Hellenic synergies AHEI creates collaborations with common goals and acts through synchronized efforts. This Initiative acts as a major networking platform, both real and virtual, with the intention to become a dynamic cluster.”

Alkiviadis Kalabokis

Marilyn Taylor

Michael Ioannides

Eleftherios Renieris

Leadership Committee Events The Leadership Committee presented the results of the “Mobility & Adaptability in Leadership Development and Talent Management” survey at two events. The first was held on October 18, 2011, at the Metropolitan Hotel. The event hosted more than 150 students from the University of Piraeus, Department of Economic Science.

The second event of the Leadership Committee took place on October 26, 2011, at the premises of Mercedes-Benz Hellas S.A. and was attended by more than 50 senior executives.

TEDx Academy The Chamber supported the TEDx Academy event held October 10 at Hellenic World in Athens. The event focused on innovation and entrepreneurship, drew speakers from Greece, Israel, Belgium and the United States, and more than 250 participants. For more information visit www.tedxacademy.com

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS |

CHAMBER NEWS

1st Annual Labor & Insurance Conference The Chamber’s 1st Annual Labor & Insurance Conference: “Professional Insurance—Perspectives in Today’s Labor Environment” was held September 26, 2011 at the Athenaeum Intercontinental Hotel.

The conference drew the attendance of all major partners in the insurance and labor market sectors in Greece.

The President of the Chamber, Yanos Gramatidis, launched the event, the first of its kind in Greece, and stressed that the conference focus—on the occupational insurance funds in our country—must be properly understood, as complementary and not “competitive to,” the main social security fund. The prospect is that these two institutions are compatible with each other, as is already the case in other parts of Europe and worldwide. Complementarity provides for the best possible solution in the supplementary insurance question.

The conference closed with the keynote address of the Minister of Labor & Social Security, Mr. George Koutroumanis, who said Yanos Gramatidis

Nikos Nikolopoulos

10 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

that professional insurance can no doubt play a complementary role to social insurance and its development can be facilitated by the reduction level of current contributions, which are very high.

He pointed out that even though today it may appear to be a very difficult option to implement, it remains in Government’s plans.

The results of the Chamber’s questionnaire, indicating the level of business satisfaction regarding social insurance, private insurance, and the labor market, were presented in detail and valuable information, collected from Greek and multinational companies—all members of the Chamber—was shared and extensively discussed.

The conference was sponsored by Μαnpowergroup and supported by: Deloitte-Hadjipavlou, Sofianos & Cambanis S.A.; Interamerican Group and Metlife Alico. Communication sponsors were: Business Partners, City Press, Free Sunday, Kerdos Newspaper, Asfalistiko Marketing, Euro2day, Insurance Daily, Radio 9 (98.9), and SBC Channel.

George Kotsalos

George Koutroumanis

Yanos Gramatidis, Nikos Nikolopoulos, Ioannis Sarivougioukas, George Kotsalos

1st Annual DEFENSEWORLD Conference Yanos Gramatidis

Daniel Bennett Smith

Konstantinos Vrettos

Panelists

The Chamber’s 1st Annual DefenswWorld Conference: “Armaments and Business Development in Greece: What the Future Holds” was held Monday, October 24, 2011 at the Ledra Marriott Hotel. More than 160 guests, representatives of the business, diplomatic and military communities attended. Conference delegates expressed their deep concerns for the current situation afflicting the defense sector by participating in the constructive dialogue following each round of speeches.

The President of the Chamber, Yanos Gramatidis, launched the conference. He said: “Defense expenditure should be focused on smart procurement programs which will both encourage investment in the defense sector and the transfer of knowledge and high technology. The creation of permanent international synergies through contemporary compensation programs should be the goal for the country to change direction within the framework of a new economic model.

“In this way investments in the defense sector may well be a growth driver for the country and to reinvigorate the market as viable and reliable partner and contractor.

“At the same time, structural changes and reforms should be continued and the attitude of both the civilian and military personnel should change so that the defense industry, foreign and domestic, is not treated with suspicion, but operates under a spirit of cooperation and mutual respect. Such a change of culture will contribute positively to shaping a new image of the country, especially abroad, which is essential for attracting foreign investment is crucial to economic recovery.”

The conference was sponsored by Boeing Defense, Space & Security, Lockheed Martin Aeronautics/Lockheed Martin International, Metka A.E. And Onex Hellenic Group of Companies. Communication sponsors were: Business Partners, Defencenet, Kerdos and SBC Business Channel.

Chamber Calendar December 14-15 Athens, Athenaeum Intercontinental, 22nd Annual Greek Economy Conference December Athens, Award Event of “Make Innovation Work” competition December Thessaloniki, Restructuring and Value Enhancement conference January Annual New Year’s Reception, Athens, Athenaeum Intercontinental February Thessaloniki, New Year’s Reception

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 11

Strategy + Innovation

by Constantinos Stavropoulos CMC® Founder, InnoValue

Reef Sailing Balancing Strategic Anomalies

S

trategic Innovators, a select class of extraordinary skippers worldwide, have some answers. They look to windward to notice ‘whitecaps’.

They feel the sailing wind to find out if gusts are becoming more frequent.

They anticipate the wind by looking at the water. They search for puffs (areas of strong wind) and lulls (areas of weak wind). They work the helm to see if they can steer a compass course with their fingertips. They even check the rail to discover if she (enterprise) digs her rail into the water when a gust hits. Time, though, for a quick look at their strategic balancing tactics.

REEFING (BALANCING) Exceptional Skippers manage to balance their sailboats (enterprises) in any tough sailing weather. By reefing, they balance their yacht to the point where she can almost sail herself. Dockside, if they sense a reefing breeze (strategic anomaly), they set the reefs in the mainsail before casting off. That way, when they hoist the main, she’s already reefed (balanced) and ready to go. And when out on the water, they don’t carry sail too much in a breeze.

Unlike many sailors, they depower the headsail and mainsail; reduce the headsail area; and jiffy-reef the mainsail. Thus, they improve the yacht’s stability in a strong wind and reduce the risk of capsizing, broaching, or damaging sails or boat

hardware. Most importantly, they reap the triple benefits of more speed, power, and performance.

DEPOWERING SAILS (OPTIMIZING) Outstanding skippers depower the headsail and mainsail. Likewise, Strategic Innovators optimize, by creating cross-group solution teams, holding tournaments and challenges, managing idea and concept competitions, applying consumer inspired development, and building vibrant communities of practice. Thus, they optimize their business models and transform anomalous markets.

REDUCING SAILS (INNOVATING) Exceptional skippers continue by reducing appropriately the headsail area. Similarly, Strategic Innovators implement innovation pipeline roadmaps, engage in innovation immersions, run innovation trainings, manage thought leader resource networks, and form innovation councils. Consequently, they enrich their offering portfolios and deal with industry anomalies.

TICKING SAILS (PIONEERING) Brilliant skippers jiffy-reef the mainsail.

In the same way, Strategic Innovators formulate strategic innovation workshops, incubate innovation labs, submerse into thought leader panels, execute strategic

12 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

You managed to sail her (your enterprise) through adversity. But, sailing weather is turning foul.

How do you balance her to the point where she can almost sail herself, despite strategic anomalies? How do you recognize “time-toreef” indicators?

imagination drills and activate venture boards. Hence, they create new markets, novel categories and unique industries in new equilibriums.

But, this is what Strategic Innovators are already doing.

They recognize ‘time-to-reef ’ indicators.

They anticipate and withstand foul strategic weather.

They don’t carry sail too much in any irregular breeze.

They strategically reef in any abnormal weather.

They steer throughout anomalies with their fingertips.

What are you doing?

Balancing your strategic act?

Depowering your sails (optimizing)?

Reducing your sail areas (innovating)?

Ticking your sails (pioneering)?

Reefing strategic anomalies?

CMC®(Certified Management Consultant) is a certification mark awarded by the Institute of Management Consultants USA, an ISO/IEC 17024 Certifying Body. This certification represents evidence of the highest standard of consulting and adherence to the ethical canon of the profession. Less than 1% of all consultants have achieved this level of excellence.

Insight

by Alexander Athanassoulas Alexander Athanassoulas is an international consultant on business growth through human systems and President and CEO of STIRIXIS SA. E-mail: alex.a@stirixis.com

Ιn Control

W

e have grown up presuming we can control our environment. Technology has made it easy for us to have power over a number of important elements of our day-to-day living. Indeed, our micro-environment is fully customizable now. When it is dark, we turn the lights on. When it is warm, we turn on the A/C, when it’s cold we turn the heater on. When we miss someone who is far away, we just give him or her a call; as a matter of fact we can even see him on Skype or FaceTime. We might even catch a plane for a day trip, it’s so easy now finding the best price from hundreds of suppliers.

And it keeps getting easier. We can listen to our favorite music on demand. Same is true for the movies or the series we’d like to see right now. We can order any food anytime too. And shop for anything, from around the world, whenever we just feel like it, even without paying for it on the spot.

In addition to all these options, that form a basis for our day-to-day life, we were also brought up to believe that we can really make happen whatever it is we try. Our parents have taught us that “where there is a will there is a way.” The “American dream” where everything is possible, has spread out to be the desired way of living of the whole world.

And we are constantly bombarded with similar messages in countless circumstances; I am sure you recognize some of the following famous advertising taglines: “Just do it,

“Power to you,” “Have it your way,” “Keep walking.” Truth be told, people who do try and who at the end make things happen are way more valuable to society than “fate-be-

Alternatively, the things we do not control. . . are the most important

We seem to have the illusion of being “in control.” Make no mistake; this is never true for our whole lives or—as the latest financial developments show—for big chunks of it. And when it all goes wrong, we need to prepared as much as possible. lievers” who just sit back and wait for things to happen, viewing any effort as futile.

Alternatively, the things we do not control, as few as they may be compared with those mentioned, are the most important.

Among them is, for example, our life limit, how long we live, at least the part that is engraved in our DNA or the part that can be attributed to luck or circumstance.

Alas, we also do not control our macro environment. From the devastating financial credit crunch, to an earthquake or a virus outbreak, there are countless cases where we do not have power over matters that really, profoundly and deeply affect our lives and we cannot remedy their consequences on us. Nothing we do can change them.

There are a few people who have made provisions for serious challenges. who can protect themselves as much as possible, and wait for the “storm” to pass. “Save for a rainy day” our parents used to say, having been through wars and uncertainty. But by and large Western generations X, Y or even Z have had, up to now, no rainy days to substantiate the value of the teaching. So they resented even the idea of the tiniest sacrifices required to be prepared. The economic environment in Europe is now worsening, beyond any individual’s control. In Greece, we have witnessed consecutive months of total economic disarray. In many cases, there is little one can do, other then be prepared.

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 13

NAMES & FACES

...in the news  Chartis Posts Increase Chartis Hellas has reported a significant increase in its premium production and customer satisfaction in the nine-month period from December 2010 to August 2011. The insurance company said premium production totaled 84.2 million Euros, up 10.7 percent, compared with the same period last year, while profits totaled 8.0 million Euros.

Premium production growth covered both corporate and personal insurance contracts.  Smoke, Money, and Health Health risks and the ongoing economic crisis are the main reasons leading smokers in Greece to seek help to quit their habit, according to a study recently made public “Considering that the monthly cigarette budget ranges from 150 Euros to 300 Euros (1-2 cigarette packs/day) namely, 3,600 Euros a year, quitting smoking through interventions is more affordable, while the individual is a winner, health-wise, and in terms of life quality,” it was stressed in a press conference held for the 29th Athens Classic Marathon.

Hellenic Thoracic Society (EPE) president Prof. Konstantinos Gourgoulianis said health risks (86%) are still the main reason that leads a smoker to decide to quit the habit.

A total of 51 anti-smoking centers operate across the country, most of which are incorporated into public and private hospitals and municipal clinics.  Costa Navarino Launches The Bay Course Costa Navarino launched its second signature golf course, The Bay Course, designed by legendary architect Robert Trent Jones Jr., in October. Along with The Dunes Course, designed by Bernhard Langer and located just a few minutes away, visitors can enjoy unrivalled course conditions and spectacular views all year-round.

