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ALBA GRADUATE BUSINESS SCHOOLAT THE AMERICAN COLLEGE OF GREECE

Business unusual , ALBA GraduateBusiness School at The American College of Greece , , , . Executive MBA The ALBA MB MBA in Banking ( - ) MBA in Shipping MSc in Shipping Managemenet MSc in Finance MSc in Risk Management MSc in Marketing MSc in StrategicHuman Resources Management MSc in Business for Lawyers Double Masters forLawyers ( University of Reading, School of Law) MSc in Inter-national Business and Management MSc in International Shipping and Finance ( University of Reading) MSc in Entrepreneurship MSc in TourismManagement - , The Association of MBAs(AMBA) European Foundation for Management Development (EFMD/EPAS). , ALBA, - , , . ALBA - - , : Career Coaching career panels - ., ALBA Career Forum 150 - .

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ALBA , . , ALBA - -. - ALBA, .Executive Education ALBA - . , ALBA Executive Development 900 9.500 , management, mini MBAs, . , ALBA Executive Development - , - . ALBA, , , (, , -) / , - . 20, , , - 100 . , ALBA - (, , ..) - . ALBA ALBA Hub for Enterprise and Development (AHEAD) - ALBA. - . , .

ALBA Graduate Business School at The American College of Greece 6-8, 115 28 , .:210 8964531, Fax.: 210 8964737, wwwwww..aallbbaa..eedduu..ggrr64

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IST - INDEPENDENTSCIENCE & TECHNOLOGY COLLEGE IST 1989 , - . - University of Hertfordshire, London South Bank University, University of London International Programmes ESDES School of Management of the Catholic University of Lyon, IST - , SupportedDistance Learning , - & , - : & , - - & . IST, , , - -, , busi-ness facing. , , - , (.. -, , , , , - Crazy Business Ideas). IST , , - (EBEA), (), , (). - -. IST - . IST - ISO 9001:2008 - , , Quality Assurance Agency (QAA) British Ac-creditation Council for Higher and Further Education (BAC) M. . 2003, IST -, 9.500 .., - .

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: ESDES School of Management of the Catholic University of Lyon (France) Bachelor in International Business London South Bank University (UK):MBA (Master in Business Administration)BSc (Honours) Business Management BA (Honours) Accounting & FinanceBSc (Honours) Business Information Technology BSc (Honours) Computing BSc (Honours) Web DevelopmentUniversity of London International Programmes (UK): University of London, - University of Lon-don IST, * :a) London School of Economics and Political Science (LSE)BSc (Honours) Accounting and FinanceBSc (Honours) Politics and International RelationsPostgraduate Diploma in Bankingb) Royal HollowayBSc (Honours) Business Administrationc) GoldsmithsBSc (Honours) Computing and Information Systems* University of London In-ternational Programmes . , - .

University of Hertfordshire (UK):BSc (Honours) Dietetics BSc (Honours) Physiotherapy BSc (Honours) Computer ScienceBSc (Honours) Information TechnologyBSc (Honours) Business AdministrationMSc Computer Science MSc Software EngineeringMSc Distributed Systems and NetworksMSc e-Learning Technology : 72, 18346, : 210 4822222, Fax: 210 4821850E-mail: info@ist.edu.gr, Web: www.ist.gr

66

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. 3391/2005, . - . - : ** (Executive MBA) (MSc in Management) (MSc in Banking and Finance) (MSc in Sustainable Development)* Specialisation Streams: Sustainable Strategies | Sustainable Tourism ** (MSc in Strategic Product Design) ** (LL.M. in Transnational and European Commercial Law and Al-ternative Dispute Resolution) .. (MA in Black Sea Cultural Studies) ,, ** (MA in Art, Law and Economy) (MSc in Energy Systems) Specialisation Streams: Energy Management | Renewable Energy (MSc in Informationand Communication Technology (ICT) Systems) (full-time) (part time). 2014. Executive MBA 2015.* , .

