Research and Innovation in Greece

The study focuses on the characteristics of the Greek research and innovation system, and explores its potential role in raising competitiveness. Despite the progress achieved in recent years, the domestic research and innovation system is still characterised by weaknesses, which undermine its role as a key actor in the transformation of the Greek economy. Investment in research and innovation does not automatically translate into economic growth. The more efficient use of the human and knowledge-based capital relies on fostering research, diffusing technology and boosting entrepreneurship. Specifically, one of the main objectives should be the promotion of synergies between businesses and universities or research centres, with a view to linking public research activity to the production process, thereby leading to a commercialisation of the research results. Moreover, providing the right incentives would be key to halting the current brain drain. Finally, public policy intervention should encourage both established firms and start-ups by creating the appropriate guidance framework and securing easier access to finance. Concluding, the Greek economy needs a long-term strategy for the establishment of an effective innovation system in order to move closer to the technological frontier and ensure sustainable growth.