The Bay Course, overlooking the historic bay of Navarino and the town of Pylos, joins a long list of world-class facilities, including the two 5-star Starwood-managed hotels, The Romanos and The Westin Resorts, and a wide range of other activities at Costa Navarino.

Speaker’s Corner

New Commercial Attaché Dr. Marilyn Taylor, a career diplomat with the U.S. and Foreign Commercial Service who has served in trade policy and promotion positions in Europe and Asia, assumed the Commercial Attaché position at the U.S. Embassy in Athens in September 2011.

Prior to Greece, Dr. Taylor served as the PrinDr. Marilyn Taylor cipal Commercial Officer position at the U. S. Consulate General in Kolkata, India.

Dr. Taylor also served as the Principal Commercial Officer at the U.S. Consulate General in Jeddah, Saudi Arabia from 2005 – 2008. From 2002 – 2005, Dr. Taylor was a Commercial Officer at the U. S. Embassy in Beijing, China and served from 1996 to 2001 as the Commercial Attaché at the U.S. Embassy in Paris, France.

Dr. Taylor received a B.A. degree in Economics from the University of Houston, a Masters of Arts degree from the University of Texas at San Antonio, and a Ph.D. in International Economic Development Planning from Texas A&M University.

Certified Management Consultant Constantinos Stavropoulos, Founder of InnoValue, has been awarded the distinction of Certified Management Consultant (CMC) by the Institute of Management Consultants USA (IMC USA). The CMC represents evidence of the highest standards of consulting and adherence to the ethical canons of the Constantinos Stavropoulos profession, and is awarded only to those consultants who have successfully passed a rigorous examination process, demonstrated a history of substantive results for clients, and shown adherence to the IMC USA Code of Ethics and professional practice management.

Less than 1% of all consultants have achieved this level of excellence. Constantinos Stavropoulos has served as management consultant with InnoValue for the last 7 years.

He previously held senior management roles with Greek groups and served as management consultant for KPMG and Ernst & Young.

Office of the PC

The most important office... that of private citizen.

—Justice Louis D. Brandeis

14 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

Wrong Address?

Most of us can read the writing on the wall; we just assume it’s addressed to someone else.

—Ivern Ball

 Greece Rated Highly Attractive

as IRR Solar Market

Alexandros Binopoulos Founder – TopCreations

Going Mobile Why are mobile applications important for business?

From a communication and technical viewpoint, we are living n the mobile era. Mobile devices (smartphones), are much more personal and intimate devices than a laptop or desktop device, so each user is approached more directly and quickly. Carefully created applications target audiences at a faster and wider pace than older means (tv, computers, offline content).

All main sectors can gain from mobile applications: education, health industry, media, financial services, and so many more.

What are the greatest benefits mobile provides Applications in app stores serve very specific goals, in contrast to web sites in general. The information sent to the user is concise, meaningful, relevant to his location and filtered through his personal interests. Embedded payment methods make financial transactions fast and easy. Either distributed globally on app stores or internally, applications can serve as promotional or information gathering tools for a company’s services or products.

What is the future for mobile and business?

Smart mobile devices and their applications are constantly evolving. Using AI (take Siri for example) and smart search, brands can open up new paths to giving users the information they need, based on the brand’s products or services. Digital subscriptions is another major field where companies can transform informational content (annual reports, product catalogues, periodical editions) to mobile and tablet experiences.

According to a report by Lux Research, Greece is well positioned for household photovoltaic systems. The report found that solar demand will shift to a broader range of markets over the next five years, based on an analysis of the levelized cost of electricity (LCOE) and internal rate of return (IRR) across 156 countries, states and regions.

Today, the most attractive residential markets are Australia (52% subsidized IRR), Greece (32%) and Ontario (27%), while the most attractive commercial markets are New Jersey (42%), Portugal (37%) and Hawaii (34%).  SPI Solar in Greek Photovoltaic Investment SPI Solar, a leading vertically integrated photovoltaic (“PV”) solar developer and engineering, procurement and construction (“EPC”) services provider, with corporate offices in the United States, announced that it has successfully completed the acquisition of the necessary contracts and permits to serve as developer of a 4.4 megawatt fixed-ground-mount solar energy facility (SEF) which will be located in Evros, in the North Eastern region of Greece.  Sargia Partners Launches New e-Journal Sargia Partners, which provides stateof-the-art leadership coaching, leadership team alignment and interpersonal impact consulting services in Southeast Europe, has launched Peak Performance, a quarterly e-journal. Peak Performance, according to Sargia CEO and Master Coach Georgia Kartsanis, is a “tool to learn how to practice the most effective leadership behaviors” needed in today’s challenging economic environment.  For more information visit www.sargiapartners.com

Flip Side

We need to restore the full meaning of that old word, duty. It is the other side of rights.

—Pearl Buck

Excuse Me?

Several excuses are always less convincing than one.

—Aldous Huxley

Anatomy Lesson

If you want children to keep their feet on the ground, put some responsibility on their shoulders.

—Abigail Van Buren

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 15

ΝΟRΤΗΕRN GREECE TODAY

A Productive Workshop for 12 targets and 36 taxation measures Stavros Costas

3 Thessaloniki Tax Forum – 2011 rd

O

n October 21, two days prior which, according to the conference particito the Eurozone Submit, the 3rd pants, can reverse the taxation system from Thessaloniki Tax Forum – 2011, its long lasting pathogenic state and ensure took place in Thessaloniki un- that a newly formulated system twill be der the title, “The Necessity for a fair, effective, simple, stable, and value addNew National Taxation System, in Due Con- ing to economic development.

1 Consolidate the required stability of the sideration of an Integrated Tax Reform.” taxation system The event coincided with the culmination of the Greek entrepreneurial community’s 2 Establish mutual confidence between State and taxpayer justified anguish regarding the outcome of the Eurozone partners’ mobilization, fo- 3 Promote a spirit of fair and equal treatment of taxpayers, by the State cusing on decisive frontloaded measures for the administration of Greece’s huge 4 Allow the tax payer to be unhindered to resort to his/her constitutional right of sovereign debt. justice protection Amid a particularly qualitative and demanding audience, the procedures of this taxation 5 Reduce the odd, and high, tax compliance and administrative cost conference elevated the pulse of concern, doubt, and indignation of the business com- 6 Protect free market competition and healthy entrepreneurship munity, relating to the severe implications of 7 Reinstate the tax morale of citizens vs the ongoing economic crisis in Greece. taxation (tax protest, tax defense) Moreover, and with regards to the ailing taxation system—the main topic of the conference— the negative effects of its There is a real need for malfunction to the fiscal a new, modernized and stability and the economic growth were pointed out, well‑designed taxation and delegates unanimously system, far removed from approved a list of 36 pro- the current one with its posed measures, necessary unsound and non-productive for essential improvement. characteristics.

The range of the proposed measures focused on the —Stavros Costas following 12 specific targets

16 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

8 Reinforce energetic motivation for sustainable foreign investment 9 Institute the literal elimination of the Code of Tax Books and Tax Elements (ΚΒΣ) and its roots in tax legislation 10 Spread fiscal austerity and restructuring measures evenly 11 Indoctrinate a spirit of respect to cross border double taxation treaties 12 Apply fair and reasonable measures of taxation of immobile property As the Chairman of the taxation Committee, Mr. Stavros Costas, concluded epigrammatically in his introductory speech, there is a real need for a new, modernized and well-designed taxation system, far removed from the current one with unsound and non-productive characteristics.

He specifically referred to a coherent frame of institutions, laws, regulations, behaviors and people, functioning together, for fair tax assessment and the effective collection of the taxes, with primary respect to the following fundamental principles of correct taxation: 1 In no way should strict application of the legal order affect the responsible economic freedom of economic agents 2 The State, collecting money from the taxpayers, must spend is prudently, creating a taxation burden worthy of the public goods and services rendered to the citizens.

3 Care must be taken to reward sustainable tax compliance 4 Consistent taxpayer and State interests will be mutually protected 5 The field where tax evaders are ‘active” should be eliminated A booklet summarizing the results and the proposals of the conference, under the comprehensive title “12 targets – 36 Taxation Measures,’’ has been submitted with the Minister of Finance and circulated to other interested parties, associates and partners.�

NORTH ER

GREE N CE Despite the hard times that Greece and the world face, it is education that can provide hope and contribute in overcoming the crisis.

Internationalization of Higher Education in Greece

A New Approach at International Hellenic University

A

t the same time it is widely recognised that the mode of operation of Higher Education (Universities and Technological Education Institutions) has been rendered outdated by developments and our institutions are struggling to serve the needs of our society and compete at an international level. Indicative of this is the low percentage of international students that choose Greece as a destination for higher education.

Established in 2005 and with the commencement of its first postgraduate programme of study in 2008, Greece’s first English-speaking public university, the International Hellenic University, proves that the implementation of a different model is not only possible but can be successful in a very short period of time and in spite of the economic crisis.

The intensifying process of economic integration and political interdependence that we know as globalization is clearly tearing down barriers and building new networks among nations, people, and cultures at an astonishing rate. It has been fuelled by an explosion of technology that enables information, ideas and money, people, products and

services to move within and across national borders at increasingly greater speeds and volumes. Unfortunately, in periods of crisis, the same stands for the effects of the crisis.

We are exposed more than we realise.

The IHU puts the focus back on the learning process and creates an academic environment and conditions to be efficient and pursue excellence in research and teaching.

The International Hellenic University has incorporated successfully in its mode of operation the following: • the internationalisation aspect • the introduction of clear and transparent evaluation processes • the establishment of links between universities and civil society It is important for universities to be clear about why they need internationalization and what it means. A few main points: • It is about improving education for their students and improving collaborative environments for academics. It is not just about recruiting international students.

• It is about international education and research partnerships and networks that reflect every aspect of a university’s activ-

ity, from research collaboration to student exchanges and enterprise partnerships.

• It is to provide opportunities for the Greek Diaspora to contribute to Greek Higher Education and university research.

• It is to establish a learning environment to enable students to be better placed in the international job market and become global citizens.

Such opportunities for the numerous Greek academics abroad to come and contribute to the work of our universities are indispensable if we want to make a difference.

The International Hellenic University provides these opportunities and facilitates the influx of international students into our Higher Education System.

Indicative of how effective such an approach can be is the Executive MBA that has achieved a percentage of up to 40% international students in the last two intakes (January 2009, January 2010). The blend of distinguished academics from top universities, many of them from the Greek Diaspora, has made it possible to offer a program that attracts many international students.

The Executive MBA offers both Greek and International students the opportunity to learn more than just business fundamentals.

A rigorous core curriculum and a rich selection of elective modules offer global business knowledge and the analytical tools and skills which can have a significant effect on a business executive’s career path, repositioning him or her within an industry. Studying in a collaborative environment with the guidance of renowned visiting faculty, with an international student body, enables our graduates to explore new ways of thinking about problems.

Maybe it is time to think about our Higher Education Institutions in a new way.�  www.ihu.edu.gr

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 17

BIZ BUZZ

Connecting Experiences “Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while. That’s because they were able to connect experiences they’ve had and synthesize new things.

And the reason they were able to do that was that they’ve had more experiences or they have thought more about their experiences than other people. Unfortunately, that’s too rare a commodity. A lot of people in our industry haven’t had very diverse experiences. So they don’t have enough dots to connect, and they end up with very linear solutions without a broad perspective on the problem.

The broader one’s understanding of the human experience, the better design we will have.”

—Steve Jobs, 1954-2011, Wired, February, 1995

Social Media on the Uptake The number of active users of social media in Greece continued rising this year, with Facebook users totaling 1.5 million, Youtube users totaling 340,000 and Twitter users at 85,000, according to a report by InNews SA.. The figures were based on measurements conducted in the second and third trimester of 2011, using a special platform (Intelligent Social Network Platform) that allows InNews to monitor and analyse the freely available information posted by Greeks on social network sites.

Active users are considered those who post information or comments and allow open access to at least part of their account.

The survey showed that Greek Twitter users are the most active and post roughly 180,000 tweets a day, or more than two posts a day per user. On other networks, users post comments or information about once a week.

Specifically, Greek Facebook users post 240,000 status updates and comments a day, while there are 50,000 daily comments and videos by Youtube users.

