Start-up ecosystems comparison: MIT and Greece experiences

Abstract

This study examines and compares start-up ecosystems of MIT and Greece. Despite the great differences regarding entrepreneurial spirit and tradition, and different economy sizes between the USA and Greece, the study identifies key factors that determine the ability of a start-up ecosystem to promote innovation and contribute positive to the national and international economic development. Furthermore, the study examines the case of Greek start-up ecosystem within the Greek economy, recovering from a decade of declining economic activity. The literature review examines various factors that affect promotion of innovation and performance of start-up companies, comparing key success factors between MIT and Greek ecosystems. The research involves primary research and the use of structured questionnaires from Greek start-ups; more specifically 130 questionnaires were distributed to the founders of Greek start-ups, and were collected immediately during exhibition events. The research findings provide a deeper understanding of the challenges and dynamics of Greek start-ups, and a better understanding of the role of ecosystems and business culture between Greece and MIT (Boston, East USA). The findings provide insights to entrepreneurs as they strive to increase the success rates of current and future projects as well as to the wider innovation ecosystem, e.g. business angels, venture capital firms, policy makers, to further improve their success rates or design and implement policies for innovation promotion. Finally, key areas for further research are highlighted.