FIRST AIRED: May 4, 2018

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
>> 25-year-old Stavros Stompanitas saw his idea for a new Greek business in a pile of seagrass. Take the dead leaves and recycle it into sunglasses, phone cases, and other stuff.
SOUND] T
at was four years ago. Now his company, Phee, is part of a new wave of startups emerging from the ashes of Greece's economic crisis.
00:00:24
And for one reason, pure necessity.>> They're standing on their sofas and telling there are no works, I can't work. Everything is in our mind. We'll have to tax and if we don't tax, in the next five years we will be telling the same things that Greece is not going well.
00:00:44
>> In a place where roughly one in five people are unemployed, many have been forced to think outside the box to pay their bills. And it's showing. There's no official registry of start ups in Greece, but private databases suggest the number is somewhere between 600 and 1100. Go back just eight years ago, and the largest count Reuters could find was a mere 16.
00:01:06
One venture capital investor told us that when his firm started networking events in 2008, only 12 people showed up. Now, it's up to 300. Bureaucracy and red tape continues to be a common sighted problem for new firms though. These are the offices of ex machina another start up.
00:01:25
They make predictive and analytical software for industries sensitive to weather patterns. They count one of Greece's biggest energy firms as a client. But when they started it took them three months just to open a bank account. Which means they couldn't be paid.>> We want to be in our country, you want to try and make it here and I don't know if I should say this.
00:01:45
But just so you can say it, yes damn it I can.>> Over 200,000 young Greeks have left for richer shores since 2008.