Offsets and R&D Four offset benefit contracts that will lead to research programs are currently in effect, according to a defence ministry document forwarded to parliament.The document was forwarded in response to a relevant question by Democratic Left MPs Fotis Kouvelis, Thanassis Leventis, Nikos Tsoukalis and Grigoris Psarianos.

In his response Defence Minister Panos Beglitis referred to Contract No 16/00 with “Lockheed Martin” which provides that the Academy of Athens Biomedical Research Foundation will receive the sum of 1 million Euros for research and Contract No 13/03 with two 2-million-Euro Program for the Academy of Athens Biomedical Research Foundation and a 39-million-Euro program for the SONAC company to develop and build replicas of armoured vehicles.

Also, Contract No 02/07 with Raytheon provides for a US $ 1.95-million program for Theon Sensors to develop night vision goggles.

Contract No 03/09 with Goodrich provides for two programs, a US $ 55,000 program for the Army Research and Technology Centre (KETES) to develop a robotic vehicle and a US $ 980,000 for “ISI Hellas” to develop a Portable Reconnaissance Screening System for the Air Force.

Local Brew

 www.cigarcitybrewing.com

18 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

Florida’s Cigar City Brewing has what may be the strongest dose of (still) made here appeal. Focusing on Tampa’s cigar-making heritage and long history of Cuban influences, Cigar City Brewing produces a wide variety of flavored beers reflecting the culture and traditions of Florida.

With a 15-barrel brewhouse occupying 600 sq. mt. Cigar City Brewing aims to build “a specific flavor profile reminiscent of the foods and fauna of Florida,” in the company’s own words. “This might mean brewing with guava, aging beer on cigar box cedar or merely incorporating hops into our Jai Alai IPA redolent with the kinds of tropical fruit aromatics that one associates with Florida.” Cigar City Brewing also strives to use local ingredients whenever possible, resulting in a line of offerings that includes a Humidor Series aged on Spanish cedar, Good Gourd Imperial Pumpkin Ale and Guava Grove Farmhouse Ale, to name just a few examples. The company also runs a local tasting room.

The Amazon 10 The best business books of 2011 chosen by Amazon editors.

Agri Support

Onward: How Starbucks Fought for Its Life without Losing Its Soul

by Howard Schultz Enchantment: The Art of Changing Hearts, Minds, and Actions

by Guy Kawasaki Tribal Leadership: Leveraging Natural Groups to Build a Thriving Organization

by Dave Logan In The Plex: How Google Thinks, Works, and Shapes Our Lives

by Steven Levy Poke the Box

by Seth Godin Disciplined Dreaming: A Proven System to Drive Breakthrough Creativity

by Josh Linkner We First: How Brands and Consumers Use Social Media to Build a Better World

by Simon Mainwaring The Thank You Economy

by Gary Vaynerchuk Beyond Wealth: The Road Map to a Rich Life

by Alexander Green Endgame: The End of the Debt Supercycle and How It Changes Everything

by John Mauldin

The Agricultural Development and Foods Minister launched a 150-million-Euro program to support small manufacturing businesses using agricultural products that is open to businesses with less than 750 employees or a turnover less than 200 million Euros.

The program will support investment for the manufacturing and trade of agricultural products in the areas of meat, dairy, eggs and poultry, honey, livestock, cereals, oils, wine, groceries, flowers, animal feed, seeds and pharmaceutical or aromatic plants.

The budget for the subsidy applications ranges from 100,000 to five million Euros for 80 percent of the funds available and 5-10 million Euro for the remaining 20 percent of available funds. Applications can be submitted up to December 28.

IBM Names First Female CEO IBM Corp. has passed a milestone, naming the first female CEO in the company’s 100-year history.

Two of the biggest technology companies will have female leaders when Virginia M Rometty’s appointment takes effect Jan. 1 at IBM. Last month, Hewlett-Packard Co. named Meg Whitman, former eBay Inc. chief and candidate for California governor, as its CEO. Their appointments are “setting a fabulous example” in the promotion of female executives, said Jean Bozman, an analyst with IDC who has followed IBM and HP closely for years.

“It does create an environment in which more of these high-ranking women executives can see that’s within reach,” Mr. Bozman said. “The more that happens, the more normal that will be. I think this might be a great sign that we’ve turned a corner. Certainly the Baby Boomers have wanted this for a long time.”

Ms. Rometty, 54, will be among more than a dozen female CEOs in the Fortune 500.

Another prominent female CEO of a technology company is Ursula Burns of Xerox Corp., who has held that title since 2009.

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 19

Real Estate

by Dimitris Portokalis Network Development, Coldwell Banker Hellas

Coldwell Banker Hellas offers tips to help ease relocation woes.

Easing Relocation Woes

T

he days of spending 10, 20, 30 or even 40 years in the same company, in the same facility, are almost a thing of the past.

Whether prompted by a corporate transfer, career change or lifestyle goal, people are on the move.

Picking up and moving to different region in their city, or even moving to another city, isn’t easy. One must find a home, a job for a spouse, perhaps schools if children are involved, not to mention get a feel for the community and general lifestyle before settling into a new location. The professionals at Coldwell Banker Hellas recommend the following steps to ensure when and if it comes time to move a considerable distance, the process is smooth and simple: Get organized. Put together a list of the key information you need before settling in to a new city or town, such as: • What is the cost of living? How far will my money go?

• What is the price of a similar sized house in the new location?

• What is the community like?

• How are the school systems?

• What is the noise factor?

• Will this be a good area for my spouse to find work?

Do your research. To learn more about the typical lifestyle of the new area, as well as community events and crime rates, get a few back copies of the local newspaper, or log on to the local paper’s Web site. This third party information, along with what you learn from the local professional chambers, will provide you with the personality of the area.

Use the Internet. Web sites can provide visitors with a multitude of useful information.

You can find information to calculate the approximate value of a home in the new market or a good indicator of the cost of living. Other information you can find includes: recent home sales, a listing of elementary and high

20 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

schools and other demographic information.

Field reconnaissance. When you begin working with a real estate sales associate, consider having him or her take you through neighborhoods at various times to get a feel for the environment. Also check if and how much new construction and remodeling work is taking place. This will tell you whether the neighborhood is popular and whether current residents plan to stay.

Coffee talk. Try having conversations with locals. Most likely, they know the neighborhood and surrounding areas well.

Work with your employer. Make it clear to your new employer your significant other is now in need of a job. The company likely has relationships with relocation experts and executive recruitment firms to assist.

Banking & Asset Management

by Stelios Pirpinias Head of RBWM and Marketing HSBC Greece plc

The Business Model of Retail Banking in Greece—

Current and Future

The business model of Retail Banking in Greece has evolved to accommodate a constantly expanding economy and market. As such, many practices developed: little emphasis on customer centricity and customer needs, extensive lending, limited emphasis on Relationship Management and Sales Suitability, limited focus on Wealth Management, deposit price wars, and extensive development of physical networks (branches).

T

he debt crisis and ensuing crises (liquidity, for example) brought the growth of banks to a sudden halt and rapidly led to a deep recession which nobody could have predicted. As a result, banks’ management found itself faced with major difficulties, without having been able to foresee and properly prepare for what was coming.

The truth is that despite the difficulties and uncertainties, Greek banks’ management reacted quickly by rationalizing their costs, channels and procedures. After 3 years of recession, banks are more flexible, they have lower costs, reduced leverage and

good capital adequacy, with the exception of the possible consequences of the Greek government bonds in their books. The process of rationalizing and redefining the Retail Banking strategies is not over and will continue in the visible future.

With regard to the growth potential of Retail Banking, by having the active members of an economy as its customers, Retail Banking can only grow within the framework and scope of growth of the economy within which it operates. Together with Greece’s gradual exit from the crisis, Retail Banking will regain its profitability and growth. Nevertheless, crises always create

22 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

opportunities and banks with a sound and focused strategy can benefit from the current situation.

The HSBC Retail Bank Wealth Management (RBWM) Strategy HSBC’s strategy in Greece is fully aligned with the Group’s worldwide strategy and focuses on this direction that fully satisfies its customers’ needs for international connectivity, while at the same time it is maximising the return on capital and ensuring a high liquidity and effective business model.

In the Retail Banking sector, Wealth Man-

agement forms the tip of the bank’s spear and aims to provide products and services at the international level, allowing our customers to act upon and take advantage of the growth opportunities around the world, no matter where they live.

The bank has a unique know-how in wealth management and this core competence— which it offers to its customers through unique international services and products— is what gives it a competitive advantage in the Greek market and around the world.

Regardless of the political decisions, the banking sector—as reported by various sources—is expected to go through a restructuring phase so as to strengthen itself and adapt to the new economic environment that is being formed in the country.

Lastly, as previously mentioned, effectiveness and Customer Centricity will now be at the very centre of bank strategies, as opposed to constant expansion and increase of sales which formed the primary objective in previous years.

The Future in Retail Banking in Greece In the framework of the above rationalization in the sector, and also within the stricter regulatory framework that is expected to be established as a result of the crisis, banks and Retail Banking in particular will focus their strategies on the effectiveness that can be achieved through new technologies, the centralization of services, the standardization of procedures, as well as through the use of alternative channels and up-andcoming social media in all fields of entrepreneurship.

Many banks abroad have already taken serious steps in this direction, which include the creation of applications for mobile banking services, the integration of such applications into social media, where they can, for example, interact and have live discussions with their customers about their needs and problems. Such models, which bring banks closer to their customers, transforming them from impersonal institutions to client-centred businesses at a very low cost, will determine the successful Retail Banks in Greece in the future.

The HSBC Emphasis Areas One of the basic principles of HSBC’s strategy in Greece and around the world is exploiting its competitive advantages in a way that places it among the top banks of choice in the Wealth Management sector.

HSBC’s decision to build a top class global Wealth Management service is based on its strong brand, its financial strength, its broad global distribution network, the bank’s unique ability to create Global Propositions such as HSBC Premier and HSBC Advance, as well as its ability to create investment products with global acceptance which are managed abroad, such as the “World Selection” Portfolios.

Being a strong Global bank, HSBC can offer its customers all the benefits of a well diversified banking Group, since it has one of the highest Credit Ratings (AA) among banking behemoths worldwide and is the largest bank in Europe on the basis of its market capitalization.

Products and Services offered by HSBC in Greece HSBC has a broad range of deposit solutions with unique characteristics. The bank recently launched a time deposit with the basic advantage of upfront payment of the interest in cash at the start date of the deposit. At the same time it offers a new term deposit with a 12-month duration, allowing for the periodic payment of interest so that customers can gain liquidity every three months and be in a position to better plan their transactions.

Furthermore, on a monthly basis HSBC offers a new Capital Guaranteed Deposit.

This kind of Deposit increases the investment options of customers, offering alternative solutions for capital allocation, while also covering customer needs by providing the opportunity to invest in the markets with the security of initial capital guarantee. At the present time, the “Best of 2 – min 5%” Structured Deposit provides a maximum return of up to 35% at maturity (5 years) and a minimum guaranteed return of 5%.

Moreover, HSBC offers the “World Selection” portfolios in Greece. This involves

five Fund of Funds investment portfolios which correspond to the five different investment profiles depending on the customer’s attitude towards investment risk.

The basic advantages of the World Selection portfolios are that: • they are being managed abroad by the best fund managers • they invest both in classic investment products, such as bonds and shares, and in more complex investment products, such as goods indices, at which individuals do not have easy access to • they contain a diverse range of investments, which are optimally combined in order to achieve the highest possible return All this is available to HSBC’s Greek customers through a single investment in the World Selection portfolios.

Having access to all major money markets on the planet, HSBC can also offer access to bond markets. Therefore our customers can–if so they wish–acquire government bonds, bonds issued by international organizations or any other bonds available in the secondary market.

In addition, Global Propositions give HSBC customers the opportunity to enjoy a complete set of products and services at exclusive rates. In particular, the HSBC Premier Service–the most comprehensive banking service offered in 43 countries around the world–gives Premier customers around the world the opportunity to become real “citizens of the world.” The HSBC Premier Service contributes through Financial Planning to the concentration, management, and protection of customers’ funds by understanding their priorities and helping them make the appropriate financial decisions.

As an example, HSBC helps its customers to manage all their HSBC accounts around the world, in various currencies, and to transfer money in real time from one of their accounts to another, free of charge, simply by clicking on Internet Banking.