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AEGEAN AIRLINES

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: Acemoglu, D., S. Johnson and J. a. Robinson (2001), Reversal of Fortune: Geographyand Institutions in the Making of the Modern World Income Distribution. Cho H-J. and V. Pucik (2005). Relationship between innovativeness, quality, growth,profitability, and market value, Strategic Management Journal, 26, pp.555-575. European Commission (2009), Competitiveness Developments within the Euro Area,European Commission, Quarterly Report on the Euro Area, vol. 8, No. 1. Klaus Schwab, Xavier Sala-i-Martn (2013), The Global Competitiveness Report 2013-2014, World Economic Forum, pp. 198-199. Madhok, A. (2010), Acquisitions as entrepreneurship: Internationalization, acquisitionsand multinationals from emerging countries, Working Paper, Schulich School of Business,York Univ., Canada. OECD (2013), Competition Assessment of Laws and Regulations in Greece, OECD Com-petition Assessment Reviews: Greece. Tim Cooper, Matthew Robinson (2014), Remaking Customer Markets. Unlocking gro-wth with digital, Accenture Customer Markets Study 2014. UNCTAD, (2013), Global Value Chains: Investment and Trade for Development, WorldInvestment Report 2013, pp. 213-214.

: (2013), . () (2014), - 4/13, . 74. , . (2009), : - . McKinsey&Company, Athens Office (2011), 10 , - . . (2012), .

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2. Durand, Martine, and Claude Giorno. "Indicators of International Competitiveness: Con-ceptual Aspects and Evaluation"3. E. Carayannis E. Grigoroudis. Linking Innovation, Productivity, and Competitiveness:Implications for Policy and Practice4. . " 2013"5. Garelli, Stephane Competitiveness of Nations: The Fundamentals 6. Green Ship Technology Book | EMEC Green Technology." Green Ship Technology Book| EMEC Green Technology. Apr. 20107. McKinsey&Company, Athens Office. H 10 8. Schwab, Klaus. The Global Competitiveness Report 20132014 Full Edition. Rep. N.p.:World Economic Forum9. . N.p.: 10. , . - . N.p.: 11. The Boston Consulting Group. " : "

12. http://www.tovima.gr/finance/article/?aid=56531713. http://altertourism.gr/morfes-tourismou/lista-thematikon-morfon-tourismou-kai-drastiriotitwn14. http://www.investingreece.gov.gr/default.asp?pid=36&sectorID=47&la=2

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1. Schwab Klaus, et al. The Global Competitiveness Report 2013-2014. 2013. p. 4.2. http://www.capital.gr/Articles.asp?id=19585553. http://www.eliamep.gr/wp-content/uploads/2013/05/Fortsakis_Speech.pdf

( . 2-3)4. 1 .5. 2 .6. http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language

=en&pcode=t2020_207. 3 .8. http://www.kathimerini.gr/553195/opinion/epikairothta/politikh/iatrikos-toyrismos-

to-megalo-stoixhma9. 4 .10. 5 .11. 6 .

