Maybe it’s Instagram-size payouts or maybe it’s just pure desperation and a lack of good opportunities that drives someone to start a business in the middle of a recession. Either way, instead of protesting or moving away in search of work, a group of entrepreneurs in Greece are tapping into that same spirit and defying the odds to launch their own startups, NPR reports.
The Athens entrepreneurs, based around an incubator called CoLab, include at least one tech startup, BugSense, that has already raised capital from Silicon Valley. So while many tech startups, including those in Greece and those that launch during a recession, will never turn a profit, it’s worth noting that a more than few startups have successfully launched during a recession.
For perspective, here are just a few of those companies that launched during hard economic times:
Photo: A Greek presidential guard hoists the Greek flag in front of the Parthenon temple at the Acropolis hill in Athens October 3, 2010. REUTERS/John Kolesidis