Business Partners | November-December 2013 by Raymond Matera Publishing

bponline.amcham.gr

NOVEMBER-DECEMBER 2013 Vol. XII | No. 69

Thought Leaders

Ideas for Growth and Progress in Greece OUTSOURCING BUSINESS IN TIMES OF FINANCIAL CRISIS ▼

OPTIMIZING SPACE— RETAIL, CORPORATE, RESIDENTIAL ▼

HOW TO FINANCE YOUR INTERNATIONAL PROJECTS ▼

PLUS TRENDS & TRADE MAKERS START-UP VIEWPOINT

AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

A Powerful Combination—

Local Knowledge, Global Experience Panos Papazoglou

Country Managing Partner, EY

1Ο Β Ρ Α Β Ε Ι Ο

€45.000

ΚΑΝΕ ΤΗΝ ΚΑΙΝΟΤΟΜΙΑ ΠΡΑΞΗ!

Στείλε την επιχειρηµατική σου πρόταση! Λήξη προθεσµίας υποβολής: 20 ∆εκεµβρίου 2013 Πληροφορίες: miw.amcham.gr

Συνδιοργανωτές

Χορηγοί

ΕΛΛΗΝΟ-ΑΜΕΡΙΚΑΝΙΚΟ ΕΜΠΟΡΙΚΟ ΕΠΙΜΕΛΗΤΗΡΙΟ

Χορηγοί Επικοινωνίας

Υποστηρικτές

VOLUME XII | NUMBER 69

CHAMBER.PRESS ISSN 1109-4990 CODE: 6526

CHAMBER.PRESS

CONTENTS

AMERICAN-HELLENIC CHAMBER OF COMMERCE BPONLINE.AMCHAM.GR

AMERICAN-HELLENIC CHAMBER OF COMMERCE

4 THE BOARD

6 CHAMBER NEWS

1 0 BUSINESS INTELLIGENCE

Outsourcing Business in Times of Financial Crisis BY DINA LEGATOS

1 2 START-UP

Post Failure: Five Lessons to the Next “Big Thing” BY DR JIORGIS I KRITSOTAKIS

Panos Papazoglou, Country Managing Partner at EY, discusses the return to sustainable growth

1 4 NAMES & FACES IN THE NEWS 1 6 ALBA BUSINESS REVIEW

What Do CEOs Need From HR in Tough Times? BY DR. OLGA EPITROPAKI

18 20

BIZ BUZZ

CORPORATE SOCIAL RESPONSIBILITY

Investing In Science Education To Build a Better Future for Patients and Society BY VASILIA PAPAGIANNOPOULOU

Dina Legatos, Partner at ABACUS Audit & Business Solutions, on outsourcing in times of financial crisis

BUSINESS MATTERS

Optimizing Space—Retail, Corporate, Residential BY ALEXANDER ATHANASSOULAS

2 3 TRAVEL USA

Discover America—Michigan

2 4 THE INTERVIEW

Panos Papazoglou, Country Managing Partner, EY

2 6 THOUGHT LEADERS

Reform: Ideas for Growth and Progress in Greece

3 4 THE WORLD OF WORK

Randstad Workmonitor: Higher Demands on Skills and Competencies

3 6 MARKETPLACE

Alexander Athanassoulas of Stirixis on optimizing retail, corporate, and residential space

Policies for Growth—Top Challenges in Unemployment BY DR. VENETIA KOUSSIA

3 8 GLOBAL NETWORKS

How To Finance Your International Projects

BUSI N ES S PART N ERS I S THE B IMON THLY MAGA Z IN E O F T HE A M ER I CA N - H EL L EN IC CHA MB ER OF COMMERCE DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr

PUBLISHER & EDITOR Raymond Matera raymond@materamiller.com PLEASE RECYCLE

ADVERTISING Alexandra Loli alexandra@materamiller.com

OWNER American-Hellenic Chamber of Commerce Politia Business Center 109-111 Messoghion Avenue 115 26 Athens Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 E-mail: info@amcham.gr

BRANCH OFFICE 47 Vassileos Irakleiou Street DESIGN 546 23 Thessaloniki snack• Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 PRINTING & BINDING Northern Greece Publishing S.A. E-mail: n.tsavdaroglou@amcham.gr

BY THANOS NIFOROS

4 0 TOMORROW

Fulbright: Empowering Future Generations

4 2 ONE WORLD

Josh Garrick—To See in a Different Way … Seeking the Ancient Kallos

4 4 BUSINESS2BUSINESS A B2B Toolbox

4 6 TRENDS & TREND MAKERS 4 8 VIEWPOINT

Every Presentation Worth Doing Has Just One Purpose

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 1

DIRECTOR’S DESK

The success of Greece in achieving a primary surplus, following years of recession, is welcome news, yet disturbing for two key reasons: the negative effects the road to “success” has on the real economy and employment and the continued lack of political cohesiveness in creating common solutions to common problems. The 1,500,000 unemployed today cannot be immediately absorbed into the private sector and cannot hope for a position in the public administration. Therefore, we need creation of employment and the growth in the real economy as key priorities. And we need unity of approach. We need policies that address these points: A. A de-demonization of healthy entrepreneurship and the growth of an entrepreneurial culture. B. A total redirection in the management of funds to boost employment, to be focused more on job growth and less on the ineffective, obsolete and failed training practices of the past. C. A change in tax policy that will be based on a new philosophy, oriented to growth, to the equitable and fair treatment of all taxpayers, and to the elimination of all obstacles that prevent the healthy circulation of money, which creates wealth and jobs. D. A change in our social security and pension fund system, based not on a philosophy of passing on debts to younger generations but rather on rational adjustments and positive partnerships with the private sector for a sustainable and reciprocal system. E. A policy to attract investment through a strategic plan that removes all unjustified obstacles and that operates with a simple, transparent framework with clearly defined benefits. The American-Hellenic Chamber of Commerce, through its carefully designed and select actions and programs, is constantly striving to promote these kinds of policies and results. Through the active contribution of its hundreds of members, the work of its committees, the newly-developed Policy Institute, as well as strong partnerships, we strive for the holistic success of structural changes so Greece may advance with an optimistic outlook that provides new generations with a bright future. I thank our members for supporting us, the members of the committees of the Chamber for the important work they perform, our invaluable sponsors, and all the participants of our initiatives, activities and events. On behalf of the personnel of the Chamber we wish you every happiness and prosperity for the New Year. 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-

2 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

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.

A Global Leader in Employee Benefits

MetLife Alico is the strategic partner trusted by the leading companies in Greece

Employee benefits plans are modern and dynamic business tools that can enhance productivity and accelerate top performance. An effective employee benefits plan can assist employers to attract and retain quality human resources, directing their efforts towards the achievement of business goals. MetLife Alico, a leader in Life insurance and employee benefits, provides flexible and innovative solutions and comprehensive services to companies and their employees. This is why more than 1,400 leading local and international companies operating today in Greece - one out of three insured companies - with a total of 380,000 employees, trust MetLife Alico for their employee benefits plans.

ÂŠ 2013 METLIFE

119, Kifissias Avenue, 151 24 Maroussi, Athens Tel: +30 210 8787 000, Fax: +30 210 6123 722 e-mail: contact@metlifealico.gr www.metlifealico.gr

American-Hellenic Chamber of Commerce EXECUTIVE COMMITTEE

COMMITTEES

Anastasopoulos Simos President | N. PETSIAVAS S.A.

AUDITORS COMMITTEE Members: Felonis Athanassios, Kerameas George,

Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E.

CORPORATE GOVERNANCE COMMITTEE Chair: Papacostopoulos Constantine

Karayannis Angelos Vice President | KARAYANNIS K. GROUP OF COMPANIES Panayotopoulos Litsa Secretary General | BOSTON HAMILTON LTD. Papadopoulos Thanos Treasurer | CHEVELLAS S.A. Canellopoulos Paul Counselor | AIG GREECE Kyriacou Marios Counselor | KPMG CERTIFIED AUDITORS Mamidaki Eleftheria Counselor | MAMIDOIL-JETOIL S.A.

Sabatakakis Kyriacos | Coordinator: Andriana Chadjianagnostou

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

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

ENERGY COMMITTEE Chair: Karayannis Angelos | Members: Alexopoulos

George, Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Angeliki Dikeoulia

Saracakis John Counselor | SARACAKIS BROTHERS S.A.

GREEK ECONOMY CONFERENCE COMMITTEE Chair: Αnastasopoulos

Spirtounias Elias Executive Director

INFORMATION TECHNOLOGY & COMMUNICATIONS COMMITTEE

Simos | Members: Antoniades Vassilis, Bacacos George, Mamidakis Eleftheria | Coordinator: Angeliki Dikeoulia

Chair: Poulidas Spyros | Members: Antonakou Peggy, Kolokotsas Dionisis, Monokrousos Antonis, Moraitis Andreas, Papadimitriou Pythagoras, Peppas Nikolaos, Tsiboukis Antonis | Coordinator: Georgia Mamali

Alexopoulos George | HELLENIC PETROLEUM S.A.

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

Antonakou Peggy | MICROSOFT HELLAS S.A.

INSURANCE, SOCIAL SECURITY & LABOUR MATTERS COMMITTEE Chair:

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

IPR COMMITTEE Chair: Galanopoulou Katerina | Members: Ailianou

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

LEADERSHIP COMMITTEE Chair: Miropoulos Artemis | Members: Kalligeros

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

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

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

PHARMACEUTICAL COMMITTEE Chair: Pascal Apostolides | Vice Chairman:

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

Nordkamp Erik | PFIZER HELLAS A.E.

PUBLIC AFFAIRS COMMITTEE Members: Canellopoulos Paul, Kyriacou Marios,

Papadimitriou Pythagoras | HEWLETT-PACKARD HELLAS E.P.E.

TAXATION COMMITTEE Chair: Stavros Costas | Members: Achilas Ioannis,

Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana

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

TOURISM COMMITTEE Chair: Stylianopoulos Andreas | Members: Ananiadis

S.A. (OTE)

Tim, Argiri Byron, Fokas Makis, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Winkel Bart, Vrachatis Ioannis | Coordinator: Angeliki Dikeoulia

Tsiboukis Antonis | CISCO HELLAS S.A.

WOMEN IN BUSINESS (WIB) COMMITTEE Chair: Kartsanis Georgia |

Tsamaz Michael | HELLENIC TELECOMMUNICATIONS ORGANIZATION

Xenokostas Panagiotis | ONEX S.A. Zanias George | NATIONAL BANK OF GREECE S.A.

4 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

Members: Adamopoulou Efi, Anagnostopoulou Popi, Athanassoulas Elena, Dimou Maria, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Milona Martha, Panagopoulou Varvara, Sideri Anastasia, Tarou Iphigenia, Tzimea Deppie, Velliotou Peggy | Coordinator: Angela Boyatzis

CHAMBER NEWS

CSR at the Frontline: Redesigning Our Future The Chamber, in conjunction with its Corporate Social Responsibility Committee, held its 11th annual CSR conference, CSR at the Frontline: Redesigning Our Future, on November 18, 2013 at the Ledra Marriott Hotel. At this preeminent event delegates build CSR awareness, learn about new opportunities, and develop more meaningful corporate social responsibility practices. More than 200 delegates attended this year’s conference, which provided the opportunity to discuss exciting new trends in CSR, local and global, that redefine corporate approaches in crafting programs, messages, and results. A key panel discussion focused on drafting a National Agenda—aligning CSR objectives among diverse stakeholders—as a new tool to develop more effective CSR outcomes. And a new innovation—a CSR Marketplace that showcased best practices by local companies—was held, encouraging even more interaction, dialogue, and sharing among conference participants. SIMOS ANASTASOPOULOS

ELIAS SPYRTOUNIAS

MARIJO BOS ADDRESSES WIB LEADER LUNCHEON The Women in Business (WIB) Committee of the Chamber hosted the 2nd Women Leader Luncheon with Marijo Bos, President of the European Professional Women’s Network (EPWN) on September 26, 2013 at the Hotel Grande Bretagne. Marijo Bos provided an inspiring and dynamic speech on maximizing leadership potential— from caution to courage—and stressed that during these challenging times executives should exercise their potential to be more courageous in realizing their vision and goals. MARIJO BOS

PANEL DISCUSSION

CSR MARKETPLACE

6 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

GEORGIA KARTSANIS

The 5th Thessaloniki Tax Forum The American-Hellenic Chamber of Commerce and its Taxation Committee held its 5th Thessaloniki Tax Forum on November 4, 2013 at the MET Hotel. Speakers shared perspectives and discussed proposals in view of planned tax measures aimed to secure fiscal stabilization and trigger economic growth in Greece, entrenched in a deep and prolonged economic crisis. The Forum assessed the negative implications of numerous STAVROS COSTAS

weaknesses on the effectiveness of applied fiscal and restructuring measures, highlighting select taxation issues from everyday business life that demand immediate, corrective legislative action. The Forum also generated constructive dialogue, crafted practical suggestions, and highlighted valuable proposals to overcome current weaknesses of the national tax system. Participants focused on those tax policies that will lead to healthy fiscal positions and economic growth.

