When she was still a student at MIT in 1994, Marina Hatsopoulos and a fellow student founded one of the first companies in the field of 3D printing, Z Corporation, which went on to generate a turnover of $30 million and was bought up in 2005.
Since then, Hatsopoulos has invested in several high-tech companies as an angel investor, serving on the boards of several listed companies and startups. In the past two years, her Greek-American ancestry has brought her to Greece as the director of the MIT Enterprise Forum Greece (MITEF), which encourages new entrepreneurship in technology and science.
Later this month, the 25 teams selected to participate in the MITEF Greece Startup Competition will be announced. They will receive practical guidance from an expert team of mentors and special workshops to advance their business.
Why do you like to invest in startups?
I would compare it to an addiction. It’s great fun to be part of a creative process from the beginning and see a new business take off with a new product that meets the needs of its customers.
Is there a risk?
Indeed, the risk is extremely high, because most startups ultimately fail. However, theoretically, an angel investor has the expertise to assess a startup’s prospects and act in an advisory capacity in the initial stages.
What kind of business do you invest in?
In high-tech companies and machinery, which usually grow slowly and steadily. Personally I don’t look for the exception, something like Facebook, because the fact is that most companies will never reach that level. Right now, for instance, I’m investing in Levitronix Technologies, a Zurich-based company that makes magnetic pumps for semiconductors.
And in Greece?
I’ve invested in a spectacular Greek startup called Codebender. I love this type of business!
If you had no connection to Greece, would you want to invest in the country?
The truth is that I might never have come to Greece to invest if I was not Greek. But I have visited startups in Athens, Thessaloniki and Patras, and I really think that there are tremendous opportunities in the country.
Is there interest among other American angel investors?
They are skeptical to start with, but I believe that the interest of foreign investors will increase as businesses prove that they can succeed. I would advise any startup that wants to seek foreign investors to establish an office in the US too.
So Greek startups don’t need to all move abroad?
No! In my opinion, the creative teams should stay in the country, where there is huge untapped talent. Greece could follow the example of Israel, which has made great progress in startups by cutting red tape and giving incentives to foreign investors. I think there are many similarities between the two peoples: an independent way of thinking and an entrepreneurial mindset.
What criteria do you have for investing in a startup?
The number one factor is the team. If the team is good, they can find solutions and create a good company, even if the original idea does not progress.
Are women as good in technology as men?
I think so, but it will take some time yet to fully balance the situation between the two sexes. In my daughter’s class at MIT, however, half of the students are female.
What is your relationship with Greece?
I love Greece, especially as I get older and appreciate more the emotional connection among the people here.
What’s next?
I have written a book and am looking for a publisher. I think that in this way I have become a little more humble and hope to show a better understanding and kindness towards entrepreneurs who showed me their own ideas, because maybe I’ve been a bit harsh in the past.
What is the book about?
It is a story of friendship in the world of startups. I believe that entrepreneurship is presented very inaccurately in film and books and I wanted to show the reality. Entrepreneurship can be very creative and not all business people are greedy, evil people.
