By Charisis Bitoulas
Communication Officer - Research and Innovation Foundation
The Research and Innovation Foundation significantly enhances the home ecosystem by targeting the development of new innovative ideas that are internationally oriented. It is now clear that Cyprus has entered a new era in the field of research and innovation. Among other things, the establishment of the Deputy Ministry of Research, Innovation and Digital Policy, the adoption of a National Research and Innovation Governance System and the increased funding opportunities for start-ups, prove this to be true. The Research and Innovation Foundation, as the national agency responsible for supporting and promoting research, technological development and innovation, it provides support services and promtes a wide range of funding programs from time to time. The expansion of its mission under the new System and the incorporation of innovation into its portfolio are key developments for the development of modern entrepreneurship in Cyprus.
In particular, the announcement of programs to boost startup entrepreneurship last year, with a total budget of €18 million, is perhaps the most significant support so far given to domestic businesses for the development of innovative ideas and products. From the more than 300 proposals originally submitted, the most comprehensive ideas for creating products and services with clear prospects for expansion into the international market were selected. The selection process was highly competitive both because of the high level of proposals and the experience, technical and academic training of the expert assessors who had raised the bar from the outset. In total, 32 startups and existing businesses managed to secure €12 million in funding.
Specifically, 16 startups, which are in the process of coming up with an idea and their product or service is not yet fully developed, received up to €100,000 each under the 'PRE-SEED' Program, which aims to launch startups, with an international orientation. Eight more startups managed to secure up to €500,000 each through the SEED Program, which involved startups whose product / service was at a more mature stage, but still not exactly penetrating the market. Eight proposals for “Development and Promotion of Internationally Competitive Innovative Products and Services from Existing Enterprises” also received from up to €1 million, under the “INNOVATE” Program, which was intended to support companies already active in the market or in a phase of pilot implementation.
Undoubtedly, making good use of financing will bring multiple benefits both to the businesses themselves and to the Cyprus economy at large. The expansion of domestic startups is a top priority for the State and the Research and Innovation Foundation, and this is reflected in the actions planned. The aim of these actions is to continue providing support programs, grants and competitions, thereby enhancing the prospects for further development of this kind of entrepreneurship in Cyprus.
