Cyprus to commercialise academic research to bolster economy

Chief Scientist and Research and Innovation Foundation president Nikolas Mastroyiannopoulos, during an interview with the Cyprus News Agency earlier this week, revealed that the creation of a national knowledge transfer office will be announced in the coming months.

The office will aim to commercialise academic research in order to facilitate the creation of services and products that can be marketed internationally, with the ultimate objective being the bolstering of the Cypriot economy.

Regarding the recent announcement of various programmes worth a total of €150 million, implemented between 2021 and 2027, Mastroyiannopoulos said that “in a particularly crucial period, with the world economy and our country being irreparably hit by the pandemic and the war in Ukraine, we feel that investing in research, innovation, as well as technological upgrade and development is very important so that we can have a more sustainable growth and offer society the services necessary through this investment”.

In addition, he said that these initiatives will allow Cyprus to have a more outward outlook, internationalise our business environment, as well as encourage young people to take up research and innovation as a career.

The programmes will also help to strengthen innovation and entrepreneurship, as well as support good research infrastructure and better utilise the knowledge produced on the island.

“We now have over 9 universities, we have established research centres, six new excellence centres which are co-funded by the European Commission, quite a few start-ups but also productive local companies which are showing an increase in research and development activities,” Mastroyiannopoulos said, adding that “it is understandable that by enhancing research, we are also enhancing innovation”.

Regarding the exact scope and structure of the new knowledge transfer office, Mastroyiannopoulos said the office will include services such as technology marketing, intellectual property, as well as the capacity to offer mentoring and coaching.

“International indicators show that Cyprus has registered one of the most important improvements in the field of innovation, in fact, it is in the second position,” Mastroyiannopoulos said, in reference to the recent work carried out in this field, explaining that the island is “the second most innovative economy in the region after Israel”.

Finally, Mastroyiannopoulos noted that more than 600 jobs have been created as a result of previous national programmes in the sector, while new small-to-medium-sized enterprises (SMEs) in research and development have had a turnover of more than €70 million.