NIKOLAS BAKATSELOS

HARRY THEOHARIS

NIKOS KARAVITIS

3rd Annual Labor & Insurance Conference The Chamber’s 3 rd Labor & Insurance Conference—Public Private Partnership for the Enhancement of Employment And Insurance—took place on November 14, at the Ledra Marriott Hotel, and was marked by the participation of key stakeholders of the insurance and labor sectors of Greece. The Labor & Insurance Conference, organized under the Auspices of the Ministry ALEXIS MITROPOULOS

of Labor, Social Security and Solidarity, is an important annual event originating with the Insurance, Social Security and Labor Affairs Committee of the Chamber. The Conference focuses on two key—and interrelated—pillars, economic growth and social protection. More than 250 distinguished guests, representatives of the political, academic and business community attended the IOANNIS VROUTSIS

conference and took part in the constructive dialogue, expressing their concerns on today’s pertinent issues —the labor market, insurance and social security matters. The Chamber is confident that the 3 rd Labor & Insurance Conference will will be the catalyst for further discussions among the political leadership and stakeholders on labor and insurance issues. IOANNIS VROUTSIS

ROVERTOS SPYROPOULOS

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 7

CHAMBER NEWS

Healthworld

The Chamber’s 12th Annual Healthworld Conference —From the Memorandum to the Reconstruction of Greece’s Healthcare System—was held September 19 & 20 at the Ledra Marriott Hotel, and attracted the participation of key stakeholders in the healthcare sector in Greece. The conference was held under the auspices of the Greek Ministry of Health and the Hellenic Association of Pharmaceutical Companies (SFEE). More than 400 distinguished guests, representatives of the political, academic and business community attended the conference and took part in the constructive dialogue. Speakers and delegates expressed their deep concerns regarding today’s healthcare environment in Greece. Key issues of the healthcare sector were presented and discussed at the conference. Important recommendations were put forth and solutions proposed, particularly on issues of disengagement from the restrictive policy of the memorandum and a return to a course of growth for the healthcare sector. The Chamber is confident that the outcome of the 12th Healthworld Conference will contribute to the establishment of a national health plan and to the development of an effective and sustainable healthcare system for the benefit of all Greek citizens. SPYRIDON-ADONIS GEORGIADIS

KONSTANTINOS FROUZIS

ANTONIS BEZAS

JORGE PINTO ANTUNES

INSTITUTE ON ECONOMIC POLICY AND PUBLIC GOVERNANCE The Chamber’s new Institute on Economic Policy and Public Governance has been actively developing its agenda since its launch in July. The Institute’s President, Yanos Gramatidis, Steering Committee, Board of Advisors, College of Scholars, and Social Partners have been forging proposals for the government, codifying reforms, setting a strong agenda for 2014, and meeting with political representatives in the effort to develop a national dialogue related to positive change in Greece. The Steering Committee has met with the Leader of the Opposition, Alexis Tsipras; Minister of Labor Ioannis Vroutsis, Minister of e-governance and Administrative Reform Kyriakos Mitsotakis, the Leader of DIMAR, Fotis Kouvelis as well as numerous key staff in a variety of ministries. The Institute on Economic Policy and Public Governance brings together a wide spectrum of Greek society in an effort to propel Greece on a more meritocratic, transparent, sustainable and growth-oriented course of development and is designed to be a positive, pro-active voice in shaping Greece’s future. YANOS GRAMATIDIS

JOHN KYRIOPOULOS

8 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

PANOS KANAVOS

CMY

ΠΡΑΞΗ!

Στείλε την επιχειρηµατική σου πρόταση! Λήξη προθεσµίας υποβολής: 20 ∆εκεµβρίου 2013 Πληροφορίες: miw.amcham.gr

How to do Business in the USA— Thessaloniki and Alexandroupolis K

THESSALONIKI The Chamber, in collaboration with the 78th Thessaloniki International Fair, held the 7th How to do Business in the USA Seminar on September 13, 2013 at the Ioannis Vellidis Conference Center in Thessaloniki. The seminar covered legal issues by Stephen Flott Συνδιοργανωτές of Flott Co., product safety and insurance by AIG Hellas, and funding options by Piraeus Bank. A panel of entrepreneurs and marketing consultants discussed case studies of Tuvunu and Zanae, which discussed their trade experience with the U.S. market. DK ΕΛΛΗΝΟ-ΑΜΕΡΙΚΑΝΙΚΟ ΕΜΠΟΡΙΚΟ ΕΠΙΜΕΛΗΤΗΡΙΟ Consultants explored strategic marketing and branding options that companies should follow to create a competitive advantage. 7indigo discussed e-commerce and new media strategies that can bridge the gap between Greek products and U.S. consumers.

3RD MAKE INNOVATION WORK FORUM Χορηγοί

In cooperation with the Anatolia School of Business, the 3rd MIW Forum, an initiative of the Chamber’s Committee on Innovation, Entrepreneurship, and Education, was held on October 10, 2013 at the Bissell library of the American College of Thessaloniki (ACT). The Forum, part of a series of events that take place at the initiative of the Committee, promotes business development and innovation in Greece, encourages the entrepreneurial spirit and provides advice on sources of information and agencies that support new business initiatives. The event attracted a large number of students and prospective entrepreneurs.

Χορηγοί Επικοινωνίας

ALEXANDROUPOLIS The Chamber, following the 7th How to do Business in the USA Seminar held in Thessaloniki during the 78th Thessaloniki International Fair, continued the road trip of the seminar series in Alexandroupolis on November 5, 2013. Within the framework of the seminar, the American-Hellenic Chamber of Commerce and the Chamber of Evros signed a Memorandum of Understanding (MoU), reinforcing AHEI’s mission, which is to inform all current and potential exporters to the United States of the key points and partners they need for the US market. The seminar covered legal issues, addressed by U.S. attorney Stephen Flott, product liability points delivered by AIG, and funding options presented by Piraeus Bank. In addition corporations with a long history of exporting to the US market discussed their experiences; Mr. Papapostolou from Rodopi S.A. (Tyras Group), Mr. Giordamlis from Prisma Electronics S.A., and Mr. Chris from TUVUNU S.A. All companies that participated have their headquarters in Thrace, demonstrating the strong interest in this region to reach the U.S. market. 7indigo Digital Agency explored the use of new media; how entrepreneurs can deploy these tools to reach their audience more effectively. SIMOS ANASTASOPOULOS

Υποστηρικτές

DIMITRIS LAKASSAS

DR. FANIS VARVOGLIS, ARHONTOULA PAPAPANAGIOTOU, KONSTANTINOS KONSTANTINIDIS, NIKOLAOS BAKATSELOS, LITSA PANAGIOTOPOULOU, DR. PANOS VLACHOS, PIRINA TAKAS MICHAILIDIS, ELIAS SPYRTOUNIAS, MICHAEL PRINTZOS,

KYRIAKOS PAZRIDIKIS

MAGDALENA KARAKOLI

Chamber Calendar December 2-3 Athens, Greek Economy Conference January Athens, New Year’s Reception February Thessaloniki, New Year’s Reception

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 9

BUSINESS INTELLIGENCE

Outsourcing Business in Times of Financial Crisis

 dinalegatos@auditabacus.gr

vide financial analysis or review statutory books and taxes. • Repetitive tasks. For instance, accounts payable, data entry and shipping inventory. • Specialized knowledge. An example is IT support—a company may not afford or need a full-time IT person and hires a third provider with the right skills.

What outsourcing trends do you see today? Given the current economic recession companies must be cost-competitive in everything they do. Outsourcing allows companies to assign processes, functions, and tasks that are high in cost, nonstrategic, or outside of their current skill set. By delegating support processes to specialists, leaders are able to concentrate on key business activities that provide value to enterprises. What are the biggest challenges companies face when trying to succeed at outsourcing? How can they overcome them? The biggest challenge is finding the right balance between cost and service. It’s common to focus on cost, especially during a downturn, but if your outsourcing vendor isn’t providing the right level of service, that can damage revenue and profits. For the decision maker it is important to find the right partner. A good starting place is his own network; asking other business owners or a company’s accountant, lawyer, or banker if they can recommend a provider offering the services company needs. Online networks like LinkedIn make it easy to expand personal networks and to ask for recommendations. Before contacting any vendors s/he should look for ways to reduce the existing cost structure of the activity to be outsourced. An outsourcing vendor generally starts the negotiations with a company’s current cost structure. If a company’s operations are extremely inefficient, it may pay more than it should for the service. A critical point is properly managing staff morality. Is important for leaders to explain to staff why a particular project is being outsourced—and how this fits with the com-

Dina Legatos, Partner, ABACUS Audit & Business Solutions, discusses the value of assigning work to an external specialist.

pany’s other strategic goals. They might not like the answers, but at least they’re not in the dark. What back office and administrative operations or high executive source can be or should be outsourced? Practically, company leaders are able to assign several responsibilities and they can easily find an outsourcing provider for any service they might want to outsource. The types of tasks that are commonly outsourced fall into three general categories: • Highly skilled, or executive, expertise. For example, you may not need to pay a CFO’s salary, but you need a CFO-level person to come in certain days per month to pro-

When do you believe is a good time for deciding to outsource business? For every company, the right time to outsource is different. Probably in-house staff handles daily activities, but business may need outside help to undertake new projects that don’t warrant another full-time employee. When you and your current employees are unable to manage the dayto-day business of your company and run business satisfactorily, it may be time to consider outsourcing. The following are key indicators to define whether a business process should be outsourced: • High internal operating costs • High costs to train and update personnel regarding tax and operating issues • Accounting and management functions that lack the experience, resources, or technology necessary to fulfill their task • Spin-off or restructuring without sufficient business infrastructure • Having processes with the market’s best practices and continuous updates

ABACUS AUDIT & BUSINESS SOLUTIONS (ABACUS ABS) was founded in 2005 by ex-partners of PWC and delivers measurable value to clients through its professionals who offer proven audit, tax, consulting, enterprise risk and financial advisory services.  www.abacusnetwork.gr

10 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

Our starting point TSIBANOULIS & PARTNERS was formed in 2002 through the merger of Tsibanoulis & Associates (est. 1996) and Bailas & Partners (est.1972). We have joined forces with a common target to respond to ever growing legal needs of the business sector in the most effective way. We are thus able to use the exceptional talent and experience of our outstanding professionals to ensure responsiveness and innovation in providing legal advice.

Our focus We have a renowned reputation in the areas of financial services, capital markets, corporate law, mergers and acquisitions, privatization, energy, real estate and public procurement.

Unrivalled banking, finance and capital markets practice

We have been involved, among others, in securitization and capital markets transactions, cross-border acquisitions of banks, leasing, complex cross-border lending and project finance transactions, restructuring of debt of distressed companies, as well as in the PSI procedures during the last three years.

Leading Greek practice on privatization

The Firm has been advising on some of the most significant privatization projects undertaken by the Hellenic Republic in recent years, including the current project of the Hellenic Motorways, the legal due diligence for the sale of DESFA S.A. as well as the successful privatization process of OTE S.A.

Mergers and acquisitions, venture capital and corporate law expertise

We advise multinational and domestic companies on restructurings, mergers and demergers, public-to-private transactions and acquisitions, joint ventures, venture capital and investments issues as well as other strategic alliances.

Energy, infrastructure, real estate and telecom

We have extensive experience in energy, complex infrastructure and real estate projects as well as telecommunications and IT sector issues.

Overall business law expertise

We work and advise on all business related legal issues, having the advantage of cross-border international transactions experience.

The face We are a law firm of 8 partners, 10 full time associates, 3 of counsel and 5 trainees. Our team of creative and dedicated legal practitioners works together to understand and respond effectively to all kind of legal problems our clients face.

The clientele We have worked with major corporations, large Greek and foreign banks and investment firms, the Greek State and many public authorities providing ground breaking advice, clear legal solutions within a complex environment.

Far and beyond Our target is to act before and go beyond our clientsâ&#x20AC;&#x2122; needs by helping them shape their goals in a realistic, yet imaginative way. Valuing the interface between law, public policy and business, we have built a practice to match regulatory requirements, transparency concerns and financial targets.

O M I RO U S T R . 18 , 10 6 7 2 AT H E N S , G R E E C E | T E L . : +3 0 21 0 3 6 7 5 10 0 | FA X : +3 0 21 0 3 6 7 5 16 4 | E M A I L : I N F O @T S I B A N O U L I S .G R

START-UP

POST FAILURE

Five Lessons to the Next “Big Thing”

BY DR JIORGIS I KRITSOTAKIS SENIOR MANAGER, MANAGEMENT CONSULTING, ACCENTURE

Dr Jiorgis I Kritsotakis on Five Lessons for success— following the first important step—failure. Dear failed entrepreneur, If you read this letter, it is because you have just completed the first step towards future success. You failed. Please make no mistake, you have just joined the ranks of the likes of Donald Trump, Richard Branson, Larry Ellison, even Henry Ford and others less well known, but equally successful. This letter is written with the intent to prevent you from only asking why you failed. Instead, it is written with the hope that it will encourage you to also ask the question what you have learned from this failure. Failures are hard, often traumatic and rarely pleasant. Yet, as they are also catalysts by nature, they are drivers of change and paths to improvement. It is in this context, my dear failed entrepreneur, which I seek to share five lessons that can help you pivot to the next “big thing.”

“FAILURE IS THE OPPORTUNITY TO BEGIN AGAIN MORE INTELLIGENTLY.” —HENRY FORD

Lesson 1 Design and execute a strategy that is not only focused on “what” you do. Instead it is also supported by the “why” and the “how” you will do this. Strategy requires focus and, as such, asks for choice. It must concentrate resources and guide action. As you start your business, scarcity will be your partner. It is therefore, commendable to begin by providing enough clarity about action to all involved stakeholders, but always validate with your customers first. Lesson 2 Survival predates growth. As much as you envision ex-

12 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

pansionary strategies, the numbers are stuck against you. Roughly speaking, one out of four startups is out of business in year one, one out of three in year two and close to half by year three. This means you need to be making use of your critical faculties and take decisions that may be painful early on. The business that survives may have very little to resemble to the business you started with. Lesson 3 Select your business partners with your head, not your heart. Friends and relatives do not necessarily make the best business partners. Their support is often critical, but may have less to do with what you do in the office and more to do with what you need outside of it. Lesson 4 Measure your progress. Set yourself clear quantifiable targets and ensure that you have also set up the requite mechanisms to continuously and relentlessly track them. This can be applied to anything you choose to make important for the survival and subsequent growth of your venture.Sales, margins, customer satisfaction, your call. Lesson 5 Learn how you make your decisions. You operate within a cognitive framework that is sustained by assumptions, values and belief structures that in the day-to-day business are mixing with incomplete information. Understanding these intricate relationships will allow you to become aware of your own limitations and often show you ways to surpass them. Cliché as it may be, Henry Ford once said, “failure is the opportunity to begin again more intelligently.” On to the next venture. Yours,

Dr Jiorgis I Kritsotakis

NAMES & FACES

...in the news

▼ STATHIS MIHOS ELECTED The Association of Corporate Counsel (ACC) Europe elected a new Board of Directors that includes Stathis Mihos (photo) as Vice President. Mr. Mihos is Legal Director at Pfizer Hellas S.A. and a member of the Labor and Insurance Committee of the Chamber. The Association of Corporate Counsel is a global bar association that promotes the common professional and business interests of in-house counsel who work for corporations, associations and other private-sector organizations ▼ HOTEL GRANDE BRETAGNE GARNERS AWARDS The Wine Spectator, one of the most influential magazines in the world of wine, awarded the GB Roof Garden restaurant with the Award of Excellence 2013. The GB Roof Garden is one of two restaurants in Athens which were included in the Wine Spectator’s list for having one of the most outstanding restaurant wine lists in the world. In addition, the GB Spa of the Hotel Grande Bretagne was recently included in the 5 Best Spas in Europe, according to the ‘World’s Best Awards 2013’ of Travel + Leisure magazine. ▼ ONEX IN CONTRACT WITH HELLENIC COASTGUARD ONEX S.A. has signed a contract with a value of up to 3.2 million Euros to provide 3 X-RAY Vans to the Hellenic Coast Guard and ONEX SA for 3 X-RAY Vans fitted out with ZBV® mobile screening systems, manufactured by American Science and Engineering, Inc. (AS&E), a global leader in manufacturing screening and surveillance systems. The ZBV system allows for rapid and unhindered inspection of selected targets such as vehicles, containers, and cargos at almost any location. Z Backscatter technology creates photographic images by scanning the content of the surveyed object, at rest or in motion, and detects organic substances and threats, including drugs, humans, animals, guns, cigarettes, and explosives.

