Is Thessaloniki a Good Place to Launch a Startup?

Where you start your company still matters – but sticking too closely to one location might limit what you’re able to build. In today’s startup landscape, geography shapes your path – but it doesn’t have to define your potential.

Thessaloniki has emerged as a strong hub for entrepreneurship, offering access to funding, talent, and infrastructure. But with growing competition, rigid local programmes, and support often reserved for the most polished startups, relying solely on what’s nearby can slow you down – or hold you back.

In this article, we’ll explore what Thessaloniki gets right – and where founders often run into friction. We’ll also show how EWOR offers an alternative: a global, remote-first platform that gives you access to funding, mentorship, and community – no matter where you’re based.

1. Access to Funding in Thessaloniki

Funding is one of the most critical ingredients in building a successful startup – and Thessaloniki offers a growing ecosystem of support. From venture capital firms to government grants and angel investors, founders in this region have several pathways to raise capital and gain early traction.

The early-stage funding environment for startups in Thessaloniki is evolving, supported by local and national initiatives. Notable VC firms active in Greece and potentially Thessaloniki include TECS Capital, headquartered in the city and focusing on pre-seed and seed investments in Industry 4.0, AI, Big Data, and IoT, and Northern Greece Investment Fund, an early-stage and expansion fund also based in Thessaloniki. Other Greek VCs like Venture Friends and Metavallon VC also invest in early-stage tech companies connected to Greece. Government support comes partly through initiatives like Elevate Greece, which lists funding opportunities including VC funds and angel investors, and the Hellenic Development Bank for Investments (HDBI), an investor in funds like TECS Capital and Northern Greece Investment Fund. Angel networks like the Hellenic Business Angels Network (HeBAN) are also present and active, having co-organized events in Thessaloniki. The People's Trust offers micro-grants up to €15,000 for new or existing businesses. Despite this support, challenges remain, including a seed-stage funding gap, as indicated by a significant drop in seed-stage funding in Greece in 2023 compared to a rise in pre-seed deals. Access to funding, particularly in the early stages, is a general challenge for Greek startups. While overall VC investment in Greece surged between 2018 and 2023, early-stage funding has fluctuated. Fragmented regulations within Europe can also complicate scaling for Greek startups.

A More Flexible Path Forward

In the wake of these challenges, founders don’t have to rely solely on local funding options. EWOR offers a more flexible path – providing up to €500,000 in early-stage capital But EWOR is more than a cheque. Our capital comes bundled with personalised support, investor-ready storytelling, and access to a network of over 400 active European investors – many of whom regularly participate in our Grand Pitch events. On average, EWOR fellows who complete the programme and pitch go on to raise €2 million in follow-on funding – over 10x more than founders from comparable European initiatives.

2. Innovation and Startup Culture  

Thessaloniki has become a centre of innovation, with numerous tech hubs, coworking spaces, and accelerators that foster creativity and new ideas. The local startup culture is vibrant, with a growing community of entrepreneurs working together to push the boundaries of what’s possible.

Thessaloniki has a vibrant and growing startup and innovation ecosystem, ranking as the second-best in Greece. It features numerous coworking spaces like Coho, i4G PRO, and Osmosis, catering to freelancers and startups. The city hosts significant tech events such as TechSaloniki, Voxxed Days Thessaloniki, and the Digital Thessaloniki International Fair, fostering networking and showcasing innovation. Entrepreneurial activity is notable, particularly in Software & Data, Ecommerce & Retail, and Hardware & IoT sectors. The ecosystem actively supports early-stage founders through initiatives like OK!Thess and i4G PRO, offering personalized advisory, training, mentorship, and access to networks and funding, alongside more structured accelerator programs. The upcoming Thess INTEC is expected to further boost the ecosystem with extensive facilities for startups.

For many entrepreneurs, the energy and resources available in Thessaloniki can provide the ideal environment to test new ideas and gain early traction. The collaborative atmosphere allows founders to connect with fellow innovators and build networks that can help their startups grow.

While the local startup culture is vibrant, the support founders actually receive can be hit or miss. VCs might offer funding but little time. Angel investors often give advice, but it’s scattered and inconsistent. What’s more, many accelerators rely on a one-size-fits-all model that doesn’t reflect the needs of exceptional founders. In fast-moving, competitive ecosystems like Thessaloniki, standing out is hard enough – getting the right kind of support shouldn’t be.

The Alternative to Cookie-Cutter Programmes

Finding a programme that truly adapts to your journey, not the other way around, is rare. However, EWOR offers the kind of depth and flexibility that many local programmes simply can’t match. Instead of following a fixed curriculum, our fellowships are modular and tailored – giving you the right support at the right time, based on where you are in your journey.

But the real strength of EWOR goes beyond structure. Fellows often describe the community as the most unexpected – and valuable – part of the experience. As some have put it: “The real magic lies in the community: the kind of conversations, insights, and connections that lead not only to breakthroughs – but to lasting friendships with some of the most fascinating people they’ve ever met”.