HSBC makes its global network of branches, which offer a high standard of innovative products and services and unique personal Premier Service, available to its Premier Customers wherever they travel are in the world.

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 23

THE INTERVIEW

Crisis Warriors Business Analytics for the Management Elite At the peak of the crisis, SAS Country Manager, Greece and Cyprus, Nikos Peppas, introduces an aggressive, factbased decision making model, via innovative business analytics technology and solutions, which can provide battered organizations with the quality information they need to compete in both the private and public sectors.

24 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

During recent years, there’s been a big hype about the “business analytics era.” What, do you think, is the level of awareness, from the business point of view, regarding this concept?

More and more organizations and enterprises throughout the world understand the value of Business Analytics and their impact on the new transformation era from “doing business as usual” to “doing business based on real facts.”

And nowadays, it is globally acceptable that in order to lead your organization, either in the public or private sector, you need fact-based answers that you and others can believe in.

International studies, like the one conducted recently by Bloomberg Businessweek Research Services and sponsored by SAS, showed that the vast majority of organizations and enterprises have globally adopted business analytics and benefited from increased profitability, reduced cost, improved risk management, optimized processes, and faster decision-making for critical performance improvements.

Business analytics is a simple idea with complex ramifications—leverage the wealth of data being collected today to create powerful new ways to perform and compete. Business analytics is the new frontier of management practice and we believe that is probably the most democratic and consistent way, especially for economies like Greece, to obtain fact-based answers in order to make the necessary reforms and progress in today’s challenging economic climate.

Given the economic crisis and the crucial problems that Greece is facing, do you believe that business analytics could prove to be a reliable proposal for the Public Sector?

The public sector all over the world faces exactly the same problems as private organizations: the availability of a huge amount of data but lack of analytical infrastructure to transform them into valuable information, results most of the time in failure to support Governments to make accurate and reliable decisions.

In case of the Greek economy, the problem becomes a serious threat as the public sector appears to have major shortcomings in collecting, analyzing and

filtering data from multiple sources; thus creating an insurmountable handicap which undermines the tax collection process.

We fully agree with the Greek Government on the need for direct structural reforms in Greek public sector organizations. In our opinion, these changes cannot be achieved anymore by legislative interventions or administrative acts.

They require a fundamental shift in the approach of the planned interventions.

Political or administrative decisions must be evidence-based, something that requires the use of specialized supporting tools and analytical models. A deep understanding of the relevance between strategic planning, execution, and tangible results is now more than ever important at the implementation process of those reforms.

SAS provides the enabling technology solutions, the expertise, and several numerous best practices all over the world to effectively support the Greek government in this effort.

In addition, SAS Greece has provided a list of concrete proposals in the following areas: • Organization and management of National Registries for quick implementation of a citizen card • Implementation of a Strategy Management System in order to monitor horizontally the performance to all Public Bodies • Financial management and planning for all new local and regional government bodies • Human Resources Management for a lean and effective deployment of public services employees • Activity Based Costing and Business Intelligence for the National Health System, aiming at the prevention and detection of fraud and corruption • Budgeting, planning, and forecasting for the all national pension funds in order to improve and streamline their operations and detect fraud and mismanagement Only when the Greek government realizes the importance of analytics for planning ahead, and that “uncertainty costs …” a critical step toward a healthy reform will be achieved!

How could businesses in the private sector transform their strategies and benefit from business analytics adoption?

As I’ve noted above, to stay competitive in the extremely challenging economic environment, with greater agility and innovation, businesses need to get smarter. Smarter decision making through the use of business intelligence solutions, particularly analytics, is providing a competitive advantage to leading-edge companies of all sizes and from all walks of industry.

Analytics, such as advanced statistical analysis, predictive and descriptive modeling, forecasting, optimization and simulation techniques and experimental design, provide businesses with forward looking insights and actionable intelligence that support the changing needs of the enterprise. In addition, analytics can often bring to light problematic issues or new revenue opportunities that hadn’t been considered previously.

Utilizing existing resources such as customer databases, sales histories, P&L sheets, warranty claims, logistics, inventories, etc., analytics solutions enable organizations and businesses to leverage their existing IT infrastructure to create an enterprise-wide intelligence that delivers tangible business benefits.

SAS is the only company specializing exclusively in the area of Business Intelligence and Business Analytics for the last consecutive 35 years, thus offering a full

Business analytics is a simple idea with complex ramifications—leverage the wealth of data being collected today to create powerful new ways to perform and compete.

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 25

THE INTERVIEW

”Excellence, then, is not an act, but a habit” (Aristotle).

portfolio of technologies and solutions for the majority of industry segments.

In the area of Information Management we provide a strategic, proven approach that can help organizations derive maximum value from information through data analysis and data integration. From the customer point of view, we offer a solid customer intelligence or integrated marketing management framework to help companies transition to a customer-focused business strategy.

Regarding the financial services sector, where the dynamic changes of the economic environment create a lot of risks and challenges, SAS works closely with financial services firms—including insurance companies, banks, credit unions, lenders and capital markets firms—to provide solutions that address today’s critical business needs, including comprehensive risk management, compliance with growing regulatory pressures and, of course, fraud detection and prevention.

More and more business people talk about “big data.”

Why does this tend to be such a hot area?

For SAS, the leader in mammoth data analytics for over 35 years, big data is not suddenly sexy. Companies everywhere today are facing the challenge of dealing with an ever increasing amount of data, coupled with the escalating need to deliver insight through analytics in real-time. Data coming from traditional transactional systems, both structured and unstructured, as well as new sources such as social media and mobile payments, are overwhelming organizations and limiting their ability to provide insights effectively and with confidence!

The era of “Big Data” has arrived: multi-petabyte data warehouses, social media interactions, real-time sensory data feeds, geospatial information and other new data

26 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

sources are presenting organizations with a range of challenges and, just as important, significant opportunities. CIOs starting to adopt this new class of technology to process, discover, and analyze massive data sets that organizations are generating, soon come to the realization that for traditional databases and architectures this is simply a daunting task. So, the real value finally derives from implementing high-end analytics on increasing volumes, velocity, and variety of data.

It seems that social media is at the forefront of everything these days. How has social media changed the role of analytics in a company?

We are seeing a lot of interest now in doing sentiment analysis on social media.

It gives a company an instantaneous view of what people are thinking about them by going out and scraping all of the blogs and tweets looking for a particular brand name. You can fairly quickly come up with a sentiment analysis.

We build these taxonomies that define what words are good and what words are bad in describing a company and we can put together a fairly comprehensive list of things that people are saying.

To this aim, SAS can provide a tailored enterprise-hosted or on-demand solution that integrates and archives, analyzes and enables organizations to act on intelligence gleaned from online conversations on professional and consumergenerated media sites. It enables organizations to attribute online conversations to specific parts of their business, allowing accelerated responses to marketplace shifts and, finally, we have to underline that it is also applicable for the Greek market since it fully supports the Greek language.

Looking at the next few years, which big challenges do you think organization will anticipate?

As I said before, analytics is one of the most fascinating technologies, with the potential to radically improve the way we do business. Demand from private and public organizations, to run their business on accurate and proactive data-driven decisions, is expected to skyrocket in the upcoming years. These organizations will have the need to get optimal solutions based on complex business parameters enhanced by new information, and they’ll have to take action quickly. This is something which can be accomplished by the use of business analytics and that’s why I believe this specific technology holds a tremendous potential.

For a leading BI and Business Analytics vendor, like SAS, to achieve that, requires two conditions: to invest a lot in Research & Development in order to always improve its products and adopt technological innovations. It’s commonly known that SAS is one of the largest R&D spenders in the entire industry, reinvesting approximately 23% of its revenues in R&D on a year to year basis, almost twice the average spend of its competitors.

As far as innovation is concerned, we value it as the key to success in this business. Creativity fuels innovation; innovation and creativity are especially important to SAS because software is an attempt to simulate the way the human mind operates! So, we keep on looking at every innovation affecting our business. Business Analytics is a powerful way to analyze information from the use of smart phones and tablets, information residing in social media, aiming to provide the best-of-breed solutions in each individual market.

Some warrior wisdom for companies in the upcoming years?

Be the future, not the past. Organizations need to be open to new ideas and new ways to do business using analytics… “Excellence, then, is not an act, but a habit” (Aristotle).

Thought Leaders

Business Partners asked leading thinkers to suggest innovative ideas and suggestions on how Greece can—indeed must—reform a variety of its institutions to emerge successful from today’s deep crisis.

Our Thought Leaders have responded with bold and unorthodox solutions—out-of-thebox ideas—that Greece might adopt.

28 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 29

Thought Leaders

Building Civic Capital—One Step at a Time

Michail Bletsas Director of Computing, MIT Media Lab

I

n the fall of 2009, I was asked which aspect of the developing Greek crisis was scaring me the most. I had replied, “The fact that this is viewed primarily as a financial crisis and not as a cultural one.” Since then, many things have occurred to confirm my fear. During the last two years, I watched my country’s collective behavior reduced to that of a drug addict. In our case there was no heroine involved; just quickly disappearing credit. Credit so cheap in fact, that it has been utilized as a drug to hide the frightening ailments of an addicted society. Fortunately, we now clearly see the enemy and the enemy is us.

The lack of civic capital (and not monetary one) is what brought Greece to its current state of affairs and what will make the eventual recovery slow and painful. Civic capital can be defined as the

collection of the necessary ingredients for a wellfunctioning society. The rule of law, institutional and interpersonal trust, cooperative ability, societal values and long term goals are core components of civic capital, components however that are only vaguely found in Greek society today.

While times like these require responsible and effective political leadership, it is not what will pull us out of the current quagmire. Instead, building civic capital, one simple step at a time, with all societal stakeholders involved is what will move the country towards progress once again.

One area of the society that desperately needs a transformation is Greece’s legal framework, which is not only inefficient, but creates a breeding ground for systemic corruption. One way to address these problems is to simplify processes.

Targets and Actions in Culture Strategic targets

Professor Dimitrios Yatromanolakis Department of Classics, Department of Anthropology, and the Humanities Center, The Johns Hopkins University

Collaborations A In the context of this unprecedented social and economic crisis, it is urgent for both the Ministry of Culture and the Ministry of Education to start developing dynamic and intensive collaborations—on diverse projects—with eminent Greek academics in the U.S. (see below).

Promotion of Sophisticated Cultural B Systematic decrease in the (currently almost exclusive) promotion of “popular” (in the sense of “λαϊκιστικός”) Greek culture (e.g. in art, music,

30 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

etc.), which dominates the way in which foreigners see and think about Greece.

Promotion of non-“popular,” sophisticated Greek cultural production, which has most often been ignored.

B Although my current academic research mainly focuses on the complexities of social and cultural politics of Greek antiquity, I argue—in a rather unorthodox manner— that it is urgent that there be systematic and constant emphasis (not on the ancient Greek cultural heritage, but instead) on numerous underexplored aspects of

medieval, early modern, and modern Greek intellectual history and cultural production and their contribution to world cultural heritage.

Actions 1C reation of a dynamic network of eminent Greek academics/thinkers abroad, especially in the US (in the past several decades, Italy created such networks abroad). This network should foster the creation of international and Greek task forces as well as of coordination centers, which would plan major initiatives and system-

There is no need to “fast track” a few big foreign investments, instead what we need is to eliminate the need for “fast track” altogether.

Besides enforcing the rule of law, the government has to ensure that the legal framework itself doesn’t often prove impossible to comply with, as is the case right now.

It is also vital that society understands that a system that was developed over the course of several decades will not change in a year or two.

Repeated protests against government policies and regulations are fruitless if not accompanied by realistic propositions. The protestors are often simply expressing blind destructive anger which is completely devoid of any reason.

We have to stop following or tolerating bad practices just because “everybody else is doing it.”

atic action for the promotion of Greek culture abroad.

Funding: If possible, academics’ institutions (that is, the University departments these academics are affiliated to), or other sources (endowments/ donations, NGOs and governmental subsidies) 2P romotion of works of important contemporary thinkers like Castoriades, Poulantzas, and Axelos (among others). Organization in the U.S. of international symposia and lectures on their work and on its impact on contemporary cultural and critical discourse.

