Regional underdevelopment and less developed business ecosystems: The case of Eastern Macedonia and Thrace

This article aims to highlight the different facets of the relative socio-economic underdevelopment of the Greek region of Eastern Macedonia and Thrace. It explores initially regional analysis data, leading to the conclusion that the region does indeed face comparative weaknesses as it exhibits multiplier results and specialization in areas with the lowest value-added and employment. It then presents the main conclusions about small and micro firms of this less developed business ecosystem. It concludes that the region has structural competitiveness problems that are primarily due to the competitiveness of the firms that can host and nurture. The strengthening of competitiveness of this regional business ecosystem requires the improvement of the innovative potential that, in a triple helix condition, is the result of the evolutionary interconnection between local-regional firms, government, and academia. To this end, the proposal to establish a Local Development and Innovation Institute constitutes a new regional policy that can be applied to the region and strengthen the innovative potential of the entire regional business ecosystem.