Tom Smith, founder and CEO of GlobalWebIndex, a world-renowned company active in the field of market research and advertising, describes in an article in LinkedIn the reasons why he decided to open a new office in Greece, the possible obstacles that were considered and what made him finally take the plunge.

GlobalWebIndex recently announced its new strategy, which will take it into 2021. This includes some very exciting and ambitious plans that, based on forecasts, will lead the company to a tenfold increase in the number of employees within the next few years.

According to Tom Smith, to make such a decision, one would need to have access to a huge pool of world-class excellence beyond the company’s existing locations in London and New York.

That’s why the company is pleased to announce the opening of an office in Greece, specifically in Athens, a move that has absolutely nothing to do with Brexit, but has everything to do with a more immediate challenge: finding the right talent in the fields of Engineering and Computer Science.

Why in Greece?

Tom Smith’s time living in Greece (his wife is Greek) made him realize the incredible potential that our country, and especially Athens, has to offer. Of course, this is not an unchallenging transition. At the top of the difficulties is the terrible tax burden and, during the crisis, GDP in Greece fell by a staggering 25% while unemployment is still over 20%.

According to Smith, it is important for entrepreneurs to have first-hand knowledge of the market, and to remember that where there are problems, there are opportunities – which in the case of Greece, outweigh the obstacles. Below are some reasons for his choice.

1. Education

Education in Greece, particularly in technical subjects such as engineering, mathematics and statistics is of an extremely high standard and every candidate is usually trained to a master’s degree and often to a doctoral level. This is evidence of a strong educational core that offers highly skilled workers. The numbers prove it as Greece is at the top of the EU ranking in terms of participation in higher education, and is in the top 10 in terms of the availability of scientists and engineers.

2. Language

English is now a global language and the majority of candidates from Greece have studied or worked abroad. This removes the communication barrier and provides a ‘platform’ of shared experience to enable a unified work culture.

3. Brain Drain

The economic crisis has driven many Greek talents abroad, but many are willing to return if the right reasons are found. Since 2010, more than 130,000 university graduates have left the country, according to a study funded by the London School of Economics. But many Greeks would return with the right conditions and salary, the prospect of a better quality of life and the opportunity to play an active role in a success story with an international company they can trust.

4. The Size of the Market

Another important advantage is the size of the market: smaller, more coherent and less competitive.

People tend to know each other, which often makes recruitment through registered persons much more direct. It also makes it easier for a company to stand out from the crowd if it builds its brand on honesty and directness.

A significant proportion of Greece’s excellent potential is already appearing in the startup scene, which is now beginning to accelerate. Local success stories such as Workable Solutions, Beat and Pollfish are generating excitement and attracting interest from companies such as Oracle, Apple and Tesla.

After all, investment is particularly important for the country’s growth and job creation. The aim is for GlobalWebIndex to be a home for talented Greeks and people who want to live and work in the country, who are looking for an exciting career and who want to play an active role in the recovery of the economy.

Moving beyond the obstacles

Contrary to popular belief, the biggest obstacle to setting up a business is not bureaucracy, but taxation. National insurance contribution tax rates make the role of the entrepreneur more difficult, and the situation is aggravated by post-crisis solidarity taxes. If the Greek government is serious about attracting investment from businesses that will help create jobs, create wealth and move people from the underground economy to legitimate jobs, the resulting tax burden must be dealt with responsibly.

Nevertheless, Tom Smith is excited, looking forward to the results of the effort and says that the early team is already showing excellent results. The huge potential has been clear to him for years and his years of experience have convinced him that when everyone says something is a crazy idea, it’s usually worth the risk.