SHIFT-HUB Entrepreneurial Discovery Workshop: Exploring Central Macedonia’s Opportunities for Smart Health

Existing Regional Initiatives and Services

The discussions began with an exploration of the services and support provided by the panellists’ institutions to digital health start-ups and SMEs in Thessaloniki. The panellists shared their experiences with public funding and highlighted the specific needs and challenges faced by start-ups and healthcare professionals in the region.

Status of the Thessaloniki Ecosystem

The dialogue revealed that the local ecosystem in Thessaloniki is still in a maturing phase and is facing a number of challenges. Key issues identified include a lack of networking opportunities and missing pre-seed funding opportunities to support start-ups in the early stages of developing new ideas. Panellists emphasised the need to create a win-win-win ecosystem where investors, founders, and researchers can all benefit.

Investors typically seek early exits and need confidence that their investments will lead to successful outcomes within a reasonable timeframe. Currently, Thessaloniki has many promising start-ups, but lacks robust exit strategies, leading to difficulties in attracting investors. Educating investors to better understand and accurately calculate risks is crucial to enable them to make informed pre-seed funding decisions. A comprehensive ecosystem addresses this by providing resources and training for investors to help them navigate the complexities of startup investing. In addition, specialised sectorial ecosystems, divided into areas such as agriculture, health and marine, allow investors to focus on specific sectorial challenges. This specialisation enables them to better understand the unique needs, risks and opportunities within different sectors, leading them to make more informed and strategic investment decisions.

Conversely, start-ups need funding and market access to turn their ideas into reality. In a robust ecosystem, they have easy access to a network of investors who provide not only capital, but also mentorship and strategic guidance. This support helps founders navigate the complex path from idea to market, increasing their chances of success. Additionally, a well-developed ecosystem provides networking opportunities with other entrepreneurs, potential customers and industry experts, fostering collaborations that can accelerate growth.

Researchers and developers want to see their ideas implemented successfully and efficiently. In an ecosystem rich in start-ups and investment, researchers are more likely to find partners who can support the commercialisation of their innovations. Collaboration between academic institutions and industry players ensures that research is aligned with market needs, increasing the relevance and impact of scientific advances. Researchers also benefit from a feedback loop in which real-world applications inform ongoing research, leading to continuous improvement and innovation.

Moreover, panellists expressed that they don’t see the regional government as ideally equipped to support start-ups and SMEs effectively. They advocated for more government-facilitated networking opportunities to connect start-ups with potential partners, supporters, and investors. National funding should focus more on supporting start-ups in the early-development phases rather than rewarding them only after they have developed an idea or technology. This approach would prevent the current funding gap, where start-ups often receive financial support too late, leaving them underdeveloped for private funding opportunities closer to the market entry.

In addition, the panellists believe that the Thessaloniki ecosystem lacks critical mass, referring to a sufficient number of institutions, organisations and resources needed to drive substantial growth, collaboration and progress. hese actors are essential for sharing knowledge, services, and resources, which help the ecosystem grow and attract investors. Without reaching this critical mass, it is challenging for startups to gain the traction needed to scale and succeed in the competitive market. Panellists suggested the creation of a unified Greek ecosystem instead of multiple regional ones to enhance the development of different regions. Currently, most funds are concentrated around Athens. By unifying the regional ecosystems, the support structure can become more robust and widespread, fostering growth across all regions.

In response to a question from the audience, the discussion broadened to include the broader European context and cultural differences compared to the US start-up scene. The panellists stressed the importance of Europe investing more in R&D, strengthening its patent systems and collaborating across Europe to achieve critical mass and demonstrate market viability for innovative solutions.