Endeavor Greece recently released a report, titled Creating Jobs for Youth in Greece, which highlights the need for the country’s entrepreneurs to spur youth job creation. The report focuses on the stagnation of value-adding sectors, the necessity of startups for initiating a new growth era, and the promise shown by a generation of Greek youth who are more globally-minded and connected than ever before. The findings reveal that a change in the perception of entrepreneurship needs to happen, particularly among younger populations, which will only be possible if healthy role models and supportive institutions exist.
The report combines analysis of employment demographics from the Hellenic Statistical Authority and employment data from Manpower Employment Organization (OAED), in addition to two surveys conducted by QED and Endeavor Greece. Over the last six years, Greece suffered an unprecedented 25% reduction in GDP that has resulted in a contracted and languishing economy. The country’s youth population has been disproportionately affected by the crisis, with over 600,000 youths (<35 years old) unemployed. Job destruction in the youth sector corresponds to 55% of the total jobs lost during the crisis. However, only half of youth unemployment can be attributed to a sluggish economy — the other half is due to a hiring advantage felt by the age 35+ population.
Yet, young Greek entrepreneurs remain optimistic about their ability to start businesses of their own, as highlighted by past research from Endeavor Greece. The report makes several recommendations to empower future generations. First, identify and support the existing high-impact firms that are in a position to scale up. Second, lay the groundwork for entrepreneurs to launch new companies that will create high-growth jobs for youth as they scale. Combined, the 3,000 existing companies and 10,000 new high-growth companies could create a million new jobs within the span of seven years.
Watch a summary of Endeavor Greece’s findings below and read the full report by clicking here.