SPEAKER’S CORNER

NEW COMMERCIAL COUNSLELOR Bryan Larson is the new Commercial Counselor and Senior Commercial Officer at the U.S. Embassy in Athens. During his last assignment as the Commercial Counselor in Baghdad, Iraq, he led the section through the transition period of the U.S. military withBRYAN LARSON drawal and assumption of complete sovereignty by the Iraqi Government. He instituted regularized business services for U.S. companies, worked closely with the AMCHAM to improve U.S.-Iraqi business cooperation.Previous to Iraq, he served as First Secretary for Commercial Affairs at the U.S. Embassy in Beijing. Prior to Beijing, Mr. Larson served at the U.S. Export Assistance Center in Baltimore and has also served abroad as a Commercial Officer at the U.S. Embassies in Seoul, Korea and Mexico City, Mexico. Mr. Larson is a native of Denver, Colorado. He received an MA in International Communication from The American University in Washington, DC, in 1995 and a BA in International Affairs from the University of Colorado at Boulder in 1991.

AMERICAN FARM SCHOOL FUNDRAISER IN NEW YORK In support of a major fundraising event in the United States for the American Farm School of Thessaloniki, award-winning ABC-TV News broadcaster and bestselling author Lynn Sherr spoke on “Swimming through the Classics” at the Fifth Annual Benefit Dinner held on October 26 in New York. All proLYNN SHERR ceeds from this event go to the President’s Strategic Initiatives Campaign 2012-2015 that is helping to propel the American Farm School into its second century of service as an educational leader in agriculture, environment and other life sciences for Greece and the region of southeastern Europe.

ITCHY & SCRATCHY

Best startups generally come from somebody needing to scratch an itch. —Michael Arrington

14 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

KNOW THY GAME

Don’t play games that you don’t understand, even if you see lots of other people making money from them. — Tony Hsieh

ANGELA ILIADIS PARTNER, KPMG ADVISORS SA

Taxation! What is the current state of tax reform in Greece? The new Income Tax Code and Tax Procedures Code introduced in July will generally apply from 1 January 2014. Together with the replacement of the Code of Books and Records in January 2013 by the Code of Tax Reporting of Transactions, these long awaited reforms attempt to align taxation in Greece with regimes of other countries and to combat tax evasion and tax avoidance. What changes most affect business? The manner of determining deductible expenses, the method of determination of taxable income for some businesses (deemed income provisions no longer apply), the possibility to implement company pension plans, a new definition of permanent establishment that benefits foreign businesses from non-Treaty countries investing in Greece, the introduction of CFC legislation that affects Greek businesses with subsidiaries abroad, and the introduction of heavy penalties for non-compliance or tax evasion. What else should business expect in the next 6 months? Amendments to the two laws introduced in July and necessary administrative clarifications are on the Ministry’s agenda. Further steps to eliminate formalities related to maintaining tax books and records are also anticipated.The debate on consolidation of real estate taxes needs to be concluded. Investment incentive legislation is under discussion.

MARKET TIMING

Fortunes are built during the down market and collected in the up market. —Jason Calacanis

DELIVERY!

▼ STIRIXIS WINS PRESTIGIOUS AWARDS Stirixis Group won both Best Office Interior in Greece and the Best Office Interior in Europe at the European Property Awards 2013-2014 held September 24 in London. The Awards were given to Elena Athanassoulas, VP of Stirixis Group, and Alexander Athanassoulas, CEO of Stirixis Group, by Lord Bates Deputy, Speaker of the House of Lords in British Parliament, and Stuart Shield, President of the International Property Awards. Stirixis will compete against other regional winners from Africa, Middle East, Asia Pacific and America in World’s Best in this category, the results of which will be announced in December 2013. ▼ ATHENS HILTON TOPS BUSINESS LIST Readers of Business Traveler, a top magazine aimed at the global business market, have put the Athens Hilton on the list of the best business hotels in Western Europe. Hilton Hotels and Resorts was also chosen as the best business chain in Europe and among the top in the United States. ▼ AEGEAN SHIPPING CERTIFIED AGAINST FOUR LLOYDS

STANDARDS

Aegean Shipping Management S.A. has been certified by Lloyd’s Register Quality Assurance (LRQA) against 4 international management system standards. During a ceremony held at Aegean’s premises on September 18, George Melissanidis received the certifications against ISO 9001:2008 for Quality Management, ISO14001:2004 for Environmental Management, OHSAS 18001:2007 for Occupational Health & Safety Management System and ISO50001:2011 for Energy Management, demonstrating the commitment of the company to best practice for quality, pollution prevention, health & safety proactiveness and efficient energy use and conservation throughout their fleet.

Always deliver more than expected. ―Larry Page

CUSTOMER FEEDBACK

Your most unhappy customers are your greatest source of learning. —Bill Gates

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 15

ALBA BUSINESS REVIEW

BY DR. OLGA EPITROPAKI

Adverse conditions provide an excellent setting for HR to prove its strategic role, its adaptive mindset and its ability to build core organizational capability for the future.

What Do CEOs Need From HR in Tough Times?

f in times of prosperity CEOs mainly expected HR to invest time and energy in staffing, recruitment, talent attraction and performance management, what can they expect from HR in times of adversity? What is the current value-proposition of HR? It can still be extremely high if the HR can deliver some of the following:

Leverage talent. Even though the available job openings might be limited, HR must still be able to leverage internal talent, redeploy people in critical positions and invest in the employability of the existing workforce. HR also needs to focus on communicating a strong employee value proposition (EVP) as its impact on talent attraction, retention and engagement is significant.

Manage pain. When tough decisions must be made, the pain cannot be outsourced. HR needs to find solutions that address human pain, help people manage the difficult transitions (for example, by designing outplacement programs, designing training programs that help people who get laid off remain employable and marketable) and keep the employer brand of the organization intact.

Build resilience and positivity. When people feel uncertain for the future, negativity tends to prevail. Emotions like fear, anxiety, disappointment and anger

characterize workplace interactions and an organizational climate of emotional toxicity dominates. HR needs to find ways to build positive psychological capital amidst adversity (for example, via training programs on positive psychology, investing on game platforms that help people find out-of-the box solutions for work-related problems while having fun) and help people remain optimistic and hopeful.

Cultivate an organizational mindset for change. As the market conditions nowadays change in a dynamic fashion, organizations need to build a culture that survives and thrives through constant change. HR needs to focus on competencies such as adaptability, creativity and change management and ensure that people are equipped to deliver maximum results under flux conditions.

Provide metrics. As CEOs’ demand for data has never been higher, HR needs to provide tangible measures and concrete evidence of their effectiveness. The systematic use of HR Metrics and HR Analytics can be a powerful way for HR to show areas of excellence and its overall contribution to the bottom-line.

Embrace technology. In an era of rapid technological advancements, HR needs to become a champion of technology and develop the necessary skills and mind-

16 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

set to work with the most recent tools and innovations (from using HRIS for everyday activities to leveraging the capabilities of social media platforms for organizational objectives).

Focus on ethics and sustainability. Lastly and most importantly, in a business environment where corruption seems to be the norm, HR needs to find ways to inoculate people and the organization from susceptibility to unethical conduct and build structures and systems that facilitate “whistle-blowing.” HR can invest in training that increases awareness regarding business ethics and make sure that everyone understands and enacts the organizational values. Furthermore, as the impact of businesses on the environment and society increases (see the recent example of the impact of the financial institutions on the world economy), corporate social responsibility and sustainability become watchwords. To that effect, HR is expected to provide visible leadership as a strategic partner with top management in the design and implementation of CSR and sustainability programs.

Dr. Olga Epitropaki, Associate Professor, the “Stavros Costopoulos” Chair of Human Resource Management & Development, Academic Director of the MSc in Strategic HRM, ALBA Graduate Business School at the American College of Greece

BIZ BUZZ

MADE IN GREECE I—

MLS Full Aluminum Tablet Greece’s MLS Multimedia launched its first full aluminum tablet. The MLS iQTab® King incorporates MLS’s unique speech recognition features: The new Talk&Email®, Talk&Post® for Facebook and Talk&Post® key that that convert speech to text for email, Facebook postings, and chat. The MLS iQTab® King features an Android 4.1 operating system, a 7’’ resolution IPS LCD touchscreen 1280CH800 for HDm vidoes, two cameras, quad-core processor, 8GB ROM , radio and Bluetooth The suggested retail price of MLS iQTab® King is 199 € Euros, including VAT.

Hydrocarbon Exploration Results The Ministry of the Environment, Energy and Climate Change expects the seismological survey and report of Norwegian firm PGS on the presence of oil and natural gas in the Ionian Sea and south of Crete by the end of the year. The Minister of the Environment Yannis Maniatis made the announcement in relation to the submission of a common proposal by Energean Oil & Gas S.A., Trajan Oil and Gas Limited and Grekoil Energy Ventures Limited to develop the oil field that was located in Katakolo, in Western Ilia. The negotiations between the three companies were initiated in July, after the Minister made the proposal and the Evaluation Committee ruled that a “forced marriage” will “better and more efficiently serve public interests”. Mr. Maniatis claimed that the “forced marriage” of the three companies, which was the first of its kind to be attempted in Greece, was so far successful and hoped that the proposal will live up to expectations.

BLUEPOINT— SWIMMING WITH THE MARKS Established in Athens in 1969 to produce high-quality swimwear, Bluepoint has since become a world-wide brand. Active in Europe. Asia, and the Americas, Bluepoint designs and produces more than 6 million garments annually, making it one of the largest swimwear manufacturers globally. Company label swimwear is sold in Greece, Bulgaria, Cyprus, UAE, Russia and Lebanon. Bluepoint is considered the first European manufacturer to perfect swimwear separates. The company now holds a large share in European original equipment manufacturers, with such clients as Adidas, Nike, Speedo, Dolce & Cabanna, H&M, ZARA, and many others. In 1999 the company expanded to the United States, distributing Bluepoint label swimwear and providing original products for Donna Karan and Calvin Klein.

Home Insurance Lagging in Greece The majority of homes in Greece are uninsured, according to the insurance firm Interamerican. According to Interamerican, rates of home insurance in Greece are exceptionally low. Most home insurance contracts signed are for the event of fire and earthquake damage but not for theft, flooding, water damage from faulty plumbing, or for their contents. Plumbing leaks, by contrast, are responsible for one in every two cases of damage reported and burglaries and theft have more than tripled in the last five years, especially at holiday homes, Interamerican said.

MADE IN GREECE II Greek company Trygons SA has created a six-meter, lightweight boat entirely out of carbon fibre, giving it an edge over heavier boats. Trygons, a pioneering sports equipment design and production company, said the boat weighs 145 kg - as opposed to 800 kg for a similar conventional boat - and uses a 30-hp engine, as opposed to 150-hp on other boats, using half the fuel.

18 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

GREEK RESTAURANTS MAKE GLOBAL RATING The Daily Meal has listed three Greek restaurants among the very best with food, and sunsets, worth the trip halfway across the globe. On the list: Aqua Taverna in Mykonos with a picturesque view of the sea and surrounding windmills, seafood pasta, and feta wrapped in phyllo with honey, sesame and poppy seeds, accompanied by some of the best-priced, crispest white wines on the island. The rooftop at Hotel Grand Bretagne in Athens, offers views of the reddening sun sinking into the ancient Acropolis. It also offers mod-Mediterranean bites such as roasted scallops with celery, fennel, and pear; octopus terrine with sweet peppers, smoked eggplant, and wild oregano; and a stepped-up classic Greek salad with barley rusks (twicebaked bread), feta, and capers. Solymar Beach Restaurant & Bar in Mykonos has a casual-chic bright interior inside a thatch-covered dining room, stunning views of Kalo Livadi Beach on the south side of the island, and baked feta with grapes and braised octopus with crab.

MADE IN GREECE III—

A New Supercar And now for something completely different. Inventor Dimitris Korres has introduced the Korres Project 4, a new concept car that has the looks of a Sting Ray and the performance of a Lamborgini. Made in Greece. The Korres Project 4 is powered by a 7.0-liter naturally-aspirated engine turning in 505 horsepower and reaches 0-100 in 3.8 seconds. The Greek auto has a top speed of 186 miles per hour (300 km).

