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Milestone moment for Cyprus tech sector after ecosystem map launch

tech island ecosystem

TechIsland, a non-profit association, on Tuesday, announced the launch of a new initiative, which ranks as an important milestone for the development of Cyprus’ technology and startup ecosystem.

On Wednesday, October 19, TechIsland & “Dealroom.co” launched the Cyprus Tech Ecosystem Platform, during a special event at the ASBIS Hi-Tech Cluster in Limassol, with the presence of the deputy minister for research, innovation and digital policy Kyriacos Kokkinos, as well as the Deputy Minister for Research and Innovation of Greece Christos Dimas.

The platform is very important because it acts as a map which showcases the potential of the technology sector in Cyprus, but also globally, through the reach of Dealroom.

There are more than 500 technology companies listed on the platform. In addition, the map has tracked more than 70 funding rounds and the platform lists more than 150 investors in technology.

cyprus tech ecosystem map 1

The map, which was built by the global data intelligence company Dealroom.co, is based on a data cataloguing and analysis concerning the Cyprus Tech and Innovation Ecosystem. Dealroom specialises in this kind of platform and has built other ecosystems in the past.

It is a live real-time monitoring platform that includes all the relevant stakeholders of the Cyprus Tech Ecosystem, including corporates, venture capital, startups, universities, incubators, accelerators and funding rounds. It reflects the current ecosystem and the growth potential of the tech and innovation ecosystem.

This announcement is coming after months of preparation, during which the startups working group of TechIsland with the support of the Board of Directors of the organization, brought forward this initiative.

According to TechIsland, this initiative was done in order to create the first holistic real-time platform that maps and monitors the whole tech and innovation ecosystem. The presence of such a platform will allow the faster growth of tech companies and startups in Cyprus, as it will be used as a crucial tool for the potential connection of companies with investors and improving access to funding.

In the past, we had some other initiatives but their data was neither as holistic nor as robust.

Ex-minister Marios Demetriades, Chairman of the startups working group stated: “A few years ago Cyprus was not even on the map for tech companies and startups. Today, I’m very proud to see going live a global platform that will enable the world-class products developed in Cyprus, to be connected with an international network of investors.”

Yuriy Romanyukha, CEO at iClub and one of the co-initiators of the project, mentioned: “Cyprus, even though it is a very small country, creates an increasing number of global companies with ambitious founders and talented teams. As a fund investing in the whole world, we are very excited that more and more investors and companies will discover Cyprus as a global tech hub and we very much hope that this platform will speed this process up.”

“The Tech Ecosystem Map platform provides a brilliant set of data that has the power to unlock new opportunities and accelerate innovation. Furthermore, it will inspire people and will enable better decision-making,” the CEO at Cyta and Techisland board member Andreas Neocleous said, with Cyta being one of the co-initiators of the project.

The CEO at ASBIS and TechIsland board member Serhei Kostevitch mentioned that “the platform is a real chance for measuring and real-time monitoring of the growth of the innovation ecosystem and the growth of the tech industry and its contribution to the Cyprus economy.” ASBIS is one of the co-initiators of the project.

“What we witness through this Ecosystem map, is the connection of our ecosystem of startups with the external world, as well as the actors of our own country such as the Government, the private sector, the innovation, and the people that trust our country. It is a great platform,” deputy minister Kokkinos said.

“I was planning to launch it in 2023 but the private sector did it early and that’s great,” he added.

cyprus tech ecosystem map kokkinos
Deputy Minister of research, innovation and digital policy Kyriacos Kokkinos

TechIsland head of operations Tanya Romanyukha clearly said that “we are very happy to bring this platform. This real-time platform is the bridge for the local ecosystem players to connect with an international network of companies and investors and provides real-time data and insights into the progress of the Cyprus ecosystem”.

“Now it is the time for the local startups and their founders to claim their profile, and connect with the international network of investors that exist on this global platform,” she added.

Watch the full press conference 

The Cyprus Tech Ecosystem Map was brought forward after the co-initiation and sponsoring of the companies CYTA Business, ASBIS and iClub. The launch event took place with the support of AdTech Holdings, Digital Tree, along with Deloitte Cyprus.

TechIsland, as an IT association, working towards the implementation of collective actions that are being taken and which are expected to accelerate the development of the sector of technology and innovation in Cyprus, a sector which TechIsland predicts to become a new main pillar for the development of the country’s economy.

During the launch event, the deputy minister of Greece Christos Dimas showcased the amazing growth of the greek tech ecosystem and showcased data from the Elevate Greece platform they have built.

cyprus tech ecosystem map dimas
Greek Deputy minister for Research and Innovation Christos Dimas

Anyone in Cyprus or abroad can visit the platform, register and have a look at the ecosystem. If you are a startup or tech company then claim your profile to provide more accurate data or if you do not find your profile then create it at https://ecosystem.thetechisland.org. The success of these platforms depends on the data provided by all the ecosystem entrepreneurs.

Watch the full event:

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