Funding: If possible, academics’ institutions (see above), or other sources (endow-

Given the extent of the problem, it is often very difficult and unrewarding at a personal level to do the right thing, however it is extremely valuable from the perspective of civic capital.

We need to take a deep breath, exchange anger for reason, cursing for constructive suggestions, and not let what we perceive as collective behavior, take over our consciousness.

During the last two years, I watched my country’s collective behavior reduced to that of a drug addict

ments/donations, NGOs and governmental subsidies) 3E stablishment of transnational research centers together with other countries with important ancient civilizations (especially China) to investigate—in cross-disciplinary ways—parallel cultural phenomena and their diachronic and synchronic shaping.

Funding: Governments, major Universities in the US, UNESCO, EU, NGOs, private funds 4 Creation of a major interdisciplinary research center together with Israel to investigate the phenomenon of the Diaspora and its contribution to cultural exchanges and intercultural discourses.

Collaboration between universities in the U.S. (like the Cultural Politics Program at the Weatherhead Center for International Affairs at Harvard University), in Israel (like the Haifa University) and in Greece (like the Panteion University) to create academic research- and exchange-programs on the cultural politics of Diasporas and the construction/creation of national, regional, and international identities.

Funding: UNESCO, NGO funding, Governments, donations/ endowments 5 Systematic promotion of Byzantine and Early Modern Greek architecture and other major cultural tradi-

tions – (not only of ancient Greek cultural traditions).

Funding: Funds from the Church of Greece, GNTO, Tourist Agencies, the EU, Hotel Owner’s Association of Greece 6 Translation of works written

by Greek thinkers/writers between the 15th and the 19th century, which should become accessible to foreign scholars and readers.

7 Subsidization of translation services supporting contemporary Greek scholarship in the Social Sciences and the Humanities.

Funding: Donations/endowments, EU (e.g. GD Education and Culture), UNESCO, Ministry of Culture, Ministry of Education, NGO funding.

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 31

Thought Leaders

From Tactical Fragmentation to Strategic Integration: The Open Innovation Diplomacy Concept and The Hellenic-American Innovation Bridge

D Elias G. Carayannis PhD, MBA, BScEE, CPMMA Professor of cience,Technology, Innovation and Entrepreneurship Director of Research, Science, Technology, Innovation and Entrepreneurship, European Union Research Center (EURC) Co-founder and Co-Director, Global and Entrepreneurial Finance Research Institute (GEFRI), School of Business, George Washington University

eveloped and developing economies alike face increased resource scarcity and competitive rivalry. Science and technology increasingly appear as a main source of competitive and sustainable advantage for nations and regions alike.

However, the key determinant of their efficacy is the quality and quantity of entrepreneurshipenabled innovation that unlocks and captures the pecuniary benefits of the science enterprise in the form of private, public or hybrid goods. Entrepreneurship and Innovation are human endeavors and socio-economic phenomena that are intrinsic to human nature as well as constitute both social and political engines of positive change and growth provided they are balanced and guided by effective and transparent regulatory and incentive systems in place.

Current local (Greek), regional (European) and global economic and financial conditions and trends make the need to trigger, catalyze and accelerate high quantity and quality entrepreneurial initiatives that are based on high quality and quantity innovations (low-tech, medium-tech and high-tech) even more clear and present as this is one of the major ways and means to target and achieve real, sustainable and eventually accelerating GNP growth. Such growth is much more likely to come from new and qualitative different and superior initiatives (from “sunrise” industries) rather than re-structuring existing (and perhaps “sunset”) industries. It may be strategically more prudent to invest scarce and precious resources in carefully calculated strategic “bets” rather than keep throwing them after waning industrial sectors and declining firms and in that sense, it may be best to provide aggressive socioeconomic re-training, re-insertion and/or early retirement programs to allow for real growth strategies to be implemented.

32 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

Democratic Capitalism Moreover, we believe that the concepts of robust competitiveness and sustainable entrepreneurship (Carayannis, 2008) are pillars of a regime called “democratic capitalism” (Carayannis and Kaloudis, 2009) (as opposed to “popular or casino capitalism”), where real opportunities for education and economic prosperity are available to all and especially the younger people (but not only).

This would be the direct derivative of a collection of top-down policies as well as bottom-up initiatives (including strong R&D policies and funding but going beyond that to the development of innovation networks and knowledge clusters across regions and sectors (Carayannis and Campbell, 2005).

In this context, linking university basic and applied research with the market, via technology transfer and commercialization mechanisms, including government-university-industry partnerships and risk capital investments, constitutes the essential trigger mechanism and driving device for sustainable competitive advantage and prosperity. In short, university researchers properly informed, empowered, and supported are bound to emerge as the architects of a prosperity that is founded on a solid foundation of scientific and technological knowledge, experience, and expertise and not in fleeting and conjectural “ financial engineering” schemes.

Open Innovation Diplomacy Building on these constituent elements of technology transfer and commercialization, Open Innovation Diplomacy encompasses the concept and practice of bridging distance and other divides (cultural, socio-economic, technological) with focused and properly targeted initiatives to connect ideas and solutions with markets and

investors ready to appreciate them and nurture them to their full potential. More specifically, Open Innovation Diplomacy leverages Entrepreneurship and Innovation as key drivers, catalysts and accelerators of economic development and envisions in particular the development of efforts and initiatives along the following axes concerning in particular the socio-economic condition and dynamics in Greece currently (excerpted from Carayannis, Keynote Lecture, BILAT, Vienna, Austria, March 2011).

The What 1R e-engineer mindsets, attitudes and behaviors in Hellas to help people—and especially the younger ones —realize the true nature and potential of innovation and entrepreneurship as a way of life and the most powerful lever for and pathway to sustainable growth and prosperity, with positive spill-over effects staunching the braindrain, reduced cynicism and increased optimism and trust in the future and each other, reduced criminality and social unrest, higher assimilation of migrant groups and similar effects.

2E ngage in sustained, succinct and effective dialog with stakeholders and policy makers within Hellas as well as the European Union to pursue the reform and as needed re-invention of institutions, policies and practices that can make flourish entrepreneurship and innovation in areas such as related laws, rules and regulations, higher education, public and private Research and Development, civil society movements and non-Governmental organizations.

3 Identify, network and engage purposefully and effectively with the Hellenic Diaspora professional and social networks around the world to trigger, catalyze and accelerate their involvement and intervention in a focused and structured manner to help with goals 1 and 2 above as well as help establish, fund and manage entrepreneurship and innovation, promoting and supporting initiatives and institutions such as business plan competitions, angel and other risk capital financing of new Hellenic ventures, mentoring of and partnering with said ventures to ensure their survival, growth and success both within Hellas and in the global markets. Of particular interest and importance would be communities of practice and interest among the Hellenic Diaspora that

would include the shipowners, large trading concerns, and technology entrepreneurs in countries such as the U.S., Canada, Australia as well as the European Union and the rest of the world.

The How Greek companies (especially small- and medium-size firms) need to begin with as high quality tools and expertise at their disposal (in terms of business planning, risk capital financing guidance and sources as well as strategic partners, complementors, suppliers and customers—in short a business ecosystem they can thrive in both locally, regionally and globally). a This should begin with a mindset shift from only short-term, survival mode thinking which is normal for entrepreneurs especially in their early business stages to more strategic, globally as well as locally attuned thinking and acting which nowadays could be greatly enabled and empowered via social networking tools and methodologies as well as blended (real/virtual) teaching/learning./consulting/mentoring environments. b Moreover, in the case of a country like Greece, a local, regional and global perspective would be critical, given the small size of the local market. In this regard, Greece should pursue

Such growth is much more likely to come from new and qualitative different and superior initiatives (from “sunrise” industries) rather than re-structuring existing (and perhaps “sunset”) industries. an effective and efficient strategic integration of its knowledge-generating assets in the universities (this is also further discussed) as well as its industry and its government sectors and leverage them fully along with EU and Greek

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 33

Thought Leaders Diaspora resources, expertise and experience to promote the creation of a new breed of start-ups (preferably—but not exclusively—as high technology as is sustainable technologically and commercially). c These start-ups would aim to form a critical mass of an entrepreneurial innovation ecosystem in the form of locally and globally internetworked and competitive firms that would more organically and sustainably allow Greek innovators and entrepreneurs to tap and expand into the world’s markets while remaining, researching, and creating in Greece. d I have called this concept “co-location” in the sense that it aims to retain the knowledge creators and potential entrepreneurs based in their mother country while enabling them to set up a bridgehead and become active in larger markets such as the U.S. I have been doing this for the last five years with some success with Hellenic high tech spin-offs from Research and Development Centers and Universities in Greece co-locating in the U.S.

Τhe concepts of robust competitiveness and sustainable entrepreneurship (Carayannis, 2008) are pillars of a regime called “democratic capitalism” e A balanced approach with a win-win-win mindset is key, combining short-term with long-term considerations. People, culture and technology need to be organically aligned so that resources used lead to results obtained in as short-term a context as possible to establish credibility and gain cooperation and support from civil society.

34 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

f For that, top level champions are needed as well as a strategic leveraging of social networking structures and infra-structures. In the past, regions around the world—whether the Silicon Valley in California, or the Route 128 region in the Boston area or others—have been identified as success benchmarks for innovation and entrepreneurship—however, simply emulating those has not always led to successful results as people and culture are finicky and there are higher order inter-dependencies and complexities involved.

Ministry for Innovation and Entrepreneurship g Here are some ideas as to how to set up policies and frameworks to provide as conducive as possible conditions for the creation of a sustainable and competitive Entrepreneurship and Innovation Ecosystem: g.1 Advocate the need for a non-political, institutionally and meritocratically established entity that would function as part of the government in Greece and all other EU countries and could be called “Ministry for Innovation and Entrepreneurship” but set up in a flexible manner to avoid becoming part of the problem. g.2 Advocate the need for an “Ombudsman for Entrepreneurs and Innovators” with proper authority, visibility and resources to intervene and resolve barriers to Innovation and Entrepreneurship (E&I) in Greece and across the EU (this is the institutional civil society role in support of E&I as part of the Quadruple Innovation Helix concept (Carayannis and Campbell, International Journal of Technology Management, Spring 2009) - government, university and industry working effectively with civil society to support and promote E&I).

Global Hellenic Diaspora Angel Investor Network and The Global Hellenic Diaspora Bond Issue for Entrepreneurs & Innovators g.3 Advocate the need for high caliber volunteers among the Hellenic Diaspora as mentors as well as potential risk capital investors and strategic partners—in this context, I would

propose forming a “Global Hellenic Diaspora Angel Investor Network” and “The Global Hellenic Diaspora Bond Issue for Entrepreneurs & Innovators” and to have the funds managed by a professional entity that is subject to the Diaspora members in a transparent and efficient manner. The intent would be to allow for a pooling of resources, so along with large scale donations, many small-size but cumulatively substantial contributions could start being made on a streamlined and sustainable basis and always focused on supporting and promoting Entrepreneurship and Innovation initiatives and efforts (a working case of that can already be seen in Denmark where a micro-finance and microenterprise fund—“My C 4”—is already succeeding to pool thousands of investors with thousands of entrepreneurs leveraging social networking and clear vision and execution (www.mc4.org).