Start Ups—Shifting Trends Research launched by Telefónica Digital and the Startup Genome reveals that while Silicon Valley is still the world’s largest and most-influential start-up ecosystem, it no longer wields the power and influence it once did. Flourishing communities in Latin America, Europe, the Middle East and Asia have grown considerably over recent years and are now beginning to challenge Silicon Valley’s domination in technology innovation. The Startup Ecosystem Report 2012 argues that countries are shifting from service-based economies to become increasingly driven by a new generation of fast-moving software and technology organizations. The report finds that Tel Aviv, a highly advanced ecosystem, is the leading alternative to Silicon Valley, while on Silicon Valley’s doorstep, flourishing communities in New York and Los Angeles mean the USA is home to three of the largest ecosystems in the world. Across the Atlantic, London is by far the largest startup ecosystem in Europe, although its output is still just a third of that of Silicon Valley. Outside of the more traditional markets, the startup ecosystem in Sao Paulo is growing rapidly and creates more jobs for the local community than Silicon Valley does for its own.

Med Gas To Alter Energy Dynamics The US Energy Information Administration (EIA) said on 20 August that offshore natural gas field discoveries in the Eastern Mediterranean Sea, and the energy sectors of Cyprus, Israel, Jordan, Lebanon, Palestinian Territories and Syria “would significantly alter energy supply dynamics in the eastern Mediterranean region and could spur natural gas exports in the near future.” Mark J. Eshbaugh from EIA’s International Energy Analysis, said there could be around 350 million cubic feet (9.9 million cubic metres) of LNG per year available in the next five-seven years via proposed LNG facilities in Cyprus and Israel.  Source: New Europe

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 19

CORPORATE SOCIAL RESPONSIBILITY

BY VASILIA PAPAGIANNOPOULOU VALUE ACCESS & POLICY SENIOR MANAGER GREECE & CYPRUS, AMGEN HELLAS

INVESTING IN SCIENCE EDUCATION

To Build a Better Future for Patients and Society

mgen has grown to be the world’s largest independent biotechnology company, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential. At Amgen, in parallel with our substantial investment in R&D, we invest in philanthropy, as we consider giving back to the community where we operate, a fulfillment of our commitment to build a better future for patients and society as a whole. One of the most important vehicles for Amgen’s corporate giving, and an integral component of our commitment to dramatically improve people’s lives is Amgen Foundation. Launched in 1991 the Foundation seeks to advance science education, improve quality of care and access for patients, and support resources that create sound communities where our staff members live and work. To date, the Foundation has contributed over $200 million to non-profit organizations, whose efforts impact society in inspiring and innovative ways, and has assisted in providing vital community and educational support as well as disaster relief around the world. Science is a major area of our philanthropic investment, as it constitutes the major guide of our operation. At Amgen we believe that investing in science education is essential in building a better future. We have taken a leadership role through many of our

science education investments, and we are committed to meaningful, evidence-based initiatives that make a difference at the local, national and international level. Through partnerships with 13 of the world’s leading universities, Amgen Foundation places a strong emphasis on strengthening science education, providing hundreds of selected undergraduate students an opportunity to engage in hands- on research experience. Similarly, the Foundation has committed nearly $8 million to date toward the so-called ‘’Amgen Biotech Experience’’ an innovative science education program that provides a real-world biotech lab experience to middle and high schools with more than 300,000 students participating since its establishment 25 years ago. Fully aligned with the vision and marching on the path of the parent company, Amgen Hellas founded in 2007, has actively contributed to promoting science education in

AT AMGEN HELLAS WE INVEST IN SCIENCE EDUCATION TO SUPPORT YOUNG SCIENTISTS WHO CAN CHANGE THE COURSE OF ILLNESSES IN THE FUTURE.

20 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

A biotechnology pioneer since 1980, Amgen focuses on areas of high unmet medical need and leverages its biologics manufacturing expertise to strive for solutions that improve health outcomes and dramatically improve people’s lives. Greece. Through the provision of scholarships to young scientists or grants to medical associations, educational institutions, and non-profit organizations, we have strived to advance scientific knowledge among young scientists, pupils and teachers. In this light, our aim is to make biotechnology more accessible to young students by giving them a hands-on opportunity to engage in the excitement of scientific research through special programs and furthermore, to strongly support the dissemination of scientific information and enhancement of specialization of young doctors. In addition, through Amgen Foundation we have supported non-profit organizations in Greece, such as Lambrakis Foundation and Euroscience, to assist teachers and schools to facilitate the delivery of innovative learning programs and provide students with real-life science experiments in the field of molecular biology, earth sciences and astronomy respectively. As supporters of these unique programmes, we are particularly proud of contributing to science education in Greece, recognizing that the adverse economic circumstances in our country entail the danger of fewer young people to enter the field of science in the future. At Amgen Hellas by recognizing the vitality of giving back to the society, we value what could be achieved when people have real passion for science and innovation. That is why we intensify investing in innovative research and science education to support advancement of young scientists who can change the course of illnesses in the future.

Î&#x2018; NAME, A HISTORY, A FUTURE. Petsiavas is one of the most historic and strong companies in Greece. Since 1920 we are committed to serving people. Always following the same philosophy of hard work, innovation and effectiveness we are present successfully in three major sectors: Pharmaceuticals & Health Care, Consumer Products, Chemicals & Plastics.

Petsiavas is the company where Experience meets Innovation.

21, Ag. Anargiron Str., N. Kifissia, 14564, ATHENS Î¤: +30 210 6202301, F: +30 210 8077079 E: info@petsiavas.gr

http://www.petsiavas.gr/

15, Athinas Str., Ionia, 57008, THESSALONIKI Tel: +30 2310 722600, F: +30 2310 722669

BUSINESS MATTERS

Optimizing Space— Retail, Corporate, Residential Please tell us what Stirixis does. Stirixis is an award-winning international firm that believes in and works hard for a more efficient and prosperous world. Through its systems-thinking, holistic approach, Stirixis plans strategically and develops successful business concepts, designs and delivers retail, leisure and corporate spaces and provides related advisory, project management and optimization services. Apart from its corporate unit, Stirixis Exclusive oversees the same needs for private individuals and Stirixis Platform ensures the effective international development of business concepts through franchising or other structures. So, for the retail sector, in addition to creating retail spaces, you also provide business development consulting? Yes, we do. Our advisory services focus on creating and developing successful and profitable concepts and, even more, on ensuring the sustainability of these achievements. Actually, we offer a breakthrough service, Concept Evolution, through which we constantly collect feedback and information from a number of sources and use it to increase agility and innovation within the desired concept and our clients organization. This way we proactively adapt to customer’s needs, we build loyalty and safeguard long-term profitability. How do you help meet clients’ needs and solve problems at the corporate level by creating and manipulating space? What examples can you offer? Everything one does communicates something to his/her customers. But physical spaces between all “touch points” create the

Alexander Athanassoulas of Stirixis talks about the groundbreaking approach of this innovative Greek company.

strongest and most memorable experiences. So, we optimize this element to build a clear positioning, a distinct differentiation which is main profit driver. Our systemic approach reveals the interactions between the designed space and other parts of the organization. We value and fine-tune these interactions to ensure the maximum return on investment and its longevity. In a retail space, for example, you have the physical environment that tells you a lot about the brand. But in order to communicate the brand’s values and beliefs, you need to build a narrative during your customer’s journey. To do that you must plan and align a number of parameters, to name a few: sensorial marketing elements (sound, scent, light and colors, taste, feel), architectural and graphic design, layout, customer flow and functionality, customer service process, signage and adjacencies. Only then you can truly reap the maximum results.

STIRIXIS ALREADY HAS OFFICES IN LONDON AND BUCHAREST AND PROJECTS ALL THE WAY FROM SCANDINAVIA TO THE UAE

And you were recently awarded at the European level—as a Greek company, how did that feel? Yes, we were awarded by the International Property Awards the “Best Office Interior in Greece” and “Best Office Interior in Europe” awards for the offices of Coca Cola Hellenic in Athens. It was a wonderful feeling for our people and the project’s team, especially coming from such an organization with hundreds of projects competing at a European level. It felt twice as good because lately we have had few opportunities for positive publicity for Greece or Greek projects. On December 6, having won the European award, we are competing at a global level for the World’s Best.

So, do you see Stirixis emerging as a stronger player with an international footprint in the coming years? We do not see borders in the services we provide. On the contrary, we only see attractive markets with interesting organizations that we can bring substantial value to. And our international activity itself creates additional value as we cross-pollinate markets with successful concepts and develop them internationally. After all, Stirixis already has offices in London and Bucharest and projects all the way from Scandinavia to the UAE. And with 18 years or experience and more than 500 projects we are happy and confident to “land” in whatever market we are needed.

22 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

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—Michigan ★

ichigan is a land of sparkling blue waters, untamed wilderness and warm hospitality. More than 3,200 miles of Great Lakes shoreline define Michigan’s boundaries and its changing seasons support a variety of activities. Michigan is revered for its vibrant fall color and bountiful harvest. The multi-hued reds of sugar maples, the sun-inspired yellow of birch and poplar and the deep royal purples of oak splash against the indigo blue of the Great Lakes. Hundreds of roadside farmers’ markets and pick your own orchards and more than 100 wineries dot the landscape in Michigan, providing easy access to the season’s freshest produce and fruit from the vine. Lakes, campgrounds, wildlife refuges and nearly 100 state parks and recreation areas are scattered throughout both peninsulas of the state. There are thousands of miles of hiking, biking and riding trails through millions of forested acres. Michigan also has more public golf courses than any other state in the nation, with more than 800 public golf courses and is known as America’s summer golf capital. Some of the world’s best golf courses await for you. The Upper Peninsula is considered the best place in the US for snowmobiling with thousands of miles of groomed trails, and rentals widely available. ISLE ROYALE

THE GREAT LAKES STATE LAND AREA 57,022 square miles POPULATION 10,095,643 STATE CAPITAL Lansing LARGEST CITY Detroit LOCAL TIME 7 hours behind Greece CLIMATE Michigan enjoys four distinct seasons. Temperatures range from an average low of 6°F (-14°C) in January in the Upper Peninsula, to an average of 83°F (28°C) in July in the Lower Peninsula NATIONAL PARKS One - Isle Royale

 For more information: Michigan Economic Development Corporation, Office of Travel and Tourism Tel: 00 1 517 335 4590 E-mail: info@michigan.org Website: http://www.michigan.org

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 23

THE INTERVIEW

A POWERFUL COMBINATION—

Local Knowledge, Global Experience PANOS PAPAZOGLOU, COUNTRY MANAGING PARTNER AT EY, DISCUSSES HOW GREECE MIGHT ACCELERATE ITS RETURN TO SUSTAINABLE GROWTH—WITH A STRONG FOCUS ON THE PRIVATE SECTOR.

24 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

In a nutshell, how would you characterize the key challenges Greece is facing to create sustainable growth? Greece has been faced with a unique, twin problem: A huge government deficit coupled with a substantial loss of competitiveness. In order to return to sustainable growth, we need to face both problems. There has been great progress on the deficit front, as Greece has undertaken one of the most demanding, severe and far-reaching fiscal adjustment programs ever applied in the developed world. I believe we have reached the limits of the effectiveness of this approach. What we need now is greater emphasis on structural reforms. The restructuring and recapitalisation of the banks is almost a completed process, so fresh capital will flow into the private sector, with more structured criteria though, to ensure that “healthy” companies are refinanced. Besides, it is of utmost importance that the financing costs are reduced to enable Greek companies to be more competitive. The privatisation program needs to pick up speed. Better governance practices in central and local government, as well as state entities, must be adopted. We have still not seen the drastic overhaul of the tax system. Clearly, the environment to start, run and succeed in doing business needs improvement. What can be done to develop a more business-friendly environment? The overall business environment is improving. Perhaps the most impressive and least talked about change is society’s attitude towards business. People have come to realize that there are limits to what they can expect from the state and that at the end of the day growth and jobs will come from the private sector. However, we still have work to do: Markets need to be set free, “closed” professions opened up, disincentives removed, business start-ups and licensing procedures facilitated, the administrative burden on export businesses reduced. All these reforms will not deliver growth overnight, but they are necessary preconditions.

PANOS PAPAZOGLOU, COUNTRY MANAGING PARTNER, EY

One driver of growth and employment is entrepreneurship. How do you view the current entrepreneurial ecosystem in Greece? Greek entrepreneurs, like all the rest of us, share part of the blame for our countryâ&#x20AC;&#x2122;s position. For many years, a large number of Greek companies have been too inward looking, dependent on state support and reluctant to innovate. Having said that, one can only admire the resilience of the Greek private sector during the crisis. Companies are changing drastically and adapting to the new reality. Many are actively seeking export opportunities, while others are moving into new fields. At the same time they are internally restructuring operations to rationalize costs, a process in which we at EY are actively involved. What role can entrepreneurship and the creation of new start-ups play in reducing unemployment and creating a sense of future for the younger generation? As things stand in Greece today, I would say that creating jobs and a sense of future for the younger generation is the exclusive responsibility of Greek entrepreneurs. Where else will growth and jobs come from? Our country has several comparative advantages and Greek companies, particularly startups, must focus on these in order to prosper. I find it significant that among the startups I have witnessed in Greece over the last few years, many are in knowledge-based activities. I consider this as one of the most encouraging signs at present in Greece. At the same time, young Greeks finishing school and entering university must seek the skills which are most sought in the present global environment. Our higher education system needs to help them more actively in this direction.

People have come to realize that growth and jobs will come from the private sector

Tell us a few words please about EY. EY is a global leader in assurance, tax, transaction and advisory services. Our global footprint in 150 countries with over 170,000 professionals as well as our insights and quality services help build trust and confidence in capital markets and in economies the world over. But more than that, we actively invest in developing our people into well-rounded professionals, into outstanding leaders who team to deliver on our promises. In Greece, we use the powerful combination of deep local knowledge and understanding coupled with our global experience to provide our clients with the guidance and support they need to strengthen their controls, retain investor confidence and ultimately grow. Every day, our EY professionals engage in a wide and diverse range of activities that help businesses, economies and societies progress. How is EY positioning itself as a supporter of change and growth in the Greek environment? Our mission is to use our global expertise to help clients adapt to a changing environment, and this is precisely what we at EY are actively involved in, at several

levels. We have been working hard with our clients in the private sector on internal restructuring, improving governance, and introducing new tools and methodologies. We have been advising the broader public sector on privatisations and governance issues for state entities. We have been involved in the restructuring and consolidation of the banking system. And obviously we feel we can do more in building a better working world that entails sustainable business growth, rising employment and increased investors and regulators confidence. Greece, as you say, has the elements to become a truly prosperous country. What are some scenarios that you imagine would characterize the Greece of tomorrow, the Greece that fulfils its potential? The foundations for a brighter future are being laid. We have the transport, logistics and telecommunication infrastructures. We are developing a more business-friendly mentality. We need to work on the stability of our tax, legal and political environment. If we can secure this, the potential is huge. There are several scenarios regarding the potential divers for growth, but, as I see it, most of them involve the following: Production and export of processed and fresh agricultural products, energy with emphasis on renewable sources, shipping and development of port and railway facilities that can serve as transhipment and logistics hubs, waste management, development of information systems, â&#x20AC;&#x153;lightâ&#x20AC;? industrial products for rich export markets, and of course tourism.