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11. Schneider Friedrich & Williams Colin C., 2013. The shadow economy. London: TheInstitute of Economic Affairs. [pdf]. : http://www.iea.org.uk/publica-tions/research/the-shadow-economy/12. Schwab Klaus, et al. The Global Competitiveness Report 2013-2014.2013 []. : http://www.weforum.org/issues/global-competitiveness13. Smith Mark, 2012. A Decade of Research at Ventana Research. :http://marksmith.ventanaresearch.com/2012/11/16/a-decade-of-research-at-ventana-research/.14. United nations conference on trade and development, 2012. World Investment Re-port 2012. [pdf]. : http://unctad.org/en/PublicationsLibrary/wir2012_em-bargoed_en.pdf15. United nations conference on trade and development,2013.World Investment Report2013. [pdf]. : http://unctad.org/en/publicationslibrary/wir2013_en.pdf16. Van der Hoeven, Maria,2013.Medium-Term Renewable Energy Market Report 2013.[pdf]. : https://www.iea.org/topics/renewables/medium-termrenewableenergymarketreport/17. Waste Management Inc., 2012. Embracing the zero waste challenge-SustainabiltyReport 2012. [pdf]. : https://www.wm.com/sustainability/pdfs/2012_Su-stainability_Report.pdf.18. , -[pdf]. :http://www.ekke.gr/estia/gr_pages/Piges/Apotelesmata%20new/Aggelidis-proopti-kes.pdf19. , 2012. . [pdf]. : http://logistics-congress.boussiasconfe-rences.gr/default.asp?pid=23&la=1&pwID=235.20. , 2012. : . [pdf]. : www.helexpo.gr/inst/helexpo/gallery/.../03.%20.pdf.21. , 2012. . : http://www.capital.gr/news.asp?id=1509442.22. et al., 2012. . - . [pdf]. : http://www.grh-otels.gr/GR/BussinessInfo/News/Lists/List/Attachments/360/MEDICAL%20TOURISM%20FINAL%20ALL.pdf23. , 2014. 2020 , . [pdf]. : http://ec.eu-ropa.eu/europe2020/europe-2020-in-a-nutshell/index_el.htm.24. , 2012. logi-stics: . . [pdf]. : http://logistics-con-gress.boussiasconferences.gr/default.asp?pid=23&la=1&pwID=235

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25. , ... [pdf]. : http://62.1.43.74/5Ek-dosis/UplPDFs/syllogikostomos/20-e%20MALLIAROPOULOS%20359-376.pdf26. ,, 2013. : - 2020. [ppt]. :http://ec.europa.eu/greece/events/20131210_el.htm.27. , . [pdf]. - : http://www.accessibletourism.org/resources/enat_athens_workshop_patsoules.pdf28. . & Figueira M., 2013. Science, technology and innovation in Europe-2013 edition. [ ]. :http://epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-GN-13-00129. , 2012. logistics . [pdf]. : http://logistics-congress.boussiasconferences.gr/default.asp?pid=23&la=1&pwID=23530. . & ., 2011. - -. [pdf]. : http://www.neagenia.gr/appdata / - / /5. /5.6 - .pdf

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AAbbssttrraacctt:: This essay deals with the problem of low competitiveness of Greece as a Balkanregion country and it moreover analyses the Greek prospects of being transferred to a lead-ing innovation country. Nowadays, Greece is faced with the most serious economic prob-lem in its history and this crisis seems to be the consequence of a series of failures and scan-dals. The main goal of this essay is to identify through the competition data which are themost competitive countries in Balkans and attire Foreign Direct Investment (FDI) and com-ment on the reasons why competition cannot flourish in Greece today. Moreover, competitionand innovation act as communicative vessels and as a result, the innovation profile of Greecewill be examined in this essay. The essay concludes with proposing measures which canameliorate the competitive rates of Greece in edge technology.

Introduction

Globalisation has affected every aspect of our lives; means of transport, telecommunica-tions, science, culture and, of course, economy. The free movement of goods, the free move-ment of capital and the advancement of technology has shaped a new world in economyand as a result, the governments have made great efforts to be adjusted in the new busi-ness environment, respond to the challenges and gain the competition. The key componentin this view is competitiveness. The World Economic Forum has defined the term of com-petitiveness as the set of institutions, policies, and factors that determine the level of pro-ductivity of a country1. The productivity of a country is very important due to the fact thatit ensures the level of prosperity in a country and is an indirect sing of the income that cit-izens could earn in this country2. Productivity is not only a sing of citizens prosperity butalso a factor which can attract foreign direct investments (FDI). It is reasonable that busi-nessmen would like to invest their capital in countries where competitiveness and produc-tivity are high in order to augment their profits easily.