Entrepreneurs of the Mind h My descriptions of entrepreneurs and academics, based on 20 years of experience working with academics as well as entrepreneurs, are as follows: h.1 that entrepreneurs exhibit strongly the attributes of “obsessed maniacs” focused on realizing their vision and “clairvoyant oracles” seeing the opportunities and how to exploit them ahead of all others and being able to share that vision effectively with their key partners, investors and other early stakeholders (Carayannis, GWU Lectures, 2000-2010, Carayannis and Formica, Intellectual Venture Capitalists, Industry and Higher Education, 2008)—case in point is someone I met at the Innovation-driven Entrepreneurship conference in Vilnius recently—Daniel Williamson and the venture “Connections” he is helping develop further (www.cnx.org). h.2 that academics ideally should be “entrepreneurs of the mind in the business of growing people intellectually and spiritually” (Carayannis, Higher Education Manifesto, Industry and Higher Education, 2007)—facilitators of a lot of “happy accidents”, that is knowledge exchanges and partnerships being spawned in the context of this event. h.3 Based on these descriptions, one should aim

Αcademics ideally should be “entrepreneurs of the mind in the business of growing people intellectually and spiritually” to inspire, empower and liberate the individual aspiring entrepreneurs (whether academic researchers and/or graduate students in science and engineering as well as other fields) to dare to dream big and dream in scientific/technological as well as commercial terms and to dare to take the next huge step of forming a company and asking people to invest in their dreams. h.4 One of the ways to do so would be to establish across all of Greece’s universities interlinked, complementary and reinforcing, cross-disciplinary graduate degrees focused on Entrepreneurship and Innovation with emphasis on practice and aiming to produce at their conclusion working prototypes in the related science and engineering fields of the participants (from medical devices to agricultural techniques to software programs) and provide support and guidance for proper follow through leading to the establishment of intellectual property rights (patents, trademarks, copyrights, trade secrets) as well as the formation of companies to commercialize those prototypes. These companies should be supported by Advisory Boards as well as potential investors from both internal/domestic networks as well as the Hellenic Diaspora including the Global Hellenic Diaspora Angel Investor Network and others.

(INCLUDES EXCERPTS ADAPTED FROM A LONGER VERSION PUBLISHED IN THE SPRINGER JOURNAL OF THE KNOWLEDGE ECONOMY, SEPTEMBER 2011AS WELL AS THE INTERNATIONAL JOURNAL OF INNOVATION AND REGIONAL DEVELOPMENT, DECEMBER 2010)

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 35

Next Generation Initiative

by Bill Shuyler Managing Director, The Next Generation Initiative

The Next Generation

Focuses on Reinventing Greece “Reinvention is nothing new to Greeks. Some might say that Greeks even invented it. And today, in a new time of struggle, hardship and dramatic change, a new Greece is again taking shape.”

T

his is how one group of young “next generation” Greek Americans saw Greece, as they set off this summer looking for, in their words, “new ideas which can bring positive change” to the land of their ancestors.

Their search for new ideas was sparked in part by the American-Hellenic Chamber of Commerce’s Making Innovation Work Competition.

Like so many who share their heritage, these young men and women anxiously watched as economic and political turbulence wreaked havoc on the homeland of their forefathers and wondered, “Where is Greece headed?”

Unlike others, they also asked: “Who is looking ahead and thinking about Greece ten years from now?” and “How does a nation reinvent itself?”

To answer these questions, this determined

group of Greek American university students traveled to Athens in the summer of 2011 to launch the Reinventing Greece Media Project, representing the concerns of the 7,500 Greek American college students and 2,500 university professors connected to the Next Generation Initiative (www.hellenext.org), an educational foundation which has emerged as the leading forum for the next generation of Greek Americans, and the organization backing the students’ project.

Their ambitious team of journalism and public affairs students and recent grads from colleges across the U.S.—including journalism powerhouses Columbia University and Northwestern University)—found themselves in Athens at a time of growing protests, government upheaval, and a horde of foreign reporters focused exclusively on pictures of chaos and conflict.

36 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

In the midst of the dramatic changes and challenges of the moment, the team focused its efforts on reporting on the new ideas, initiatives and innovative enterprises being created by private sector leaders and young risk-takers, and how they are re-inventing Greece. With their fresh, new-world perspective, these young Greek American journalists sought out individuals on the leading edge of efforts to re-shape Greece—from leaders in the business world and entrepreneurs in private enterprise, to innovators, experts and thought leaders in the civic sector, cultural institutions, academia and the media.

Negotiating transport strikes, street closures and a frenzied schedule, the Reinventing Greece team set out to interview leaders and representatives from a wide array of different organizations and fields, including the American-Hellenic Chamber of Commerce and the Federation of Hellenic Associations of Young Entrepreneurs; directors and researchers at think tank and research institutions, including the Hellenic Foundation for European and Foreign Policy (ELIAMEP) and the Foundation of Economic and Industrial Research; leaders with the Athens Bar Association and the Hellenic Banking Association; individual Members of Parliament; individual economists, private investors, angel investors and venture capitalists; representatives from the Ministry of Foreign Affairs, the Ministry of Tourism, the Invest in Greece Agency, and the City of Athens; editors and reporters

from Kathimerini newspaper and the Athens News Agency; the executive director of the Thenamaris ship management company, and a range of young entrepreneurs, non-profit founders and civil society activists.

One of the team’s first assignments was to cover a debate hosted by Intelligence Squared Greece on the subject “I am Leaving: The Dilemma of a Generation”.

The lively debate over the pros and cons of Greek students and young professionals staying in Greece and working towards change—or leaving the country to find study and work opportunities—was a subject that struck close to home for the students of the Reinventing Greece team.

The team found that, interestingly enough, speakers on both sides of the debate agreed that physically leaving or staying was no longer an absolute condition to contributing to a new Greece—recognizing that innovations in technology now allow people to communicate and interact across borders and distances, while acknowledging that leaving to live in another country can often serve to broaden one’s perspective and allow new ideas to develop.

While the debate focused on young Greeks in Greece, it also led the Reinventing Greece team to think more closely about its own relations with their young Greek counterparts—and the need to launch a broader discussion on building business partnerships and fostering collaboration between young Greeks in Greece and young Greeks of the Greek diaspora.

Through their coverage of events such as the Intelligence Squared debate and subsequent meetings, the team discovered that there can be a certain distance between those Greeks leading efforts to “reinvent Greece”, and those diaspora Greeks who would like to support or join their efforts.

As the team came to see it, one of the main causes of this disconnect was a troubling lack of stories published in English on any positive developments and innovations in Greece— certainly when compared to the torrent of stories about the economic crisis, unemployment and resulting exodus of young Greeks which flood the international media.

In a successful effort to overcome this com-

Members of Reinventing Greece team in Athens

munication gap, the Reinventing Greece team was able to interview entrepreneurs, venture capitalists and activists in Greece who do not easily agree to interviews—made possible because the team was physically in Greece, and was prepared to listen and ask questions.

Indeed, many of those interviewed informed the team that this was one of their first exchanges with a Greek diaspora organization.

In the words of Aphrodite Bouikidis, the Reinventing Greece launch team’s director: “Like most young Greek Americans, we want to travel to Greece for a variety of reasons – to connect to our heritage, to visit family, to develop a broader perspective. But we also recognize the importance of participating in forward-thinking and inclusive discussions on the changes being made to address the economic, political and social problems Greece faces.”

“We want to help, particularly by leveraging our skills, knowledge and experience as best we can. As the world becomes more and more connected, people are building networks and partnerships with counterparts around the world. Why not build such networks and partnerships with those with whom we share a culture and history? To do so, though, we must first recognize the efforts to ‘reinvent Greece’ that do exist, and reach out to listen and learn from Greeks about their initiatives to create positive change.”

This interest in building new partnerships certainly reflects the impetus behind the Reinventing Greece Media Project, which itself was an outcome of the Next Generation Initiative’s participation in the U.S. State Depart-

ment’s Global Diaspora Forum.

Hosted by U.S. Secretary of State Clinton, the Global Diaspora Forum highlighted the importance of empowering a younger generation to take stronger roles in shaping relations between diaspora communities and the homelands of their heritage. As one of the diaspora programs and youth partnerships conceived as a consequence of the Global Forum, the Reinventing Greece Media Project was launched as a component of the Next Generation Initiative’s Athens Fellowship, the premiere international leadership program for university students which focuses on Greece.

As Ms. Bouikidis says, “Ultimately, the Reinventing Greece Project is based on the awareness that if our communities or societies need reinventing, then the young men and women of the next generation need to be part of it.

Not only can they use the opportunity to gain knowledge and experience, learn from the work and experience of others, and share their vision of the future—the young women and men of the next generation can also help design and implement the solutions we need, and we should all make a concerted effort to support them in this.”

The Next Generation Initiative is an independent, educational foundation based in Washington, DC which offers Greek American university students internships, mentoring, fellowships, Master Classes and other opportunities for students to work with and learn from leaders, innovators and experts in a wide range of fields and professions.  www.hellenext.org

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 37

www.he

Management

Performance Management

Feedback Is a Two-Way Street Knowing how to give and receive feedback is a crucial part of performance management.

Far too many professionals fall short on both counts, missing out on key opportunities to enhance workplace effectiveness, says Minu Ipe, clinical associate professor of management at the W. P. Carey School of Business.

“I

n most organizations, feedback is given too infrequently and when it is given, it is fraught with too many problems to be truly effective,” Ipe explains. The emotional content of feedback—particularly when it is negative—also makes it challenging to de-

liver and receive successfully.

The main problem is that, in many organizations, feedback is reserved for the annual review, and a once-a-year appraisal is not sufficient to spur behavioral change or improvement, says Ipe. She points to a study done by Watson Wyatt Worldwide

38 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

that showed 43 percent of employees across private sector organizations in the United States feel they don’t get enough guidance to improve their performance.

Feedback must also follow certain dictates to be useful, says Ipe. Feedback needs to be specific, timely, accurate, actionable, and meaningful, she says. She uses the acronym STAAM as shorthand for those five characteristics.

Just saying, ‘You’re doing a good job’ doesn’t really mean anything and won’t add to performance,” she explains. “You did a great job yesterday when you responded quickly to customer concerns and found a creative solution to the problem’ is far more effective.

The best formula is to offer STAAM-type feedback in both formal review sessions and on a spontaneous, ongoing basis - say, after an employee runs a meeting, turns in a report, or completes an important project, Ipe notes. While the timeliness of informal feedback—which can occur immediately after an employee has performed a particular task—can make it more effective than an annual appraisal, the importance of the formal review is not to be discounted.

Four Steps For Successful Feedback Sessions When done properly, and combined with ongoing feedback during the regular course of business, a formal feedback session can be a very effective means of performance management. The key is preparation. “Just doing the formal review does not necessarily mean that you’ve communicated the feedback that is necessary, or that the other person has understood what you’re trying to communicate, or that any change comes out of that process,” Ipe says.

She suggests a four-step process that helps to make a formal review truly effective. It begins with identifying the objective for giving the feedback. “The approach to the feedback session will differ depending on what you are seeking to accomplish,” she explains. Things to think about include, are you hoping to change someone’s behavior?

Enact short-term or long-term behavioral changes? Reward good performance or provide feedback about poor performance?

The next step is to prepare for the review, which Ipe stresses as crucial. Preparation should include taking the time to make sure your feedback falls under the STAAM umbrella; thinking about your relationship to the person you will be reviewing and tailoring your feedback for that individual; planning ahead for how you will handle any negative reactions; and determining an appropriate place and time to conduct the review. “It’s not a good idea to conduct a feedback session when an employee is on a deadline for a project, for example,” Ipe explains.

When delivering the actual feedback, Ipe cautions against falling into the trap of using what she calls the sandwich approach.

“What typically happens is that the reviewer is uncomfortable giving negative feedback, so they start with all these positive attributions, and then quickly drop in one constructive piece of feedback, and go back to discussing positive performance aspects,” she explains.

The result? “The other person only hears all the wonderful things said about themselves, and the one piece of feedback that is truly critical is absolutely lost in the conversation,” Ipe says.

The more effective method of giving feedback is to be direct and constructive when discussing negative behavior. “And,” she adds, “be sure to listen to the other person.

Feedback needs to be a two-way process.”

The last stage is follow-up.

“Feedback doesn’t end when the formal review is over,” Ipe notes. The two parties should develop an action plan that incorporates what was discussed during the review, and following up to make sure the plan is being followed is critical.

“You need to check in to see if the person has changed their behavior according to discussions in the feedback session. If not, you may need to do some coaching to help them achieve the desired goals or behavior—and continued feedback may be part of that,” she says, explaining that follow-up is the best way to ensure buy-in from the recipient.

Taking Responsibility For Your Own Feedback But while the giver of feedback often bears the brunt of the work, there are two parties involved in every feedback session, and the receiver of feedback bears equal responsibility for ensuring that feedback is effective.

“Individuals are responsible for their own performance and if you are not getting adequate feedback on your performance, you should really be asking for it,” Ipe says.

“Asking for and getting feedback is a critical means for us to evaluate our own self perceptions and to determine how we are perceived by others in the organization.”

