Greece has fallen out of the world’s top 50 startup ecosystems, dropping to 51st place in StartupBlink’s Global Startup Ecosystem Index 2026. The country also slipped in Europe, ranking 29th, down from 27th in 2025.

According to the report, this is Greece’s lowest global position since 2022. The decline came despite positive annual ecosystem growth of 4.8 percent. However, that rate was well below the global average, meaning Greece lost ground as other startup ecosystems expanded more rapidly.

StartupBlink’s 2026 index ranks 1,556 cities and 100 countries, using indicators linked to startup quantity, quality, and the wider business environment. For Greece, the findings show a mixed picture: the country has recognizable startup successes, a sizeable ecosystem value, and improving policy tools, but its global momentum has slowed.

Greece’s business conditions are stronger than its startup outcomes

One of the clearest findings is the gap between Greece’s business environment and its overall startup ranking. Greece ranks 33rd among 125 countries in the Innovators Business Environment Index, significantly higher than its 51st position in the main startup ecosystem ranking.

This suggests that Greece has relatively strong underlying conditions for innovators, but these conditions have not yet fully translated into stronger startup ecosystem performance. The report estimates Greece’s startup ecosystem value at $12.1 billion. The country has two unicorns and three cities in the global top 1,000 startup cities.

Athens remains Greece’s dominant startup hub but weighs on national performance

Athens continues to dominate Greece’s startup scene, but its weaker performance was a major reason behind the country’s fall in the global ranking. The Greek capital dropped 17 places to 134th globally, after recording negative growth of 4.8 percent. In the Balkans, Athens also fell one position to third overall.

Despite this decline, Athens remains one of the region’s most mature startup ecosystems. The city leads the Balkans in the Ecosystem Maturity functional category, reflecting its track record in producing startup outcomes. StartupBlink also describes Greece’s level of ecosystem centralization as healthy. Athens scores 7.4 times higher than Thessaloniki, a ratio that points to a strong national hub while still leaving room for secondary cities to grow.

Thessaloniki grows although Heraklion records Greece’s strongest growth

Thessaloniki posted strong annual growth of 29.1 percent but still fell four places to 443rd globally because other cities advanced faster.

Heraklion, however, delivered Greece’s strongest city-level result. The port city of Crete climbed 89 places to 771st worldwide, with annual growth of 64.5 percent. That was the highest growth rate among Greek startup cities in the 2026 index. Heraklion’s performance shows that startup activity outside Athens is becoming increasingly visible even though the capital remains the country’s main innovation center.

Greece’s startup ecosystem ranks fifth in Southern Europe

Greece ranks fifth overall in Southern Europe. It performs slightly better in the Ecosystem Value functional category, where it ranks fourth in the subregion. In the Balkans, Greece ranks third overall, one place lower than last year. However, it performs better in specific sectors, ranking second in the region for both Fintech and Social & Leisure.

These sectoral rankings highlight areas where Greece has a stronger regional position, especially in financial technology and consumer-facing digital services.

Viva Wallet and PeopleCert remain Greece’s startup champions

The report identifies Viva Wallet and PeopleCert as Greece’s main startup ecosystem champions. Both are based in Athens and are privately valued at over $1 billion. Viva Wallet has a StartupBlink score of 570, while PeopleCert has a score of 277.

Viva Wallet became one of Greece’s most important startup success stories after JPMorgan acquired a 48.5 percent stake in the fintech company in 2022 in a deal valued at $2 billion. The transaction confirmed Viva Wallet’s status as Greece’s second unicorn and was described in the report as the country’s largest-ever startup deal.

PeopleCert crossed the $1 billion valuation mark in 2021 after acquiring AXELOS for approximately $525 million.

EquiFund, Elevate Greece, and NBG Business Seeds helped shape ecosystem

StartupBlink also points to several initiatives that have shaped Greece’s startup ecosystem over the past decade and a half. The National Bank of Greece launched NBG Business Seeds in 2010, with the report describing it as the country’s longest-running startup innovation competition.

Six years later, Greece and the European Investment Fund signed EquiFund, a fund-of-funds of approximately $290 million designed to help establish the country’s first professional venture capital market. Another important step came in 2020, when the Greek government launched Elevate Greece, the official national startup registry.

The platform gives startups access to state benefits, investor visibility, angel investor tax incentives, and Golden Visa eligibility. The report also names the National Bank of Greece / NBG Business Seeds, Elevate Greece, and Enterprise Greece as notable startup ecosystem builders.

