“ Entrepreneurship in the era of globalization ” by Vasilis Foivos Axiotis Chairman of the Board of Directors AXION ENERGY S.A. 10 th November, 2015 Georgetown University, Washington DC

Overview “Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015 The Twenty-First century is set to be the era of globalization. Globalization

poor job prospects massive levels of debts in many countries large burdens of supporting the health and retirement costs of ageing populations. global climate change The world today “Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015

Employees stood in a meeting room at the Lehman Brothers offices in London in September, 11, The stock fell 42% that day. KEVIN COOMBS/ REUTERS

“Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015 Greek Financial Crisis A bank manager tries to calm down elderly people. Banks opened this Wednesday but only for the retired, to allow them to cash up to 120 euros. THE TELEGRAPH

European Crisis “Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, % of the SMEs on pan-European level rely on bank lending. Due to lack of liquidity, banks have restricted the supply of credit to SMEs with direct negative consequences to EU economic recovery

“Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015 Why is it important for projects with high grown potential to make it launch?

abundant Introduction of Hydrogen “Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015

The largest pension fund in the world September, 2013 ($803 billion) A sovereign wealth fund to capture Norway’ oil revenues and remove them from government general revenues Established in 1991 – as Petroleum Fund/ Oil Fund holds surplus wealth produced by the Norwegian petroleum income The Fund is an instrument for general savings integrated with the fiscal budget Using the Norwegian model “Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015

“The Future” “It would be remarkable if we would be able to learn from the mistakes and the success of others without having to make the same mistakes itself. ”

“Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015 It will be more difficult if the present model of globalization is left on auto-pilot.

“Entrepreneurship in the era of globalization”, by Vasilis Foivos Axiotis Georgetown University, 2015 /vfaxiotis You can reach me at:

Thank you for your attention.

Why we need a Growth Fund? The formation of the variety of global practices, signal a long-term commitment and passion to drive Greek economy beyond any occurring boundaries and project its picture in the future. A Future Sustainable Fund has to be created by the need to ramp up revenues from renewables and international experiences, and to successfully implement high-end approaches in the laboratory of the world, to seize opportunities and usher Greek economy in a prosperous, yet challenging era. “New Technologies & Youth Entrepreneurship: Greece’s Perspectives & Potentials towards Growth, by Vasilis Axiotis Harvard University, 2015

What needs to happened? If we are to invest money, it better be effective. Not just a development, rather focus on sustainable development “New Technologies & Youth Entrepreneurship: Greece’s Perspectives & Potentials towards Growth, by Vasilis Axiotis Harvard University, 2015

Greek Sun, Sea, and Wind are not in Crisis! Where to look for? Greece has abundant resources to exploit… “New Technologies & Youth Entrepreneurship: Greece’s Perspectives & Potentials towards Growth, by Vasilis Axiotis Harvard University, 2015 From Natural Resources to Financial Growth

1. Energy production 2. Energy prices (volatility) 3. Total cash flow Revenue management Private Companies National Company taxes/ royalties 4. Government take 5. The Future Sustainable Fund? (revenues or asset swap?, time structure and volatility, investments abroad?) 6. state budget (fiscal and monetary policy =>spending rule to keep non-oil economy fit?) (percentage, policy mix, risk profile) “New Technologies & Youth Entrepreneurship: Greece’s Perspectives & Potentials towards Growth, by Vasilis Axiotis Harvard University, 2015

The fund mechanism Revenues from renewables and return on investments (a small portion, tax deductuble) Transfer to finance early stage SMEs and innovative start-ups The Future Sustainable Fund Environmental related investments innovative SMEs Fiscal budget Other revenues from non-renewable resources “New Technologies & Youth Entrepreneurship: Greece’s Perspectives & Potentials towards Growth, by Vasilis Axiotis Harvard University, 2015 Real return of the fund – interest minus inflation