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 25

THOUGHT LEADERS

26 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

AS GREECE STRUGGLES TO GAIN A MODICUM OF STABILITY, FOLLOWING YEARS ON AN ECONOMIC AND SOCIAL ROLLER COASTER WITH NO BRAKES OR SPEED CONTROL, BUSINESS PARTNERS PRESENTS IDEAS FOR GENERATING GROWTH AND PROMOTING PROGRESS FROM SIX THOUGHT LEADERS. Raymond Matera

Ideas for Growth and Progress in Greece.

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 27

THOUGHT LEADERS

Secure Funding, Ensure Growth

H SOCRATES LAZARIDIS CHAIRMAN, ATHENS EXCHANGE

aving been at the center of a severe crisis for over four years, the great challenge for Greece today is to overcome the recession and take the road to recovery and development. A key prerequisite for this is the influx of substantial international funds which, in turn, presupposes that we can be really effective in showcasing and promoting investment opportunities in Greece. We must not forget that, in the global financial markets which are going through a severe deleveraging process, all countries and businesses are competing to raise funds from the international investment community. It is of paramount importance that we enhance the interest for Greek businesses and that we support extrovert companies to better present their growth stories in accordance with the standards set by international investors.

It is of paramount importance that we enhance the interest for Greek businesses The challenge of securing funding is even more acute for small and medium size enterprises (SMEs) which, due to their small size, find it very difficult to raise funds from institutional investors. It is no coincidence that there is currently an increased drive across Europe, to establish alternative ways for SMEs to access funds outside traditional banking sources. Clearly, supporting Greek SMEs to access funds through the capital market is a major priority for us as we are convinced that this is going to be the main source for funding the

28 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

growth of this important segment of our economy. In this context, we worked closely with the state and in 2013 we put in place an attractive and competitive environment for the creation of Listed Funds on Athens Exchange. The key concept behind Listed Funds is that they are able to attract funds from international institutional investors, as they have the characteristics (large size, professional management, risk diversification) that make them eligible, and in turn, they invest in SMEs and infrastructure projects in Greece. We believe that Listed Funds can “fuel” the development of entire sectors and the growth of the economy at the same time, offering an alternative way for investing in Greece’s growth for both Greek and foreign investors. We believe that there are tremendous opportunities for long-term investment in Greece in new, modern and “trendy” sectors, such as energy— which is a really hot issue for the region—food processing, agriculture, real estate, which we need to explore and at the same time, present to the investors around the globe. Most importantly, there is a large number of talented and experienced people working in the private sector, who are innovative, efficient and looking for the right international partners to grow their businesses. Moreover, the Athens Exchange, having fully implemented all European Directives and having adopted an advanced environment for Corporate Governance standards, is widely recognized by investors for its operational efficiency and effectiveness and for offering a safe and transparent investment environment. Testimony to that is the consistently high foreign investor participation in our market, which did not fall throughout the crisis. We have the experience, the credentials and the network to assist in attracting investment funds to Greece. It is critical that we all work together to best utilize the global investor interest for our country to support the sustainable growth of our economy and long term progress for Greece.

Planning a New Reality

reece and the Greek economy are going through the most critical phase in modern history. After six years of recession and economic asphyxiation, today the conditions for the return to growth are set. Exiting the crisis will not be an easy process and will not happen by resorting to recipes of the past. A far-reaching transformation of the Greek economy, and reforms in the structure of the State and society are necessary. During the last years Greeks have been through a lot of adversities and have come to realize several truths. We realized that the economic model on which the “welfare” of the country was based in the post-junta period (μεταπολίτευση), was distorted, inadequate, and inefficient. The strength of the political system was tried and the cohesion of the Greek society, which paid a heavy price to avoid default, was tested. On the positive side, today that the disastrous scenaria appear to have been invalidated, an increasing number of Greeks are becoming conscious of the new reality and react to it by planning their future more pragmatically and by directing their energy to innovative economic and social activities. This reinforces the belief that Greece will emerge stronger from the crisis. Ηowever, a lot still remains to be done. Stability and effective planning are required so that the economic distortions of the past be removed and the return to growth be achieved with the least social cost possible. Most importantly, what is required is consistency in the implementation of the reforms that are necessary to help the Greek economy restart and remain in a growth path in the long term. These are reforms that would have been necessary even if the crisis had never happened, even if by some magic the nightmare of public debt had never existed. The nature of the reforms is determined by the three major characteristics of the crisis: severe fiscal imbalances—low competitiveness—high public debt. To balance public finances and to achieve primary surpluses it is necessary that expenses be controlled and that incomes be increased by reforming the tax

system and fighting tax evasion. The real economy needs to start functioning properly. This will happen through investments and if liquidity is provided again to businesses. Support should be provided to those sectors that are competitive, export-oriented, and contribute to the increase of employment (i.e. agriculture, energy, tourism and innovative activities that help create high value-added products). In some of these sectors excellent initiatives are already being developed with positive effects on employment. The banking system has a key role to play. Although providing liquidity is not entirely dependent on banks, banks can still contribute to the recovery by supporting the real economy. Following its successful recapitalisation, Attica Bank is already taking initiatives to help increase liquidity in the economy. The capital increase was not an end in itself. It was the means to help transform Attica Bank into a flexible organization that will be in a position to finance activities in export-oriented and in-

IOANNIS GAMVRILIS CHAIRMAN OF THE BOD & EXECUTIVE DIRECTOR, ATTICA BANK

An increasing number of Greeks are... directing their energy to innovative economic and social activities novative sectors of the economy which display growth prospects. Now we are in a position to support businesses operating in these sectors more effectively, and this has been possible thanks to the recapitalization and the organizational changes that took place recently. The challenge for us has always been to help Attica Bank remain financially sound so that it can serve the interest of the country and assist businesses and households. It is in this way that Attica Bank can contribute to the recovery of the economy and to social cohesion.

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 29

THOUGHT LEADERS

Reform— With a Strategic Focus

STAVROS LEKKAKOS CEO, PIRAEUS BANK GROUP

fter a period of six years of recession, during which Greece lost 25% of its output and unemployment increased to 29%, I believe that we are on the cusp of economic stabilization. At great social and political cost, the Greek economy has managed to shift from a 10.5% primary deficit in 2009 to an estimated primary surplus of 1.9% in 2013 and to shrink its external deficit from 14.9% in 2008 to an estimated -0.8% in 2013. These hard-earned improvements should be stressed on every occasion. An additional aspect of this adjustment that is overlooked by many, is that in addition to meeting or even outperforming its quantitative targets, successive Greek governments have also proceeded to instigate a number of much needed reforms, focusing on the labor market, the pension and insurance systems and the structure of public administration. It is my firm belief that these structural reforms—which need to be accelerated and widened—will provide the basis for future growth. Nevertheless, I believe that structural reforms alone will not be enough to put Greece on a growth trajectory. Instead I believe that structural measures should be complemented by a set of strategies, some of which have a more immediate impact, while others are of a more longterm nature. One of the first steps towards normalization of economic activity should be aimed at stabilizing consumption. Household consumption accounts for the largest part of economic output. For this reason, no economic recovery can gain traction while household spending is contracting. In addition to the econom-

I believe that structural measures should be complemented by a set of focused strategies 30 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

ic benefits, this stabilization will also have a widespread positive impact as consumption is closely linked to people’s living standards. In tandem, the government should stimulate growth through investments. Based on what we have learned from all of the recessions that have taken place since the era of the Great Depression in 1929 until today, a return to growth can be achieved first and foremost through public spending. Given that public consumption is not an option for Greece, the government should utilize the Public Investment Program (PIP) to its full extent in order to revitalize investment activity. Public investments in infrastructure projects not only increase productivity in the long-run, but also have a substantial multiplicative short-run impact as they stimulate significant amounts of private investment. The PIP is a vital tool for Greece because it can be funded (up to 95%) by European structural and cohesion funds, thus having a negligible impact on public finances. Finally, on the medium to long-term horizon, Greece will have to shift its focus towards more export oriented and higher value-added sectors of economic activity. To this end, we must focus on sectors such as tourism, shipping and logistics, energy transport, production of basic metals and minerals and agriculture. At the same time, we should strive to increase the added value of the products and services we offer. This can be achieved by for instance attracting higher income tourists or offering final products that command higher profit margins instead of undifferentiated intermediate goods. This transition to more sophisticated goods and services that command a higher premium has already taken place in all core-European economies and has allowed them to compete successfully against emerging low-cost rivals. This paradigm is one we should strive to emulate.

Greece: Turning a Crisis into Opportunity

here are two sides to each coin and the other side of the crisis in Greece is the unprecedented attention the country has received of late from global markets, especially given the size of the economy. This attention could actually become the main force that will drive economic recovery in the years to come. After experiencing a severe economic contraction to levels unseen by any western economy during peacetime, the country is succeeding with its efforts to restore macroeconomic stability. Nevertheless, it is apparent that the main sources of growth that drove economic activity in the past (government investments and private spending), remain significantly constrained and should remain so for quite some time. This means that the only way forward for sustainable growth is to seek private investment and specifically FDI. According to a McKinsey & Co. study, private investment has historically generated about 1/3 of GDP growth in the first two years of recovery before settling back to a contribution of about 1/4 of growth. The impact on Greece should be much higher, as the recovery will be taking place in parallel with the shift of the economy from the failed consumption-based model towards a production/service-driven, outward looking one. During the time of crisis Greece became a global focal point, prompting investment professionals to spend time educating themselves on the new Greek reality. Now, as conditions are improving, these professionals not only recognize the country’s ongoing efforts but are actively evaluating the opportunities presented and show willingness to invest. What is appealing to them is the prospect of investing in a country that is part of the Eurozone, has embraced widespread structural reforms in the labor and services sectors and more importantly has untapped resources (human capital, real estate, natural resources) and a rather low starting point vs. any other western economies. In addition, Greece enjoys significant advantages in respect of its geo-

graphical location. There are already examples of significant private investments that were concluded over the past 15 months but these are small in number vs. the size of investments that could actually take place over the coming years. To facilitate this process, in making investments in Greece more appealing, further changes are in order, both in respect of the way the country functions but also in the way local businesses/businessmen operate and think. For policy makers it is imperative that they take concrete steps to dissolve the barriers that restrict private investments. Adjusting the regulatory framework in order to remove market restrictions and inflexibilities; opening up market access and implementing a clear, stable and of long duration legal and tax framework should become top priorities for the government in order to induce investments. For established businesses, apart from providing much needed liquidity, these investments should become an opportunity to revamp the way they operate by bringing more power to stakeholders, allowing for more and easier access to international markets and introducing a global perspective in these enterprises. Local businessmen should be open and actively seek these changes as an opportunity to make their operations more flexible and competitive in a changing business landscape not only locally but with the global markets in mind as well. This capital will be changing the businesses landscape in Greece for the years to come, as among others, it is willing and able to invest in new people and in new ideas. From revamping the way existing sectors work to creating new concepts and introducing ‘new’ industries (such a as the creation of a “small Greek Silicon Valley”), private capital will be the driving force for the country’s new economic paradigm. The sooner everyone locally recognizes that this is the best way forward, the quicker Greece will recover, thus allowing for the achievement of sustainable economic growth and prosperity in the years ahead.

GEORGE LINATSAS GROUP MANAGING DIRECTOR, AXIA VENTURES GROUP LTD, ATHENS BRANCH

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 31

THOUGHT LEADERS

Business Analytics Show the Exit Door to the Crisis

“I NIKOS PEPPAS COUNTRY MANAGER GREECE, CYPRUS & BULGARIA OF SAS INSTITUTE S.A.

For SAS the key success factor for fast and effective implementation of reforms is modern technology, the deep knowhow of key issues and proven best practices

n historiography, the idea of progress is the theory that advances in technology, science, and social organization inevitably produce an improvement in the human condition. That is, people can become happier in terms of quality of life (social progress) through economic development (modernization), and the application of science and technology (scientific progress). The assumption is that the process will happen once people apply their reason and skills, for it is not divinely foreordained. The role of the expert is to identify hindrances that slow or neutralize progress”…and, if possible, implement practices to achieve it. We borrow this historical theory from Wikipedia and transfer it to the recent, and current, situation in Greece, which swirls in the throes of economic crisis. To a certain degree, it is now generally accepted that the crisis is due to the inability of the public administration to provide reliable and detailed data, accepted by bodies like the European Union, Eurostat, the European Central Bank and the International Monetary Fund. Subsequently, however, and while we are in the fifth year of the crisis, our country continues to be unable to fulfill its obligations and promises, since occasional pronouncements and measures appear to have a more “revenue based” character rather than being based on a structured framework which will eventually lead to development. For us at SAS, the key success factor for such a framework for fast and effective implementation of the required reforms is modern technology and, in particular, the deep know-how of the pertinent issues and proven best practices. Many people criticize government for lack of willingness and effectiveness in the efforts to overcome the crisis. From our side, we would like

32 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

to emphasize that all, or at least those who can, should contribute, through whatever means and resources available, in these efforts. For that reason, we consider it our responsibility to submit our proposal for an integrated investment strategy, driven by modern technology—and especially the one in which SAS specializes as a global leader: the analysis and management of information through the use of Business Analytics. The main pillars of this investment include: 1. Vital contribution to: • Prediction and prevention of fraud and corruption in the tax mechanism, health, social security, and the whole range of public sector institutions • Optimization of tax collection and real state revenues • Organization of National Registries • Strategic Management System Development • Human Resource Management in public sector • Policy to prevent and combat illegal immigration, crime, terrorism and other threats, and enhance public safety. 2. Establishment in Greece of the first “SAS Regional Academy for Transparency, Efficiency and Growth” in Southeastern Europe, with the objective of knowledge transfer in organizations and people of the public sector, to fight corruption and enhance transparency and accountability. 3. Continued investment in the Postgraduate Program for Internal Audit of the National and Kapodistrian University of Athens supported by SAS, and extension to other academic institutions and schools (National School of Public Administration), helping to reduce unemployment mainly in the private sector through specialized training and skills development.