Enterprise Greece is described as the country’s official investment and trade promotion agency, actively promoting the Greek startup ecosystem to international investors and supporting foreign founders through licensing and strategic investment frameworks.

New tax incentives and startup Golden Visa aim to attract capital

Recent policy developments also form part of the broader picture. In 2025, Greece introduced new tax incentives for angel investors, expanding the deduction cap to approximately $980 million, and launched a startup Golden Visa program. These measures are intended to attract startup investment and entrepreneurial talent.

In 2024, Greece, in partnership with the European Investment Fund, launched the EquiFund II equity mandate, with a focus on life sciences, health, and sustainability. Together, these initiatives indicate that Greece continues to strengthen the financial and policy framework supporting startups, even as its global ranking has declined.

Greece’s main challenge is faster startup ecosystem growth

The StartupBlink 2026 ranking does not depict Greece as a weak startup ecosystem. The country has two major startups valued above $1 billion, a total ecosystem value of $12.1 billion, strong business environment conditions, and clear institutional support.

The core issue is pace. Greece has grown but not quickly enough compared with global competitors. The contraction in Athens had a direct impact on the national ranking, while Thessaloniki and Heraklion demonstrate that regional ecosystems are still in a phase of development.

According to Greece’s Fire Service on Monday, sixty-four forest fires broke out across the country in the last two days, as rising temperatures heightened fire risk, with officials attributing most incidents to negligence during outdoor work and other activities.

Early assessments suggest that human carelessness is the primary cause in most cases. Specialized investigative units are currently examining each incident to establish the exact cause and determine responsibility where appropriate.

Heat and negligence heighten risk of forest fires across Greece

Officials said recent high temperatures have increased the risk of ignition and allowed fires to spread more rapidly. However, firefighting forces managed to bring most blazes under control at an early stage through rapid intervention.

The Hellenic Fire Service noted that the swift response prevented the fires from reaching populated areas, highlighting the importance of immediate mobilization in the critical moments after a fire breaks out.

The warning comes as Greece enters a particularly dangerous period for forest fire activity, when dry vegetation, rising temperatures, and local winds can quickly turn even a small spark into a fast-moving blaze.

Hundreds of fines and dozens of arrests since January

Authorities have stepped up enforcement of fire prevention regulations since the beginning of the year. From January 1 through June 7, they imposed 402 administrative fines across Greece, totaling around €383,395 ($442,500). During the same period, authorities made seventy-one arrests as called for under procedures for violations of fire prevention legislation.

The figures reflect a broader effort to discourage risky behavior before it leads to larger fires, particularly during periods when weather conditions make the natural environment more vulnerable.

Fire service urges public to avoid risky outdoor activity

The Fire Service has called on citizens to exercise extreme caution during outdoor activities, particularly those involving sparks, flames, machinery, burning materials, or labor near dry grass and forested areas.

Officials emphasized that most forest fires can be prevented by adhering to basic safety rules and avoiding actions that could ignite a blaze. “Attention from everyone is crucial for protecting human life, property, and the natural environment,” Greek authorities said.

Greece braces for forest fires as summer heat intensifies with expanded resources

The latest warning comes as Greece enters the wildfire season with a significantly reinforced firefighting plan designed to address increasingly intense and unpredictable summer blazes across the country. On the ground, the Hellenic Fire Service currently counts 17,727 permanent and seasonal firefighters, with the force expected to rise to 18,804 by the end of the year. More than 4,300 vehicles support this expanded manpower, enabling faster deployment and tactical assistance to regional units across both mainland and island areas.

Specialized forest commando units are expected to play a central role in this year’s strategy. These teams are trained to operate in challenging and inaccessible terrain where conventional firefighting forces may struggle to intervene quickly. The elite corps now consists of twenty-one units with 1,450 personnel, marking a sharp expansion compared to 2022, when the program began with just six units.

Greece has also strengthened its aerial firefighting capacity, with eighty to eighty-five aircraft expected to be available daily during the high-risk season, including thirty-three state-owned aircraft and fifty-one leased planes. These resources are intended to support rapid aerial containment, particularly in the critical early stages of a forest fire.

Authorities are increasingly relying on technology as well, including an expanded drone fleet, to improve surveillance and early detection in vulnerable areas. The goal is to identify smoke, heat signatures, or suspicious activity before fires spread, allowing Civil Protection and fire services to coordinate a faster response.