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'ICT will save Greece': how small tech firms are holding on despite the crisis

From ZDNet

"Small and mid-sized technology businesses in Greece are among the hardest hit by the economic turmoil still gripping the country: some have been unable to pay their staff and have experienced a brain drain as workers move abroad to find work, while others have lost their trust from international clients. Adding to all this, banking restrictions have been affecting their ability to do business.

‘Inability to pay technology providers abroad due to restrictions in cross-border transactions, freezing of investment discussions due to market risk and lack of any cashflow or working capital support from the banks,’ are among the consequences of the banking shutdown facing businesses, said Haris Makryniotis, managing director at Endeavor Greece, an international non-profit organisation supporting local entrepreneurs.

In recent years, some of the most successful SMBs have moved their management abroad, while keeping the developers in the country, and the past weeks have been easier for them than those businesses which run all operations in Greece.

Nubis, a cloud platform for managing data, is located in Greece and has clients in six different countries. ‘The main problem was the postponing of many major projects,’ CEO Dimitris Kontinos told ZDNet.”

Read more at ZDNet


NCC Weekly News Update 21 July 2015

 

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