Plan For a “Living Economy” in Greece

vision and roadmap for the development of a living and sustainable economy in Greece was presented by WWF Greece on October 9, 2013 in Athens. This proposal, which was reviewed by the Athens office of the Boston Consulting Group, opens a vital dialogue that never occurred in Greece, about development and the socioeconomic future of the country. In her prologue to the roadmap, WWF’s international President Yolanda Kakabadse asserts that “[w]hile the Greek response to the crisis has already heavily impacted on the environment, now is the time for a new vision and truly sustainable reforms that may provide for a healthy economy of the future. It is WWF’s firm belief that the crisis offers a unique opportunity for the elaboration of integrated national roadmaps to sustainability—not only for Greece, but for the whole world.” Every crisis signals the need for change. This difficult period of economic recession has made it painfully clear that we simply cannot return to the outdated development paradigm that brought us to the present socially and environmentally damaging crisis. For an environmental organization like WWF, with decades of experience and knowledge, it is obvious that the only truly sustainable solution to the crisis is inextricably linked to our own natural capital. The roadmap sets out the necessary horizontal and sectoral policy reforms that can bring life to Greece’s battered economy. A remodeling is urgently needed: good and efficient governance; clear, equitable and effectively monitored laws; taxation that boosts job creation and makes polluters pay; policies that favor ecologically sustainable investments; a participatory and solutions-driven society; a vibrant social economy. This “politeia” for sustainability should set the basis for a living real economy, which will be based on a dynamic revival of the primary sector, industry, energy and certainly tourism. We have simple asks: unlimited transparency and accountability everywhere, clear legislation

for all, good governance, social participation, a tourism sector that won’t destroy the very product it depends on, that is nature, the revival of rural quality production that benefits the environment, an industry with a small ecological footprint, conservation of the natural treasures of the country. We have difficult asks: combating environmental crime, zero tolerance to corruption that plagues society and destroys the environment, shifting to public investments and policies with a positive environmental impact, full implementation of the ‘polluter pays’ principle, disengagement from the development model that has brought us to the current crisis. We ask for recognition of the ecological basis of the Greek economy and condemnation of the position that nature is an obstacle to ‘development.’ While we all hear how Greece needs a vision, the

DEMETRES KARAVELLAS CEO, WWF GREECE

The roadmap sets out the necessary horizontal and sectoral policy reforms that can bring life to Greece’s battered economy reality is that this has never been a part of the political agenda or a topic for public debate. All of us here at WWF Greece bring to the table a sustainability panorama for Greece. We show that there is hope, there is potential for a sustainable economy and society, in harmony with nature. We formulated a roadmap that takes stock of present Greek reality but looks far beyond this: a fragile economy and state, but with tremendous potential for good governance, innovation and competitiveness.

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 33

THE WORLD OF WORK

RANDSTAD WORKMONITOR

Higher Demands on Skills and Competencies

n Greece, 90% of the respondents of the quarterly Randstad Workmonitor feel that their employers make higher demands on their skills and competencies than they did five years ago. This result is in line with the global finding as well and especially with Brazil (93%), China (94%) and Spain (91%). Only in Hungary did the respondents believe otherwise with 66% stating they do not feel this change that much. 87% of Greek employees also indicated that they expect their job requirements to become even more demanding in the future. 81% also stated that their job requirements have changed significantly in the past five years. The survey findings indicate that only one out of five (20%) in Greece is afraid not to be able to meet their job requirements in the future and 91% stated that they would do anything to meet their job requirements.

WHO IS RESPONSIBLE?

Globally most respondents find that both employer and employee are responsible for ensuring that the employee’s skills and competencies correspond with the job requirements. Approximately eight out of ten of Greek employees (83%), consider it to be a responsibility of employers to ensure that skills and competences of employees correspond with job requirements, and this is in line with employees in Denmark, Germany, Luxembourg and Sweden. Brazil is the only country where the respondents see a greater responsibility for employees to fill the gap between skills and job requirements. Three quarters of the Greek employees (74%) see

this also as a responsibility of the employees themselves which is in accordance to the global findings.

THE FUTURE

87% of employees also expect that their employers will continue to have demands on their skills and competencies in the future in Greece. 87% also expect that experience will become increasingly important for their position, while 91% believe that employers consider digital skills more important than they did five years ago. Digital skills will become increasingly more important in their position in the future is what 85% of the survey respondents in Greece indicated. 74% stated that they expect that education and refresher courses will become important in their position.

MOBILITY INDEX DECREASES

The Randstad labor market “mobility index” assesses employee’s readiness to change jobs within the next six months. This is based on people’s current job satisfaction, their fear of being fired, their need to find new personal challenges and confidence in finding a job elsewhere. The mobility index for Greece decreased from 104 in Q2 2013 to 102 in Q3 2013. This result indicates that fewer employees expect to be employed elsewhere in the coming 6 months than they did last quarter. In contrast, the global mobility index increased 1 point to 109 in Q3 2013. Globally, more employees are expecting to have a different job within the next six months. Like in the previous quarter in Greece, 13% are actively looking for a new job.

34 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

Randstad Hellas is a leading HR services company in Greece and each quarter, since 2010, conducts the Workmonitor survey to capture labour market trends locally. The Randstad Workmonitor survey for 3rd Quarter 2013, explored skills shortage, mobility, confidence and job satisfaction. Of those surveyed in Greece in Q3, 15.5% stated that they changed jobs in the last six months, an increase of 1.4% since Q2 2013. 34% of those surveyed indicated that

DIGITAL SKILLS WILL BECOME INCREASINGLY MORE IMPORTANT IN THEIR POSITION IN THE FUTURE IS WHAT 85% OF THE SURVEY RESPONDENTS IN GREECE INDICATED. 74% STATED THAT THEY EXPECT THAT EDUCATION AND REFRESHER COURSES WILL BECOME IMPORTANT IN THEIR POSITION. they changed jobs in the last six months for better employment conditions, whilst 31% were dissatisfied with their employer and 28% had a personal desire for change. Of those who changed jobs in the last six months, 8% were working with their employer for more than 20 years and 26% were

only two years or under in their position. Confidence in Finding a New Job in Greece Of those surveyed locally 36.6% expect that they would be able to find a comparable job within the next six months which is a decreases since Q2 2013 (-1.6). Fear of job loss in Greece has increased to 52% in Q3, an increase of 6.5% since Q2 2013. Globally, the overall fear of job loss decreased to 22%. Greece was the only country of those surveyed that that had an increase of job loss fear.

“Ι EXPECT MY JOB REQUIREMENTS WILL BECOME MORE DEMANDING IN THE NEXT 5 YEARS.”

90%

87%

90% 81%

81%

78% 70%

67% 60%

80%

81%

78%

68%

57%

IA AK

OV SL

RE H

A DI IN

M BE

S ND LA

SP AI

Y NG

“Ι EXPECT THAT DIGITAL SKILLS WILL BECOME INCREASINGLY IMPORTANT IN MY POSITION.”

91% 85%

US A

CE EE

GA HU N

63%

Y AN

CE FR

64%

CZ EC

DA NA CA

IA AY

ST R

NA NT I GE AR

74%

71%

67%

81%

79%

IN DI A

79%

GE RM

79%

SP AI

85%

THE RANDSTAD WORKMONITOR

The Randstad Workmonitor was launched in 2003, covers 32 countries around the world, and is published four times a year, making both local and global trends in mobility regularly visible over time. The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The sample size in Greece was 405 interviews, using Survey Sampling International. Research for the third wave in 2013 was conducted between 17 July and 5 August 2013.

RM GE

IL AZ

CE GR

IN NT GE AR

While employees in countries like Denmark and Luxembourg (both at 78%) have the highest job satisfaction levels, the latest Workmonitor survey reveals employees in Greece (52%) and Hungary (49%) are the least satisfied in Europe. The job satisfaction rate in Greece has decreased 1% since Q2 2013. Outside Europe employees that are least satisfied are in Japan (44%) followed by Hong Kong (47%) and Singapore (56%).

JOB SATISFACTION

Shaping the World of Work Randstad Hellas specializes in recruitment and HR services. Our services range from permanent and temporary recruitment to other HR Solutions. End 2012 Randstad Group had approximately 29,300 corporate employees and around 4,500 branches and inhouse locations in 39 countries around the world. Randstad generated revenue of

17.1 billion Euro in 2012. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam, where options for stocks in Randstad are also traded. For more information see www.randstad.gr. Good To Know You

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 35

MARKETPLACE

Policies for Growth—

BY DR VENETIA KOUSSIA, MANAGING DIRECTOR, MANPOWERGROUP; MEMBER OF THE STEERING COMMITTEE, INSTITUTE OF ECONOMIC POLICY AND PUBLIC GOVERNANCE

TOP CHALLENGES IN UNEMPLOYMENT “AROUND THE WORLD, THERE IS GROWING RECOGNITION OF THE NEED TO STRENGTHEN POLICIES AND INVESTMENTS INVOLVING YOUNG PEOPLE… YOUTH CAN DETERMINE WHETHER THIS ERA MOVES TOWARD GREATER PERIL OR MORE POSITIVE CHANGE.”—BAN KI-MOON, SECRETARY GENERAL OF THE UNITED NATIONS

n a European level it is estimated that over 5.5 million young people are unemployed, while 7.5 million are characterised as NEETs (Not in Education, Employment or Training). In Greece, the sad Eurozone winner in terms of youth unemployment, the outlook for the medium term is worsening. The sheer magnitude of the youth unemployment challenge has been gradually penetrating people’s awareness over the last decade. Advocacy for new and more aggressive strategies, supported by the government and implemented by multi-stakeholder partnerships, to empower more people to succeed in the new economy, is also growing stronger. However, for these partnerships to be succesful, the government and policy makers need to take a broader view and address a

number of challenges, inherent in the issue of youth employability.

CHALLENGE 1 CREATING ENOUGH JOBS

We cannot help young people find jobs unless these jobs exist. And increasingly pol-

Promoting economic growth is the single most important driver for creating jobs

36 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

icymakers around the world are in agreement with labor market economists that promoting economic growth is the single most important driver for creating jobs. Models with immediate, observable impact, such as direct employment by the public sector and direct subsidies for private employment are prohibitely expensive, shorttermed and belong to the past. To promote job creation and entreprise formation and development, policy makers can take three strategic approaches: 1. Create a favorable regulatory environment for private sector investment and expansion; 2. Focus government investment on targeted skills development that supports growth of competitive and rising sectors; 3. Create an “entrepreneurial ecosystem” to promote innovation and expansion of

new small and medium-sized businesses, while at the same time controlling costs and maximizing returns in entrepreneurship programs.

CHALLENGE 2 ALIGNING SKILLS WITH JOB OPPORTUNITIES

The disconnect between job creation and skills supply is illustrated by a paradox of the current economy: a 60%+ youth unemployment rate alongside severe skills shortages and unfilled positions experienced by 38% of Greek businesses1. Talent mismatch is a structural issue, not a temporary or exceptional problem. It results, in part, from the accelerating rate of change in the global economy–making it harder for the skills supply system to keep up with rapidly changing demand. Lack of collaboration and communication, on the other hand, result to an education and training system that continues to turn out graduates whose skills are not a match for available opportunities, their level of “work-readiness” found on a much lower level than what employers need. The bottom line is that in the current labor market, lots of opportunities for business growth are not resulting in the hiring of job seekers. And many individuals seeking work find themselves without qualifications for available jobs. Solving this problem calls for several parallel strategic approaches from all stakeholders: 1. Facilitate the creation of comprehensive, real-time labor market information systems that can help market participants and market-makers balance the supply and demand for skills. 2. Convene employers and educators to create a shared, pragmatic language of skills specifications that is job-relevant and that can help coordinate training resources; create a more extensive credentialing system that recognizes job-relevant skills acquired through both formal and informal channels. 3. Improve career guidance resources for young people at all stages of the education process, and at key decision points in and out of school. 4. Improve people’s access to training that is

CHALLENGE 4 SCALING UP PROGRAMS FOR BROAD IMPACT

clearly related to employment outcomes; help young people evaluate the economic returns on degree, certificate programs and vocational training programs. 5. Support user-friendly technology platforms, such as mobile phones and texting, for the delivery of information and services to all those outside the labor market.

The most basic challenge in scaling and mainstreaming best practices is simply identifying and assembling information about succesful programs. According to the World Bank, only a small minority of projects included a measurement and evaluation component. Even when they did, evaluation methods were rarely consistent and designed to capture long term impacts. Part of the challenge is inherent in the way programs based on a partnership model are structured and organized; partnerships can be hard to build and may take a long time to learn how to work together effectively. The lessons learned may not be applicable to a different set of partners in another location. Again, the role of government in ensuring the scaling and mainstreaming of effective youth employability programs is central. The following recommendations are applicable: 1. Planning should be based on a broad, long-term consultative process; involvement by employers and young people themselves is essential. 2. It should be informed by research into existing best practices for delivering high-impact services and scaling programs 3. It should raise standards for monitoring, evaluation and documentation of project impacts. It is easy, in the midst of our deliberations over policy, to lose sight of the sheer magnitude and imminent urgency of the unemployment challenge as a whole. The issue is going to shape the economic well-being of the entire world for the next 50 years and we have a very short time window for gaining traction on it. The one thing that cannot come from debate, but has to come from a more fundamental place, is a sense of hunger to tackle this problem: to overcome institutional inertia, push past barriers, look for chances to lead and take responsibility, and insist on outcomes with high impacts.