Knowing how to receive feedback starts with correctly asking for it, Ipe says. Employees requesting feedback should have a well-defined objective and, as with giving feedback, cannot be vague about what they hope to achieve.

“Saying to your boss, ‘How am I doing?’ will not result in a meaningful answer,” Ipe notes. Instead, she recommends requesting a specific time to have a conversation about specific aspects of performance. Asking your boss to set up a time to discuss how to improve your presentation skills, for example, is a far better way to go.

In addition, receiving feedback effectively

means being prepared to handle possible negative information, and to make behavioral or process changes based on the feedback given. If asking for tips on how to run meetings effectively, for instance, an employee must be ready to incorporate those tips in their meetings or risk alienating the person who took the time to offer their feedback.

“If you ask and you hear something you may not like, the tendency is to get defensive and try to prove to the other person that what you are currently doing is correct,” Ipe says. “This backfires because you are communicating to the other person that you asked for feedback but you’re not going to take what they say seriously. This can jeopardize any opportunity you may have down the line to get additional feedback from them, which can hamper your own performance.”

Receiving feedback effectively also means making sure you truly understand the feedback you are given. Taking the time to ask for clarification, to discuss goals, and to determine a way to follow up on the discussion helps to make the most of the feedback session.

“It is ideal if both people involved decide what should be done after the feedback is given, determining how to incorporate the ideas that were discussed into a development plan,” Ipe says. Again, the feedback receiver should be proactive in planning. Statements like, ‘Can I come back in two months so we can review my progress?’ or ‘Can you coach me as I work through this particular change?’ are most effective, Ipe says.

Lastly, a little gratitude goes a long way.

“Thanking the person giving the feedback, and acknowledging the value of that feedback is really critical. The other person had to take time to prepare for the conversation, and the conversation may have been difficult for the giver if the feedback was not all positive,” she explains. “A thank-you is a great way to convey that you appreciate that and may help you secure further feedback.”

Source: Knowledge@W. P. Carey, a service of the W. P. Carey School (http://wpcarey.asu.edu/)

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 39

Defense

by Dennys S. Plessas Vice President Business Development Initiatives for Europe, Middle East & Africa for Lockheed Martin Aeronautics/Lockheed Martin (International) S.A.

Peace and stability are two of the most critical parameters whose existence enables nations to prosper and progress.

Defense Modernization Challenges in the Current Economic Environment

A

strong defense is critical to why Lockheed Martin Aeronautics today secure both of them. Despite focuses on programs that maximize fleet financial challenges, recent availability, commonality and supportabilevents in a changing world ity, while upgrading operational performrender the dilemma “guns ance and capabilities. An F-16 Upgrade or butter” almost academic. During “lean” program will provide to older F-16 statetimes, defense modernization, aiming at of-the-art avionics and cockpit, similar securing national sovereignty, and prevent with the PX IV F-16, while it will allow the changes in the current geopolitical status HAF to achieve the desired fleet commoquo, cannot be ignored. Only through solid nality, a crucial factor in the 21st century defense a nation enjoys peace, security, sta- battlefield. In addition, the F-16, with its bility and progress. inherent capability to integrate new techGreece, today, needs to prioritize its lim- nologies, is seated as one of the few 4th ited defense spending funds. It needs to generation fighters capable of interoperredirect its defense modernization policy ability with the F-35. from new acquisitions to strong sustain- Lockheed Martin Aeronautics relationment. There is an apparent need to fo- ship with the Hellenic defense industry cus on air power. Defense planners must is outstanding. It is a strategic relationmaintain a long vision for the 21st cen- ship that started many decades ago and tury battlefield, as this is defined and transformed by the induction of new generation aircraft such as the F-35 “Joint Strike Fighter.”

A balance between near and A balance between near and long-term requirements with long-term requirements maximum cost-effectiveness with maximum costis key for a successful defense effectiveness is key for modernization plan in the a successful defense current situation, along with the enhancement of the Hel- modernization plan lenic defense industry. This is

40 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

clearly demonstrates the commitment of LM Aero to support and enhance Greece’s industrial defense capabilities. LM Aero has invested in the Greek market more than $3 billion credits from various offset programs. The F-16 & C-130J co-production activities at HAI, the re-construction of the Araxos Base, numerous infrastructure, support, R&D and social programs are just a few examples.

Today, Greece and its defense industry, more than ever, have a need to participate in large international defense programs, which obviously would contribute to increasing the country’s defensive capabilities and help create economic benefits. The future we should be aspiring to is a future of cooperation with allies and partners. A future where the benefits of open and transparent competition will result in cost savings and will safely cover the needs of our customers—the governments—and our ‘final customers’—the citizens. Lockheed Martin aspires to continue its close strategic ties of over 60 years with Greece, in order to satisfy its defense needs and develop long-term mutually beneficial relations with the Hellenic industry. We anticipate continuing our cooperation for many years to come, with a portfolio of “state-of-theart” products dedicated for security, stability and industrial development.�

by Panos T. Xenokostas President & CEO, Onex Hellenic SA-Glonatech SA

The Antidote to Poison—

Ancient Greeks, in their effort to find immunity to poison, were consuming small quantities of poison for a long period of time, increasing the doses little by little.

and Third-Rate Performance

I

n contemporary Greece, and for many, parative advantage activities,” through its many years, something similar has hap- company Glonatech. pened. Though, instead of the poison, Glonatech is exclusively active in the field of the prevailing position takes the form of nanotechnology and, by 2015, estimates it cronyism, the rise of the mediocrity, an will have implemented a more than 6-milanti-entrepreneurial culture, and the lobot- lion Euro plan, and is confident that in 3 to omy of emotional intelligence required to 5 years it will be one of the dominant comconnect global changes with the old-fash- panies in the industry, with a vital presence ioned model of progress perception. in various industrial and economical straNowadays, when the few remaining pro- tegic sectors, such as Defense, Electronics, ductive resources still insist on dreaming Paints and Paint Coverings, Aircraft Shipof development and progress, through the building, Car Manufacturing, Biochemicals creation of comparative advantages and in- and others. ternational cooperations with an outward Driven by a faith in internal knowledge looking operating horizon, conferences, innovation, boldness in investing from a such as DefenseWorld, function as the most zero research point, and an administraappropriate antidote. tion know-how of start-up companies, They catalytically transfer information to explains why Glonatech is a spin-out of the political leadership’s brains which, for so long, operated with the logic of unproductive guilt regarding cooperation and cotransformation of policies related Instead of the poison, the to industrial production and, prevailing position takes consequently, the entire Greek the form of cronyism, the economy.

Through the strategically targeted rise of the mediocrity, an DefenseWorld Conference, Onex anti-entrepreneurial Hellenic Group of Companies culture, and the had the opportunity to highlight lobotomy of emotional its strategy pinnacle—“Profit from low comparative advantage intelligence. . . activities reinvested to high com-

Onex Hellenic R&D. Success is evident from the numerous client tested results of the use of nanomaterials on products.

This leads to the expeditious industrialization of our production, which will be ready around September 2012, while further production re-settlement proposals at an international level are very attractive and constantly multiplying.

We sincerely hope that the American-Hellenic Chamber of Commerce will continue its effort in the same passionate manner, to constitute an example of professionalism and morality, for other organizations as well, and we wish that Greece manages to convert this unprecedented crisis into a valuable opportunity.�

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 41

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—Georgia ★

A

ntebellum homes manicured gardens, cherry and peach blossom give color to this state, while local festivals, music and golf add to its character. Scenic back roads and bike trails take visitors to Georgia’s past, guiding them through colorful countryside and picturesque main streets, such as the Antebellum Trail which runs from Athens to Macon. Atlanta, the capital, provides a thriving city gateway to the Deep South and gives easy access to a wide range of places to visit from the World of Coca-Cola to the Gone With The Wind Museum, the Jimmy Carter Presidential Center to Martin Luther King Jr’s historical site. Historical Savannah is renowned for its 22 green squares seen in many a movie, its soul food and its coastal Tybee Island. Off the coast of Georgia are Brunswick and the Golden Isles which include Jekyll, Sea Island and St Simons Islands, each providing coastal attractions and eco-friendly reserves. The North Mountains of Georgia provide the rural experience while the swamp at the Okefenokee National Wildlife Refuge stands as one of the oldest freshwater areas in the country. From its pivotal role in the Civil War and its leadership in the civil rights movement, to its championship golf courses, gardens and music festivals, Georgia offers a rich heritage in history and music as well as adventure and cultural attractions.

THE PEACH STATE Land Area 315 miles from north to south, making it easy to drive the state Population 9,544,750 State Capital Atlanta Largest City Atlanta Local Time EST – 7 hrs behind Greece

ATLANTA

Climate Mild all year round. South east coast is very warm from February to November.

National Parks 63 state parks

F or more information: Explore Georgia, Georgia Department of Economic Development Tel: 00 1 404 962 4000 Email: travel@exploregeorgia.org Web: www.exploregeorgia.org

42 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

Discover America—Florida

FLORIDA KEYS

★

THE SUNSHINE STATE Land Area 53,927 square miles Population 18,251,243 State Capital Tallahassee Largest City Jacksonville Local Time 7 hrs behind Greece

F

lorida welcomes travelers year round. With 825 miles of sandy beaches, a day at the beach is a great way to begin a vacation. Pinellas County’s Fort De Soto Park near St. Petersburg was named Trip Advisors “Best Beach”; the Sunshine State also lays claim to the number two, three, and nine rankings on that list.

Catching some rays is only the beginning to the endless vacation experiences found in Florida. For the avid golfer, Florida has 1,470 golf courses, making it the golfing capital in the United States. Families find plenty of fun and excitement at Florida’s amusement/theme parks, including the recently opened LEGOLAND. History lovers can immerse themselves in Florida’s history at some of the nation’s best museums.

If you enjoy the outdoors, Florida offers hundreds of wilderness trails for hiking and biking as well as picnics and camping. Or, take an air boat ride through the untamed Florida Everglades, renowned for its wide variety of unique plant and animal life. Try your hand at snorkeling, fishing, or kayaking in the iconic Florida Keys. Saltwater and inland freshwater fishing excursions in Florida are second-to-none. Anglers can explore and plan their fishing trips at FishingCapital.com.

With 19 major commercial airports, 12 international airports, and 14 deep water ports, Florida is easily accessible and welcoming to travelers from around the world. Learn more at VISITFLORIDA.com.

Climate Generally the summer is hot and it can be humid in the southern part of the state.

Winters are usually mild, and spring/autumn has some of the best weather of all.

National Parks Florida has millions of acres of undeveloped public land on which there are more than 200+ state parks, dozens of national forests, wildlife refuges and preserves.

Golf Florida has 1,200 golf courses, the most of any US state.

 For more information: VISIT FLORIDA Tourism Office Tel: 00 1 850 488 5607 E-mail: info@VISITFLORIDA.com Website: www.VISITFLORIDA.com

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 43

iLoad, a new textile from Swiss Schoeller Textil is designed to deliver therapeutic medicines transdermally, or via the skin. Targeting medical wellness, workwear and sports, the iLoad system is comprised of a base fabric along with a special “donor layer” that coats every fiber. When introduced to a positively charged active agent emulsion—typically via the rinse program in an industrial or domestic washing machine—the negatively charged donor layer attracts the treatment substance like a magnet in just a few minutes. Confronted with warmth, vibration, moisture and perspiration, the fabric then unloads its medicine transdermally at a rate that can be adapted for specific purposes. When washed, any residual medicine is released, leaving the iLoad fabric ready to be reloaded with another treatment.  www.schoeller-textiles.com/en/schoeller-textiles.html

Stanford Scientists Create Pressure-Sensitive Skin Made of spray-on carbon nanotubes, the skin can be stretched in any direction and not have damaging wrinkles. The deformable silicone and sprayon carbon nanotubes store an electric charge cause the material to stretch and sensitive enough to feel pressure ranging from a pinch to the pressure of an elephant standing on one foot. The skin was created by spraying liquid versions of carbon nanotubes onto a layer of silicone. The silicon was then stretched out, forcing the nanotubes to expand. The nanotubes then adjust to the direction of the stretch, according to Stanford News. This new pressure-sensitive artificial skin opens up new doors in opportunities in aspects such as robotics, but ultimately will benefit artifical skin graft technology.

