The Stelios Philanthropic Foundation announced on Thursday that 23 young entrepreneurs applied to the Stelios Awards for Young Entrepreneurs in Cyprus 2023.

Although this is the first time the specific competition has been in Cyprus, it advertised sizable prizes, as the competition has already garnered interest in Greece, where the awards began in 2008.

This year, in Cyprus, young entrepreneurs will be judged based on the quality of their business ideas, which, if selected, allow winners to claim the following cash prizes: 1st Prize €30,000 – 2nd Prize €20,000 – 3rd Prize €10,000.

Applicants had to be 35 and younger, while applications closed on July 14. Young entrepreneurs of any nationality could apply, “as long as they have established a company in the Republic of Cyprus within the last five years,” the rules read.

The award ceremony will be carried out online on September 12 at 2pm. Sir Stelios Hajiioannou will be present to congratulate the three winners, who will be invited to the Stelios Philanthropic Foundation on Markou Drakou Street, Nicosia, to talk with Hajiioannou and present their business ideas to him in more detail.

The Stelios Awards for Young Entrepreneurs aims to now become a Cypriot institution and to grow alongside the Foundation’s Stelios Bi-Communal Awards, which have rewarded Bi-communal Business Cooperation since 2009.