CHALLENGE 3 LAUNCHING SUCCESFUL CAREERS

As the complexity and skills requirements of “entry-level” jobs increases in the new economy, more and more young people are shut out of first jobs with career potential; those jobs—if any—available to them risk leaving them in a low-wage trap. If policymakers want to improve young people’s participation in the workforce, and enable them to launch succesful careers, then they must help young people AND businesses overcome the “experience-needed” syndrome. In practice, the following three interventions are urgently needed to support career-oriented workforce entry for youth: 1. Facilitate the creation of employer-sponsored apprenticeship programs. Greece cannot and should not aim for a full reproduction of the highly succesful models implemented in countries such as Germany and Austria. Our multi-fragmented market requires a differentiated approach, but key elements can still apply. 2. Elevate the status of vocational training, through communication efforts targeting youth, family environment and educators. 3. Leverage the roles of labor market intermediaries by creating a favorable regulatory environment for their operation (for instance, recognize the role of Temporary Work Agencies, through alignment of law with the spirit of the EU Directive 104/2008), and helping them provide complementary services that increase access to jobs. The EU PARES (Partnership between Employment Services) strategic initiative shows the way to a collaboration model among public and private employment services that utilizes the capabilities of all partners to bring significant results.

ManpowerGroup Talent Shortage Survey 2013

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 37

GLOBAL NETWORKS

How To Finance

BY THANOS NIFOROS, CFA, MBA; LOAN & PRI ORIGINATOR, EDN, OPIC; SIGNATORY OF UN PRINCIPLES FOR RESPONSIBLE INVESTMENTS (PRI)

YOUR INTERNATIONAL PROJECTS ACCORDING THE WORLD ECONOMIC FORUM, OVER US$ 2 TRILLION DOLLARS ARE NEEDED EVERY YEAR FOR THE NEXT DECADE FOR GLOBAL INFRASTRUCTURE INVESTMENT IN ENERGY, WATER, TRANSPORTATION, TELECOMMUNICATIONS, MINING, AND MUNICIPAL SERVICE DELIVERY.

his works out annually to over $400 billion for Africa, $500 billion for Asia, $500 billion for Europe, $300 billion for South/ Central America, and $300 billion for North America. With such large amounts of money, two main key issues arise: • How will this infrastructure be financed? • How will opportunities make their way through the appropriate screening, risk assessment, and financial modeling analyses to determine financial viability? International project finance is the launch

of a new project overseas in which financial institutions provide capital in all forms—equity, mezzanine, debt and guarantees—both directly and through funds and intermediaries to fund the endeavor. International project finance investment opportunities allows for the expansion of individual industries, and entire economies, in other countries, through extensive projects that are dependant on the project cash flow and rely on sophisticated financial modeling and business structures to create the capital structure of the project

38 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

company. These structures are not widely used yet in many countries, but will become more prevalent as investors flock to emerging markets whose economies are still developing and where financing efforts involve a great deal of risk.

RISK

Risks in project finance might be high, and this can be especially true for international endeavors, and a meticulous analysis in ESG (Environmental, Social and Governmental) standards is more than a analysis approach. A business that turns to project finance relies on loans and equity extended by financiers. The guarantee for repayment is tied to the future cash flow expected to be generated exclusively from a project, even if a business is earning revenues in its separate operations. When projects are being performed in other nations, particularly emerging economies, those risks become amplified because of potential instability surrounding politics or the economy that could compromise the completion of a project. Nonetheless, international project finance contributes to the expansion of economies in developing countries. The financial institutions that become involved in international project

finance are taking on risk, with the only collateral being the assets used in the project itself. Typically, the duration for international project finance is long-term in nature. The process involves forecasting what the anticipated cash flow from a project will be and extending debt and equity financing based on those projections. Funding for international project finance might be extended by bilateral and multilateral IFIs/DFIs (international financial institutions /development finance institutions), global investment bank and development finance institutions that have an interest in sharing in the profits of a growing economy’s expansion efforts. It might also derive from a specialty financing firm that focuses exclusively on supporting international endeavors. There are segment of project developers might first raise money from other institutional investors, including pension funds and asset managers, to fund the international project finance activities. In turn, the outside investors become entitled to the profits and risk exposure that are accepted by the developer. As there are several strategies that can be used to develop a project, I usually propose the use of one or a combination of the following approaches for a project: PROJECT FINANCING If the project financing option is selected, you have to arrange project financing, which offers increased flexibility through limited recourse loans that are collateralized by a project’s assets and cash flows. Project financing could be used to finance as much as 75 percent of the project’s total cost over a term of 5-15 years. You have to seek financing support consisting of guarantees, debt and equity from Overseas Private Investment Corporation (OPIC), The International Finance Corporation (IFC) and European Developmental Financial Institutions (DFIs) such as FMO in the Netherlands and CDC in the U.K., regional DFIs such as the African Development Bank (AfDB) and various government-backed investment funds. Debt financing is generally provided on a non-recourse basis. However, limited

completion guarantees from the sponsors are required during the construction and startup period. Equity participation from government-backed sources is usually on a portfolio basis where an attractive return is being sought. IMPORT FINANCING Another strategy would be to use trade financing. You can be provided Export Credit Agency (ECA) support financing for the importation of capital equipment needed for the projects overseas. This type of financing can be structured in a shorter period of time when compared with the project finance alternative. Import financing, however, usually requires additional enhancements (i.e. guarantees) for the life of the loan instead of during a shorter completion period. POLITICAL RISK INSURANCE When appropriate, you may obtain political risk insurance from OPIC, as well as private insurers to protect the Sponsors’ and other potential equity participants’ investments overseas. Political risk insurance covers the inability to convert the local currency into dollars; loss due to expropriation, nationalization or confiscation; loss due to political violence; loss of business income due to interruption by political violence; and loss due to government breach of contract. EQUITY RAISING / STRATEGIC RELATIONSHIPS Raising money for emerging markets is a challenging task, with a number of strategic partners, both in the U.S. and overseas, to assist any project in obtaining equity from a number of sources specialized in overseas investment opportunities. All of the above should give you confidence that your international project will get the funding solution needed but more than that you will need a fully-fledged feasibility study (Market, Technical, Financial, Organizational) contains comprehensive, detailed information about your business structure, your products and services, the market, logistics of how you will actually deliver a product or service, the resources you need to make the business run efficiently.

OPIC OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.

Enterprise Development Network The Enterprise Development Network (EDN) is a strategic alliance between the Overseas Private Investment Corporation, an agency of the U.S. government, and the private sector. Through a growing network of private sector organizations, EDN greatly extends OPIC’s ability to provide financing and political risk insurance to greater numbers of Business Enterprises (ENTs) doing business in developing countries.

PRI

Launched in 2006 by UNEP Finance Initiative and the UN Global Compact, the PRI Initiative has become the leading network for investors to learn and collaborate to fulfill their commitments to responsible ownership and long-term, sustainable returns. The Principles for Responsible Investment (PRI) Initiative goal is to grow investor interest in environmental, social and corporate governance issues (ESG) to investment practices, share best practice and support signatory needs in their fulfillment of the six PRI Principles.

 Email: tn@thanosniforos.com

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 39

TOMORROW

FULBRIGHT

Empowering Future Generations FULBRIGHT IS MUCH MORE THAN A SCHOLARSHIP: IT OFFERS GRANTEES THE OPPORTUNITY TO HAVE A TRANSFORMATIVE CULTURAL AND ACADEMIC EXPERIENCE. A FULBRIGHT GRANT OPENS MANY DOORS AND PROVIDES UNPARALLELED PROFESSIONAL, EDUCATIONAL, AND NETWORKING OPPORTUNITIES ON A GLOBAL LEVEL. 40 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

A TRANSFORMATIVE EXPERIENCE

Fulbright addresses global challenges, advances knowledge, builds community, fosters mutual understanding, and empowers future generations. The Fulbright Foundation in Greece develops tomorrow’s leaders, equipped with international skills and cross-cultural capacity.

BRAIN GAIN

Fulbright scholarship recipients, following completion of their studies in the U.S., are required to return to and reside in Greece for at least two years. The home residency requirement ensures that recipients transfer valuable knowledge as well as broaden and strengthen mutual understanding.

Fulbright Scholarships and Studying in the USA FULBRIGHT PROGRAM

Established in 1946 by the visionary US Senator J. William Fulbright of Arkansas, it is the largest educational exchange scholarship program in the world, operating in more than 155 countries.

FULBRIGHT GREECE

Established in 1948 through a bi-national treaty between the United States and Greece, Fulbright Greece is a non-profit, non-political, autonomous educational organization. Support from the U.S. government secures the basis of the operation with some support from Greek government.

A FUND OF KNOWLEDGE

Fulbright remains as vibrant, innovative and relevant as it was when it was first established—2013 marks 65 years of Fulbright educational and cultural exchanges. This year’s Fulbright scholars encompass a diverse range of academic interests, from environmental studies and anthropology to civil and electrical engineering, international relations, haptic technology, law, film/cinema studies and urban design. Institutions at which scholars study include Harvard, Columbia, Johns Hopkins, Tufts, New York University, Bryn Mawr College, University of California-Berkeley, George Washington, and Northwestern. It is also the first year Greece participated in the 2013 Summer institute for European Student Leaders on Social Entrepreneurship.

FULBRIGHT SCHOLARSHIPS

For Greek and American citizens to study, lecture or conduct research in the United States and Greece, the program is highly competitive, providing merit/ need based grants to graduate students, scholars, teachers, professionals, scientists and artists.

THE MULTIPLIER EFFECT—GREEK TEACHER TRAINING

Fulbright’s Professional Development Program for Greek Educators has reached out to more than 160 educators across Greece through innovative “train the trainers” programs. Following completion of the 2010 Professional Development Program for Greek Educators at George Mason University, the Foundation is developing a country-wide educator training network through innovative “train the trainers” workshops. Curriculum includes courses in educational methods, reflective practice, action plan development, teacher leadership, multiculturalism and technology.

AN OPTIMISTIC FUTURE

“Fulbright’s work is exemplary and makes everyone optimistic about the future; it is a solid program that delivers results." — ATHANASSIOS KYRIAZIS, SECRETARY GENERAL, MINISTRY OF EDUCATION AND RELIGIOUS AFFAIRS

FULBRIGHT EDUCATIONAL ADVISING CENTERS – STUDY IN THE USA

The Centers offer accurate, comprehensive, and current information about accredited colleges and universities in the United States.

Supporting Tomorrow’s Leaders The growth of the Fulbright program relies on private and cooperative support from individuals, corporations and institutions. To learn more about how you can help develop the future leaders of Greece, contact Artemis A. Zenetou, Executive Director azenetou@fulbright.gr or Christina Paraskevopoulos, Financial Administrator cparaskevopoulos@fulbright.gr

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 41

ONE WORLD

TO SEE IN A DIFFERENT WAY

… Seeking the Ancient Kallos FINE ART PHOTOGRAPHER JOSH GARRICK WAS EXTENDED AN INVITATION TO SHOWCASE HIS WORK HIGHLIGHTING TREASURED GREEK MONUMENTS AT THE NATIONAL ARCHAEOLOGICAL MUSEUM. MR. GARRICK IS THE FIRST AMERICAN IN HISTORY TO EXHIBIT AT THE MUSEUM. THE EXHIBIT, SEEKING THE ANCIENT KALLOS, OPENED SEPT. 12 AND WILL BE SHOWN THROUGH JAN. 8, 2014.

42 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

y obsession with the illustrious history of Greece— the desire to walk where Socrates and Pericles and Phidias walked—has always been inside me. If there existed a way for us mortals to question Zeus, perhaps he could explain why I was chosen to help spread the word of the wonders of Greece. I gave up questioning why and have spent my adult life sharing my love and respect for that time – 2400 years ago – when the greatest collection of geniuses the world has ever known walked the streets of Athens. On my first youthful trip to Greece, I experienced the majesty of eagles flying over Mt. Parnassus in Delphi immediately following a thunderstorm. That happened as I arrived in Delphi for the first time, and I saw those eagles and thunderbolts as a message from Zeus himself. I was in Greece … and I was home. It was that trip that opened my eyes to the aesthetic potential of what could happen when I held a camera. From that first trip, I experienced the unique hospitality and generosity of the Greek people, and I found myself wanting to share these wonders. I wanted my viewers to see the statues I loved as ‘living and breathing’ in their contemporary temples called museums, and I wanted all of America to see what I loved so deeply. The first stop on my trips would always be the National Archaeological Museum for the obvious reason that there is no other museum in the world that so exemplifies the

to Greece, and I reference Thales who reminded us that even when all else is gone, we still have hope. Please know that my photos are here to honor Greece’s priceless gift to the world. It is my sincere desire to help the people of Greece reach deep into Pandora’s fabled box and pull out hope. Please join me. Please ‘see in a different way,’ and proudly recall the reasons why Greece will always have the wealth of its history to

birth and progression of the art of Western Civilization. As the great Ansel Adams said, “All the pictures I’ve done were done because I was there.” I am so happy that “I was there.” From Patras to Methoni and from the hills surrounding Sparti to the monasteries of Chalkidiki, I’ve sought “the inspired moment” throughout your country. As the world descends into ‘leadership’ by those who place undue emphasis on the Euro or the Dollar or the Pound, it is more important than ever to understand the inestimable ‘wealth’ of Greece. My ‘work’ is to photograph these treasures, which I now print on aluminum, and hopefully provide ‘a new way of seeing’ them. Hopefully my photographs persuade those who view my work to recognize – and value – the cultural legacy that began in Athens. It is the greatest honor of my life to bring my work

“The aim of Art is to represent not the outward appearance of things, but their inward significance.” —ARISTOTLE

exhibit and share with the world. I humbly submit these photographs, and in doing so, I ask each of us to reflect and understand how very different our lives would be today if Athens had not been “the school to the world” over 2400 years ago. JOSH GARRICK