Best of the Web

.

Reloadable Fabric Administers Medicine via the Skin

W

W

W

TRENDS & TRADE MAKERS

http://tunein.com/ Find and listen to live radio from around the globe. Lots of categories. https://www.amazon.com/clouddrive/learnmore Provides 5GB of free backup storage, no physical hard drive necessary. If you have the Internet, you have your files. https://www.taskforceapp.com/ Taskforce is a simple browser add-on that turns important emails into tasks. It adds buttons directly to your inbox, making it easy to build your to-do list or add on to existing items. http://www.squrl.com/ Squrl, a super-useful video collection tool that lets you save up videos to watch later, like the proverbial “squrl” gathering nuts for the winter. http://www.scrible.com/ Adding the scrible toolbar or bookmarklet gives you all the tools you need to turn any website into your own personal document. http://vhx.tv/ Use VHX for a “Internet as TV” experiences.

Ah, the Web! http://byliner.com/ Byliner delivers free curated selections of the best articles from all over the Web right to you.

Community College Whether it’s learning to speak a new language or how to make pottery, many people dream of learning a new skill, but are frequently put off by the high price of professional classes. In Chicago, Dabble—an online community marketplace—aims to make it easy for people to try something new, or host a class for those willing to learn.

Launched in June, Dabble allows users to either find, teach or host a class. To teach a class, users submit their proposal and select whether or not they already have a venue booked. Once Dabble has approved the idea, they handle bookings, payments, and the promotion of the class on the site, enabling teachers to focus on planning their lesson without the hassle of paperwork. Dabble

44 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

encourages all those wishing to establish themselves as experts, gain new clients, or test new concepts and gather feedback, to sign-up as teachers. Each class costs USD 20 per person to attend, of which the teacher receives USD 10. Venue owners can also sign-up to host a class, raising awareness for their shop, gallery, school or café.  www.dabble.co

Japanese Escape Pod Could Save Lives in the Face of Disaster

As Japan rebuilds after the earthquake and tsunami of March this year, an innovation designed to afford better protection to those standing in the way of a similar disaster is now available. Cosmo Power, a small Japanese engineering company, has designed an escape pod that holds up to four adults and floats on water.

With an appearance like an oversized bowling ball, the new “Noah” capsule from Japanese Cosmo Power Co. features a small window and breathing holes on top, according to an AP report. The device floats on water and has reportedly already survived numerous crash tests.

Lytro— An Odd Yet Beautiful Camera Taking perfect pictures is no easy feat. Modern cameras, while extremely powerful, can require an extraordinary amount of fiddling before you find the right combination for a pristine photo. The Lytro camera changes that by allowing you to snap photos in the moment, and then pick the perfect focus later.

The Lytro uses a technology that captures the entire field of light in any given scene, rather than simply focusing on a single spot. This allows it to capture what its creators call “living pictures” that can be explored long after the shutter closes. When a photo is taken with the Lytro, the user can upload the picture file to a Mac equipped with the included Lytro imaging software. A Windows version is currently in development and will hopefully be released in the near future.

100-Year-Old Man Completes Marathon

E.U. T DIREC

The European Parliament adopted a Resolution on the modernization of public procurement. The European Parliament confirms the interpretation of the European Union rules by the European Court of Justice, which allows public authorities to compare products on the basis of how they have been produced. The Resolution also asks for clearer EU rules to integrate sustainability at each stage of the procurement process. Public spending accounts approximately 18 % of the European Gross Domestic Product (GDP) and, if used effectively, could be an important economic driver to promote quality employment, services and goods in Europe and abroad.

The Resolution recognizes that is legally possible to use sustainability characteristics to allow public authorities to compare producers and services on the basis of their social and environmental impacts. This confirms that public authorities wishing to buy Fair Trade products can openly state so in the technical specifications of their calls for tenders.

The European Commission is expected to issue a legislative proposal on 13 December 2011 to review the existing EU Public Procurement Directives, to be then agreed by the Council of Ministers and the European Parliament.

A 100-year-old man recently ran a marathon in Toronto, most likely the oldest person to complete such a race.

CTV reported Indian-born Fauja Singh came close to quitting about 6 hours into the Scotiabank Toronto Waterfront Marathon but persevered and finished the 26mile race in about 8 hours, 25 minutes.Mr. Singh took up running when he turned 80.

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 45

However, modern M2M communication has expanded beyond a one-to-one connection and changed into a system of networks that transmits data to personal appliances. The expansion of wireless networks across the world has made it

am

Machine-to-Machine (M2M) refers to technologies that allow both wireless and wired systems to communicate with other devices of the same ability. M2M uses a device (such as a sensor or meter) to capture an event (such as temperature, inventory level), which is relayed through a network (wireless, wired or hybrid) to an application (software program), that translates the captured event into meaningful information (for example, items need to be restocked). This is accomplished through the use of telemetry, the language machines use when in communication with each other. Such communication was originally accomplished by having a remote network of machines relay information back to a central hub for analysis, which would then be rerouted into a system like a personal computer.

ch am

M2M—Telemetry at Work

@ fo in

B2B

far easier for M2M communication to take place and has lessened the amount of power and time necessary for information to be communicated between machines.

These networks also allow an array of new business opportunities and connections between consumers and producers in terms of the products being sold.

In recent years, SMS has become an increasingly important transmission mechanism for M2M communication, with the ubiquity of GSM and the relatively low cost of SMS being cited as advantages.

Concerns have been raised over the reliability of SMS as an M2M channel, however the rise of direct Signaling System 7 (SS7) connected SMS gateways, which can offer increased reliability and the ability to confirm delivery, have allayed many of these fears.

Dining: For Business and Pleasure Café Society—

Aethrion Lounge, Athens Hilton Autumn is here and the Aethrion Lounge is open again with a new concept. The alltime classic café of the Hilton Athens has just launched a new “deli corner,” where you can find Greek traditional products. A big blackboard will inform you about what is available and their prices, as well as the brand-new sandwiches, muffins and croissants, which you can either enjoy in the Aethrion Lounge or take away.

Executive Chef Yiannis Manikis and his team are proposing an assortment of delicious and value-for-money pastries to accompany your morning coffee. Try the muffins which come out of the oven every morning in three different flavours—apple, orange or

chocolate—and do not miss the hot croissants and Danish rolls. Alternatively, you can order a selection of mini sandwiches served with mini Caesar’s salad and French fries. Choose from six different tastes: smoked turkey with Cajun mayonnaise,

46 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2011

smoked salmon with cream cheese, tomato with mozzarella, salami Milano with boiled egg, smoked ham and brie, hummus with grilled vegetables. For a light business or after-shopping lunch, choose one of the new dishes: tortilla wrap with avocado, taleggio cheese and yogurt dressing, tortilla wrap with shredded duck and hoisin sauce, rocket salad with organic quinoa and cottage cheese, Quiche Lorraine and, last but not least, a trio of black angus mini burgers in three different tastes (brie and onion marmalade, Gruyère with sautéed mushrooms, cheddar-tomato with Cajun mayonnaise).

Aethrion Lounge Athens Hilton, Tel. 210-7281404

The Business Bookshelf

Jargonaut

Thinking, Fast and Slow

Social Scoring

by Daniel Kahneman, Penguin

The act of rating a person’s level of influence based on evaluating followers, friends, and postings on social networks such as Twitter and Facebook.

In Thinking, Fast and Slow the world’s most influential psychologist Daniel Kahneman reveals the truth about our intuitions, our rationality and our experience of happiness itself, to teach us how to better our lives. Mr. Kahneman explores the fascinating flaws and marvels of human behavior and reveals to us the common errors in people’s beliefs. Overturning the conventional way most of us consider decision-making to be rational, reliable and in our own interests, the author takes us on a ground-breaking tour inside the mind to show us how we are all motivated by impulses that often turn out to be irrational, unreliable and detrimental to our well-being. Why do smart people make bad decisions? How come the best laid plans can go so wrong? What really makes us happy? This is a psychology book for thepersonal and professional arena. Daniel Kahneman show us how to take better decisions and lead happier lives.

Administrivia Refers to the administrative details that are found on a Web site. For example, the legal, copyright, liability, and licensing information.

Dot-Calm Prior to the stock market crash in the spring of 2000, people considered this time period ‘the calm before the storm’. Now, the term is used to talk about the ‘calm after the storm’

Reverse Telecommuting Slang for bringing personal work to the office, such as paying bills, playing games, and reading online newspapers on company time.

THE LIST

by Travelogue

Back-Sourcing When companies that out-source work flow receive poor quality of work, service or cost effectiveness, they will bring the job back in-house, or “back-source.”

San Diego

By Andreas Stylianopoulos President, Navigator Travel & Tourist Services Ltd

The relaxed, southern neighbor of Los Angeles that deserves a visit.

Stay

RANCHO VALENCIA

Rancho Valencia, 49 casitas (little homes) Hotel del Coronado—the classic Westgate Hotel—grand Hotel Solamar—new boutique

Eat

PACIFICA DEL MAR

BALBOA PARK

Pacifica del Mar George’s at the Cove Lou and Mickey’s

See Sea World The famous San Diego Zoo Balboa Park Museum of Man Reuben H. Fleet Science Center

Whitelist The action of adding an e-mail address to your address box to ensure you receive it.

Tipping Point A phrase popularized by Malcom Gladwell’s book “The Tipping Point.” It is another way of describing a turning point.

Xerox subsidy Euphemism for swiping “free” photocopies at one’s workplace.

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

NOVEMBER-DECEMBER 2011 | BUSINESS PARTNERS | 47

ViewPoint

by Alexandros Costopoulos Founder & Chief Strategist at Foresight Strategy & Communications

Repowering Greece

I

t is a path that has engraved in our societal DNA self-centered perceptions and negative stereotypes that have resulted to a multi-layered structural socio-economic crisis that reaches far beyond economic figures, deficits and austerity measures.

As a result, chaos, corruption, lies, deception and failure constitute the image of Greece that prevails within the principal opinion-makers of our times. When considering that in this time and age, any “country’s image” forges the international public opinion and dictates whether or not to invest or do any business with our country, to buy Greek products and to visit Greece, then it becomes crystal clear that the above picture impacts catastrophically our future just like our negative fiscal status.

Living in an era when each country invests highly on the indisputable power of communication, there is no longer any valid excuse for not trying to reposition Greece in the world environment and reclaiming the country’s prestige and status of influence around the globe.

It is in this framework that a social awareness and motivation initiative called Repower

Greece has been launched, that seeks to create a viable springboard for change and growth.

By underlining and exploring result-oriented perceptions as they are reflected in the country’s sectors of strategic interest such as Education, Culture, Innovation, Agribusiness, Tourism, Energy and Shipping, the initiative endeavors to showcase a side of Greece that will effectively confront misperceptions within the international community while, at the same time, revitalizing the Greek morale.

While constructing a launch pad for development, it also creates a forum for ideas and strategies, thereby generating synergies between critically thinking individuals and dynamic institutions.

Through a multi-layered program that blends public relations, grass-rooting, and public diplomacy, the initiative endeavors to fundamentally alter the assumptions and understandings upon which Greek society is perceived to function, so that the country can enhance its image, redefine its role, and ultimately reposition itself on the international chessboard.

It is evident today that the solution to our problems is not to be found under a rock,

The American-Hellenic Chamber of Commerce

For more than a quarter of a century Greece has been walking a path that day after day, year after year, government after government, led us to the inevitable dramatic present situation. nor it will be provided by others. It is we who have to blend talents, ideas and expertise through collective initiatives that shape solutions and prospects.

Share a snap-thought or contribute your story that inspires and motivates to www.

RepowerGreece.com�

 www.repowergreece.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 | NOVEMBER-DECEMBER 2011

Pay just â‚Ź1.09 a day to get the International Herald Tribune and Kathimerini English Edition and enjoy daily morning delivery to your home or office.

Call 210 480 8222 today.

r fe of am ial h s ec mC ber Sp r A em fo m

For business thinking that stands out from the crowd.

Now Online bponline.amcham.gr

More Content. Videos, Podcasts. Business Intelligence. Lifelong Learning. Knowledge Partners.

Visitors Welcome

aMeRican-Hellenic cHaMBeR of coMMeRce