University of Cyprus launches entrepreneurship competition

The University of Cyprus Entrepreneurship Centre (CEC) on Friday officially announced the commencement of the Cyprus Entrepreneurship Competition (CyEC) for 2023.

As with every year, the competition is organised by the University of Cyprus’ Entrepreneurship Centre under the auspices of the Ministry of Energy, Commerce, and Industry, aiming to promote innovation and entrepreneurship in the modern, innovation-driven economy.

Participants in the competition can be newly established businesses, individuals with pioneering and innovative ideas, as well as experienced professionals from Cyprus and abroad’s entrepreneurial and research communities. The university noted that this dynamic community is dedicated to empowering and supporting entrepreneurial initiatives.

As a business development competition with a focus on startups, CyEC stated that it provides ambitious teams with a platform to receive guidance and support from experienced mentors and industry leaders.

The competition seeks to support innovative entrepreneurial initiatives and transform them into sustainable and globally-oriented businesses, emphasising the understanding of the problem-solution balance and product-market fit.

Applications for participation can be submitted through the official website of the CyEC 2023, www.cyec.org.cy.

Participants can choose between two categories. The first category is called the Acceleration Category, which is designed for ideas in their initial phase.

The second category is called the LaunchPad Category, which aims to attract more mature ideas and companies that have already introduced their services or products to the market.

Detailed criteria for each category can be found on the competition’s official website.

The deadline for submitting applications is September 8, 2023, for the Acceleration programme, and October 13, 2023, for the LaunchPad programme.

After a selection process, the chosen teams for the Acceleration category will participate in a business acceleration programme designed to help them refine their ideas and business plans.

Additionally, mentors will be assigned to each team, providing personalised advice, solutions, and creative challenges to enhance the development of each business idea.

Notably, monetary prizes will be awarded to the winning teams, and each team will have the opportunity to pitch their ideas to investors during the event.

Moreover, further prizes will be announced on the competition’s official website.

In its announcement, the University of Cyprus Entrepreneurship Centre extended its warm gratitude to the sponsors and supporters of the event.

These include Navigator Consulting, CYBAN – Cyprus Business Angels Network, Mojo Design, PwC Cyprus, and the IDEA Innovation Centre. “Their unwavering support continues to strengthen the success and growth of the CyEC,” the university said.

“Don’t miss this unique opportunity to become part of a visionary entrepreneurial team and bring your innovative ideas to life in front of potential investors,” the announcement added, before prompting interested parties to embrace the spirit of innovation and join the Cyprus Entrepreneurship Competition 2023.