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Nowadays, Greece has mainly developed the third sector of economy (services) andas a result, the first sector (agriculture) and the second one (industry) have been neglect-ed for a long time. It is true that Greece experienced a deindustrialization crisis3. Thus, theadverse economic climate in combination with the political ambivalence dissuaded any in-vestors to start any kind of business in Greece. The accession to EU and EMU filled the Greekswith optimism since Europe granted funds and policies were implemented in order to toneup the competitiveness in Greece. But, the problems were not only economic. Problems suchas corruption, institutions and labour market are the main factors that contributed to weakperformance in competitiveness in Greece. These problems came in the surface when thedomino of global economic crisis affected Greek economy too.

Greece is a Balkan country and many investors prefer to start business in the rest ofthe Balkan Peninsula countries except of Greece due to problems detected in Greek busi-ness environment. Which are the strong elements of the other Balkan countries and whichare the weaknesses of Greece that lead businessmen to invest in other Balkan region coun-tries? How Greece can attire the interest of investors in investing their capital in edge tech-nology? In order to answer these questions, the Global Competitiveness Index (GCI) willbe mainly used and the Global Innovation Index will be a vital tool to our research. There-fore, in the first chapter the comparison between Balkan states will be exposed, in the sec-ond chapter the reasons why Greece is not a competitive country will be detected and thethird chapter will analyse the methods that could help Greece to be more competitive onedge technology. The fourth chapter will indicate the methods that businessmen should fol-low so as to make good use of European funds in case of establishing innovative enter-prises. The conclusion will summarize the aforementioned.

Main part

1. Regional analysis

After the hit of the economic crisis in 2009, the Greek business environment and the po-litical scenery were disturbed. As a consequence, the investors have turned their eyes inother Balkan countries in order to invest. The most crucial element is the shift of Greek en-terprises in neighbouring countries so as to avoid the adverse consequences of the crisis.

Bosnia and Herzegovina have been the worse performer since access to financing isdifficult, instability characterises the government and its policies and finally, the tax rateis high enough. Moreover, Albania has been a weak performer for two consecutive yearssince corruption prevails, the access in financing is difficult and the non well-organised bu-reaucracy has dissuaded the investors. Except of these pessimist trends, Slovenia has reg-istered a very optimistic performance in period 2008-2012 and then Turkey has emergedas a powerful player in the region.

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Slovenia has enjoyed the top of competitiveness for four years on the grounds that a verystrong institutional framework is available and it can protect the intellectual property and busi-nesses which are keen on securing their patents. Slovenia is in the 42nd position among 148countries in the domain of intellectual property protection. Slovenian macroeconomic environmentis very attractive due to the fact that Slovenia managed to diminish the inflation and it was thefirst country among 148 which achieved to do so. Finally, trade tariffs and the numbers of pro-cedures which are necessary to start a business are not the obstacles. Technological readinessis very inspiring too since latest technology exists in Slovenia and it climbed in 39th positionin 2013. This is the reason why Slovenia is occupied with heavy machinery production, phar-maceuticals, software and videogames development. Turkey has registered good progress incompetitiveness too on the grounds that it gave emphasis to intellectual property rights, it hasestablished strong foundations in business sophistication and innovation matters and finally thestart up of a business is easier in Turkey nowadays than in Greece.

Overall, investors prefer to make businesses in other Balkan countries except of Greece,since the time for establishing a business is very limited and taxation is not so high. Forexample, FYROM is a paradise for investors since 2 days are enough in order to set up abusiness. In the area of taxation, Albania has allowed the corporate income tax to be paidquarterly4.

The reasons why investors prefer other Balkan countries for starting a business revealsthe weaknesses of Greece in some domains and it helps Greece to recover and orient itspolicy towards a more innovative driven economy.

2. The reasons why Greece is not competitive

Greece is not such a competitive country like Slovenia or Turkey and the reasons are nu-merous. The most peculiar phenomenon is the abundance in Human Capital & Researchwhich Greece has enjoyed and the low competitiveness profile. According to Global In-novation Index 2013, Greece has been ranked in a satisfactory position in school life ex-pectancy (17/142 economies). Furthermore, in the tertiary education domain, Greece hasclimbed in 5th position because the tertiary enrolment rates are high enough and the grad-uates in science and engineering are many (27.5% of the graduates).