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 43

@ FO IN

B2B

completeness, updated status, relevance, consistency across data sources, reliability, appropriate presentation and accessibility. Some of the examples of the uses of business analytics are exploring of data to look for new patterns and relationships or data mining, clarifying why certain results transpired or statistical analysis or quantitative analysis, experimenting to test earlier decisions or A/B testing or multivariate testing and forecasting future results or predictive modeling or predictive analytics. As soon as the business goal of the analysis is determined, an analysis methodology is carefully chosen and data is obtained to back up the analysis. Extraction from one or more business system, cleansing and integration into a single repository like a data warehouse or data mart are often involved in data acquisition and

Business analytics is the practice of iterative or repetitious, methodical exploration of an organization’s data and they center on coming up with new perceptions and understanding of business performances with an emphasis on statistical analysis. Companies use business analytics that are committed to data-driven decision making which can be used as input for human decisions or may drive fully automated decisions. Business analytics is used to increase insights that enlighten business decisions and can be used to systematize and enhance business processes. Companies that are data-driven treat their data as an asset and leverage it for competitive lead. Successful business analytics depend on data quality – an assessment of the data’s fitness to serve its purpose in any given context, the aspects of which include accuracy,

CH AM

Business Analytics

the analysis is normally done on a smaller sample set of data. The analytic tools used are usually spreadsheets, statistical functions to complex data mining and predictive modeling applications. As patterns and relationships are revealed, new questions arise and the analytical process is reiterated until the goal of the business is met. Placement of predictive models includes scoring data records which are typically in a database and making use of the scores to boost real-time decisions within applications and business processes. Business analytics or BA likewise supports strategic decision making as a response to unpredicted happenings. In most cases, the decision making is programmed to support real-time responses.  http://www.businessanalytics.com/

Dining: For Business and Pleasure AGORASTOS

Getting it Right It’s wonderful to come across an inventive, fresh menu. Better yet when it is executed with finesse in a welcoming environment. At Agorastos in Halandri, chef Dimitris Agorastos combines his personal interpretation of Mediterranean cuisine with a background that includes stints in Germany, France and Italy. How about a crab moussaka for starters? Or fried cuttlefish with its ink and fresh ginger? Shrimp yiouvestsi with truffle flavor or kid meatballs on the grill with fava and herb pesto? Yes, such an inventive approach while staying within the bounds of “don’t touch my comfort food” is what makes Agorastos so popular—and so ideal for a business lunch or dinner. The airy

dining room with plenty of wood is offset by dark grey tones on the walls and seating— a alternative to all-to-often high-tech design. Outdoor seating is also available. But back to the food. Although meat is well represented, with an entrecote or flap back of black angus beef, or homemade pita with rabbit, porcini, and trahanas, it’s seafood that takes center stage.

44 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

Linguine with fresh lobster, filet of John Dory with broccoli, celery and white asparagus, or grilled squid with celery root puree and truffle oil are welcome with open appetites. And displaying a keen understanding of local possibilities, the kitchen offers blue fin tuna from Mount Athos with mushrooms, asparagus, and fresh cilantro, as well as risotto with bits of barbouni, thyme, small black tomatoes, and clams. Desserts change with the season, can be sinful, and a small, well-designed and reasonable wine list is represented by Greek vineyards. All in all, Agorastos gets it right. Agorastos Eleftherias Square, Halandri Tel 201 661 7353

The Business Bookshelf

Overbooked

Jargonaut

THE EXPLODING BUSINESS OF TRAVEL AND TOURISM

AGREEANCE

BY ELIZABETH BECKER, SIMON AND SCHUSTER

This term is a spin off of “agreement”. It was created because it sounds more important and official, and now is a common word used in the industry and corporate world.

THE LIST

BY TRAVELOGUE

Tourism, fast becoming the largest global business, employs one out of twelve persons and produces $6.5 trillion of the world’s economy. In a groundbreaking book, Elizabeth Becker uncovers how what was once a hobby has become a colossal enterprise with profound impact on countries, the environment, and cultural heritage. This invisible industry exploded at the end of the Cold War. In 2012 the number of tourists traveling the world reached one billion. Elizabeth Becker travels the world to take the measure of the business: France invented the travel business and is still its leader; Venice is expiring of over-tourism. In Cambodia, tourists crawl over the temples of Angkor, jeopardizing precious cultural sites. Costa Rica rejected raising cattle for American fast-food restaurants to protect their wilderness for the more lucrative field of eco-tourism. Dubai has transformed a patch of desert in the Arabian Gulf into a mammoth shopping mall. Africa’s safaris are thriving, even as its wildlife is threatened by foreign poachers. China, the giant, is at last inviting tourists and sending its own out in droves. The United States, which invented some of the best of tourism, has lost its edge due. Becker reveals travel as product. Seeing the tourism industry from the inside out, through her eyes and ears, we experience a dizzying range of travel options though very few quiet getaways.

COLD TRANSFER Office slang for an incoming phone call transferred without notice or explanation from the transferring party.

FLOATER An online ad format that is transparent and appears over a Web page.

GRABBER HAND The hand icon that replaces the mouse cursor when you move selected text or graphics from one place to another

INTRAPRENEUR Slang for the entrepreneur within.

MEGA MENU Often used on e-commerce or large scale websites, mega menus are a popular method for displaying a lot of content in a dropdown menu while keeping a clean layout.

ORPHAN ANNIE

TOP 10 TRADITIONAL VILLAGES IN GREECE

The name for a Web page that has been abandoned but still remains online.

BY ANDREAS STYLIANOPOULOS PRESIDENT, NAVIGATOR TRAVEL & TOURIST SERVICES LTD

Villages have been the mainstay of Greece’s social fabric for centuries and today most Greeks return to their ancestral village at least once a year. Palaios Panteleimonas, Pieria PALAIOS PANTELEIMONAS

TOURISTS

Monemvasia, Peloponnese

People who take training classes just to get a vacation from their jobs.

Feneos, Korinth

WORM

Rapsani, Larissa

Known primarily as a virus, it is a computer program that can replicate itself.

Plastiras Lake, Karditsa Metsovo, Ioannina Dimitsana, Peloponnese DIMITSANA

In terms of a percentage of the total possible audience, it’s the audience you successfully attracted to your Web site with an online ad campaign or interactive marketing promotion.

Zagorochoria, Ioannina

Makrinitsa, Volos

ZAGOROCHORIA

REACH

Stemnitsa, Arkadia

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 45

TRENDS & TRADE MAKERS

Reaching U.S. Publishers— The Frankfurt Book Fair With around 7,300 exhibitors from more than 100 countries, and a throng of 276,000 visitors, the Frankfurt Book Fair is the biggest book and media fair in the world. And it is an ideal venue where Greek publishers may meet their counterparts from the United States—to promote Greek authors to American readers and to acquire of U.S. publications for the Greek market. The United States, at the 2013 Frankfurt Book Fair held October 9-13, was represented by 589 exhibitors, who are eager to discover new authors as well as promote U.S. books to an international audience. The impressive trade show hosts more than 3,500 events and is an ideal venue to learn about new trends, engage in training and development, and meet and network with colleagues from around the world. Next year’s Frankfurt Book Fair is to be held October 8-12, 2014. For more information about meeting U.S. publishers contact the U.S. Foreign Commercial Service in Athens.

GoGreek Yogurt Goes to Beverly Hills GoGreek Yogurt, Los Angeles’ first Greek yogurt franchise, opened in Beverly Hills, California. The renovated retail space features bleached cement floors, walls made of natural elements, like stone and glass, Mediterranean tiles and Greek marble. Go Greek is a quick stop shop serving actual yogurt from Greece. The menu offers four main options: yogurt in a parfait (served in a terra cotta pot), togo (in a jar), topped with fresh fruits and nuts, and frozen. The shop has created parfaits that speak to a health conscious clientele: Yogurt topped with a sour grape compote is said to power up weight loss; one topped with rose jam is meant to tone skin. Go Greek is examining expansion.

Heaven and Earth in Washington D.C. “Heaven and Earth: Art of Byzantium from Greek Collections,” will be on display at the National Gallery in Washington DC until March 2, 2014. This major exhibition is the result of a collaboration between the Greek Ministry of Culture, the Benaki Museum in Athens and the J. Paul Getty Museum in Los Angeles, where it will be on display from April to August 2014. Heaven and Earth: Art of Byzantium from Greek Collections features mosaics, icons, manuscripts, jewelry and ceramics that reflect the rich Byzantine civilization. The pieces belong to public and private Greek collections, as well as from findings dated to the period 330-1453 AD unearthed during recent excavations.

46 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2013

Santorini’s Crazy Donkey Now in the United States In October 2013, Santorini Brewing Co exported its first batch of Crazy Donkey India Pale Ale (IPA) into the US through NY- based Athenee Importers, the country’s oldest family-owned importer of premium alcoholic beverages from Greece into the US. Crazy Donkey is Greece’s first IPA and is produced with five kinds of hops, including Motueka from New Zealand and Carcade from Oregon. The beer has 6.5% alcohol by volume and an IBU (measure of bitternes) of 50, on a scale of 1-100. Crazy Donkey is sold in 750 ml glass bottles and retails for approximately $35-$40 a bottle. Crazy Donkey will be available in the United States in small quantities (less than 100 cases per shipment) throughout the winter months. Due to high local demand, the brewery will not export beer during the tourist season.  www.santorinibrewingcompany.gr

FOUR (PLUS ONE) GREAT PLACES TO WORK IN GREECE Great Place to Work announced the top 25 multinational companies on its annual international World’s Best Multinational Workplaces 2013 list. Among the top 25 are four Greek companies: Microsoft, Diageo Hellas, MARS Hellas and Novartis Hellas. SAS Institute in Greece is distinguished first in category of 20-49 employees of the List Best Workplaces in Greece. But it is not included in the global list, since it employs less than 50 people.

W THE BEST TALKS ON THE WEB

The Long Now Foundation http://longnow.org/ Impressive resources on long-term thinking in a short-term world The Rocky Mountain Institute http://www.rmi.org/ Using the approach of natural capitalism to impact a new future in energy and sustainability TED Talks http://www.ted.com/talks Thousands of talks on hundreds of topics, to inspire, challenge, and inform

WINE & SPIRITS AWARDS 3 GREEK WINERIES

Milkin Institute Summit http://www.milkeninstitute.org/london/index.taf?ref=mihp Videos of institute lectures on current challenges

Wine & Spirits magazine held its Top 100 Tasting Event in San Francisco on October 15, honoring those wineries from around the world that delivered the best overall performances in W&S tastings throughout the year. Among the wineries selected were Alpha Estate, Estate Argyros, and Boutari from Greece. The “Wineries of the Year” are profiled in the Winter issue of Wine & Spirits.

E.U. T REtheCimplemenThe main objective is to balance the timetable of fiscal consolidation DIwith The priorities of the 2014 Greek Presidency of the Council of the EU: 1. Growth-Jobs-Cohesion

tation of a substantially enhanced and realistic Compact for Growth and Jobs that can be transformed into a diverse European investment program, modeled after the cohesion policy, with a focus on employment. 2. Further integration of EU-Eurozone

a) The promotion of the banking union. b) A greement on the principles of the reinforced budgetary and economic integration frameworks. c) Special emphasis will be attached to the social dimension of the EMU, as one of the pillars for its further deepening. 3. Migration-Borders-Mobility

The Greek Presidency will concentrate its efforts on highlighting the positive aspects of a comprehensive migration management to the benefit of boosting growth and will spare no efforts in promoting all dimensions of migration and mobility policies. 4. Maritime Policies

Τhe main idea is to redefine and restart the EU Maritime Policy in all its aspects, not solely confined to issues of growth and development (Limassol declaration).

Endeavor: One Year of Entrepreneurship Support Endeavor completed one year of operations in Greece and at its anniversary event, held November 5 at the Athens Concert Hall, attracted more than 200 representatives of the country’s business and academic society. Endeavor Greece Chairman, Michael Chandris, presented Endeavor’s mission to support entrepreneurship as leverage for job creation and growth in Greece, the first European affiliate of Endeavor. Endeavor Greece Managing Director, Haris Makryniotis, presented the recent Endeavor Greece report on entrepreneurship and investment opportunities in Greece today. Among others, he referred to the need of transforming the country’s growth model and capturing competitive advantages.

NOVEMBER-DECEMBER 2013 | BUSINESS PARTNERS | 47

VIEWPOINT BY SETH GODIN

Every Presentation Worth Doing Has Just One Purpose TO MAKE A CHANGE HAPPEN.

No change, no point. A presentation that doesn’t seek to make change is a waste of time and energy. Before you start working on your presentation, the two-part question to answer is, “who will be changed by this work, and what is the change I seek?” The answer can be dramatic, “I want this six million dollar project approved.”   More likely, it can be subtle, “I want Bob to respect me more than he does.” Most often, it’s, “I want to start a process

that leads to action.” If all you’re hoping for is to survive the ordeal, or to amuse and delight the crowd, then you’re not making a presentation, you’re simply an entertainer, or worse, wasting people’s time.   Change, of course, opens doors, it creates possibilities and it’s fraught with danger and apparent risk. Much easier to deny this than it is to embrace it. Every element of your presentation (the room, the attendees, the length, the tone) exists for just one reason: to make it more

Seth Godin writes about the post-industrial revolution, the way ideas spread, marketing, quitting, leadership and most of all, changing everything. IF ALL YOU'RE HOPING FOR IS TO SURVIVE THE ORDEAL, OR TO AMUSE AND DELIGHT THE CROWD, THEN YOU'RE NOT MAKING A PRESENTATION, YOU'RE SIMPLY AN ENTERTAINER, OR WORSE, WASTING PEOPLE'S TIME.   likely that you will achieve the change you seek. If it doesn’t do that, replace it with something that does. And of course, you can’t change everyone the same way at the same time. One more reason to carefully curate your audience with your intent in mind. If you fail to make change, you’ve failed. If you do make change, you’ve opened the possibility you’ll be responsible for a bad decision or part of a project that doesn’t work. No wonder it’s frightening and far easier to just do a lousy presentation. But you won’t. Because the change matters.  http://sethgodin.typepad.com/seths_blog/

THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

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 2013

http://bponline.amcham.gr