3. Talent and Workforce Availability

One of the greatest assets of launching a startup in Thessaloniki is access to a skilled and diverse talent pool. With universities producing top-tier graduates in technology, business, and other fields, startups can tap into a wealth of expertise to help grow their teams.

Thessaloniki has a strong talent pool for startups, fueled by its reputable universities like Aristotle University of Thessaloniki and the University of Macedonia, which produce a high percentage of tertiary-educated individuals. The city is recognized as a rising talent hub with a skilled workforce, particularly in tech fields such as web development, app development, and IT support. This talent includes engineers, developers, and designers. Local talent supports entrepreneurial growth through a combination of technical skills and a growing startup culture. Universities contribute through research and spin-offs, while a supportive community of incubators and accelerators provides guidance and networking. The presence of international companies and initiatives also helps connect local talent with global innovation models.

Like funding, competition for talent can be fierce, especially for highly specialised roles in fields like software development or AI. For startups looking to scale quickly, hiring the right people at the right time can be a challenge, leading some founders to look outside the region for remote talent solutions.

Get Global While Local

While hiring locally in Thessaloniki can be competitive and slow, EWOR gives you instant access to a global network of exceptional talent. Built by founders for founders, the EWOR team has launched and exited companies worth over €12 billion – and they bring that experience directly into your venture. It's not just about funding or surface-level advice; it's akin to having a co-founder from day one. 

The team collaborates closely with you to refine your idea, challenge your thinking, and support you through real-world decisions – just like a hands-on partner would. Moreover, with EWOR’s exclusive co-founder pool, you can find the right person to build with, regardless of their location.

4. Infrastructure and Support Systems

Thessaloniki boasts a strong infrastructure that supports the growth of new businesses. From modern office spaces to high-speed internet, entrepreneurs have access to everything they need to run their startups smoothly. Government policies may also provide tax breaks, legal support, and other incentives that make starting a business more attractive in this region.

Thessaloniki offers a robust infrastructure for startups, including numerous co-working spaces, incubators, and accelerators. Key players like OK!Thess provide acceleration programs, training, mentorship, and access to capital. i4G is another incubator that offers office space, support, and investment opportunities for tech and science startups. The city also benefits from innovation districts and technology parks such as Thess INTEC, which provide infrastructure and support services. The Greek government actively supports the ecosystem through initiatives like Elevate Greece, which identifies and promotes promising startups, offering funding opportunities and networking. This supportive environment, coupled with a skilled talent pool, helps businesses thrive.

But what looks good on paper often proves more complicated in practice. Bureaucracy can be time-consuming and opaque, especially for first-time founders unfamiliar with local laws. Incorporation takes longer than expected. Accessing public funding often means navigating slow processes, strict requirements, or hard-to-reach advisors. And operational costs – from accounting to regulatory compliance – can quickly eat into early budgets. 

A System That Moves With You

With access to expert guidance, practical legal resources, and a network of experienced entrepreneurs who’ve built across a range of regulatory systems, EWOR is well positioned to help founders navigate the bureaucratic and legal complexities that often come with building in Thessaloniki. Instead of wasting time figuring things out alone, you’ll have the tools and support to stay focused on what matters most – growing your venture.

And while we’re remote-first, our support is anything but distant. Through in-person gatherings like the EWOR House, city-based meetups, and our twice-yearly Grand Pitch event, you’ll still build meaningful relationships with investors, peers, and mentors. It’s a system that helps you focus on building – not just dealing with paperwork.

Can Thessaloniki Be Considered the Best Place to Launch a Startup?

There’s no doubt that Thessaloniki provides a vibrant environment for startups, with access to funding, innovation, talent, and infrastructure that can help entrepreneurs build successful businesses. For many, it’s a strong contender for the best place to launch a startup, thanks to its growing entrepreneurial ecosystem and support systems.

Thessaloniki presents a growing startup ecosystem, but entrepreneurs face distinct challenges. Competition exists within the expanding tech and innovation sectors, though specific details on the intensity in Thessaloniki itself are less prominent in the search results than general Greek startup competition. The cost of living in Thessaloniki is relatively affordable compared to many Western European cities, but it can be higher than in Greek rural areas, requiring careful budgeting for housing and other expenses. Regulatory issues and bureaucracy remain a hurdle for startups in Greece, including navigating permits, licenses, and tax obligations, although the government is working to improve the environment. Early-stage funding access can also be a challenge.

However, it’s important to remember that the location of a startup is no longer the be-all and end-all. In today’s digital age, location-independent options like EWOR allow entrepreneurs to access world-class mentorship, funding, and resources from anywhere in the world. Whether you’re based in Thessaloniki or elsewhere, EWOR’s remote programmes are designed to support founders no matter where they are located.

So, while Thessaloniki offers significant advantages, it’s worth considering options like EWOR that enable you to launch and scale your startup with global support – whether you’re in the heart of a bustling startup hub or working from a quiet corner of the world.

Image credits: by Andreas Brücker on Unsplash