The dark side of the moon is corruption, bureaucracy, taxation and fiscal deficit, andthese factors discourage the investors to be settled in Greece. First of all, corruption is highin Greece and our country has ranked in the 80th position out of 177 countries in corruption5.Bureaucracy is another problem which afflicts the investors and it can also contribute tocorruption as there are time-consuming procedures and bribery may emerge in order todetour some difficult procedures. Moreover, the taxation is heavy in our country and theTotal Tax rate has amounted to 44.6% of profit and as a result, Greece is not a friendlycountry to invest. Apart from corruption, red tape procedures and taxation, macroeconomic

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conditions are not suitable to attract investors. Fiscal deficit and inflation are serious prob-lems which governments should fight against them. Greek inflation problem was eradicatedsince inflation has amounted to 0.9% in 2013 according to Eurostat, but on the other hand,the high fiscal deficit of Greece is a thorn in businesses because governments cannot re-act effectively to business cycles if it has not been faced to such a problem.

3. The methods that improve the Greek competitiveness in edge technology

The aforementioned arguments set obstacles to adoption of industry in edge technologybusiness activities. If we compare Greece with the other European countries, we will un-derstand that Greece is a moderate innovator and both Switzerland and Sweden hold thereigns in innovation since they are considered to be the innovation leaders in Europe.

The second crucial element of this article is the edge technology. But, what do we meanby edge technology? There are domains which need cutting-edge technology in order toflourish. These domains can be summarized as following: health & biotechnology, food tech-nology, IT and telecommunication, nanotechnology, energy technology, environmental tech-nology and transport technology. Greece should not take measures only for curing the oldmaladies but it should also support pillars that are usually neglected, such as innovation.Innovation comprises of eight dimensions that are necessary to be respected in order tocultivate edge technology business environment. These dimensions indicate that Greece isinferior to other European countries in case of edge technology business and they are go-ing to be presented below. The eight dimensions can be epitomized as following: 1) human resources2) open, excellent and attractive research system3) finance and support4) firm investment5) linkages and entrepreneurship6) innovators7) economic effects

Education, intellectual property protection and business sophistication are also pillarsin which Greece should give great emphasis to.

IInnnnoovvaattiioonnSchumpeter supported that innovation is the cornerstone in changes of economy and it istrue that innovation is a critical point in edge technologies. Greece has offered a low per-centage of its GDP in Research and Development (R&D) which leads to innovation. As faras human resources are concerned, according to Global Competitiveness Index 2013-2014,Greece is in the 117th position among 148 countries in capacity for innovation, althoughthere is abundance in scientists and engineers. Moreover, in case of firm spending the progress

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is not so satisfactory since the company spending on R&D is discouraging on the groundsthat Greece is in the 122nd position among 148 countries. Greece has spent only 0.69%of its GDP in R&D in all sectors in 2012 and, more precisely, 0.24% of its GDP was de-voted to business enterprise sector in 2012, according to Eurostat. This is one of the rea-sons why high-tech exports diminished in 2012. Thus, Greece should spend more moneyin innovation and help to establishing closer bonds between industry and universities. Ofcourse, the economic effect has hampered the already adverse situation; the signs of cri-sis are reflected in the reduction of the annual growth rate in period 2008-2012 in Greecewhich was amounted to 1.7%, according to Innovation Union Scoreboard 20136.

EEdduuccaattiioonnEducation has promoted the economic advancement and edge technology business needsskilful employees. Education is a neuralgic domain in which Greece can be based on sincethere are high quality universities which are staffed with remarkable professors. It is wide-ly purported that Greece has not given emphasis to education due to the fact that there arebudget constraints and the amount of funds is limited nowadays. Despite the fact that cri-sis is present, it has already been mentioned that Greece has a great number of profes-sionals who graduated from tertiary education and hold diplomas in science, mathemat-ics and technology. If there were no vacancies in which the graduates can be absorbed,then the most well-educated labour force would migrate from Greece t