The Bank of Cyprus’ Innovation Centre, known as IDEA, this week officially announced the commencement of new applications from people with innovative ideas that have the potential to transform into fledgling enterprises.

In a statement released by the Bank of Cyprus, it was noted that IDEA is initiating the 9th cycle of its startup programme.

The distinguishing factors for these budding businesses, according to the announcement, include the ability to develop an innovative product or service, or to solve an existing problem in an innovative manner.

Furthermore, a dedicated and capable team of at least two founders or members and the potential for international market expansion through technology are key criteria for selection.

“The nine-month IDEA programme offers a comprehensive support package to each startup,” stated the announcement.

This package encompasses €20,000 in seed capital, entrepreneurial education for establishing the business, mentorship from established entrepreneurs, services in legal, accounting, marketing, and ICT, connections with business developers, networking opportunities, and access to potential angel investors.

To date, IDEA has supported 89 emerging businesses, creating over 100 new job positions. The startups associated with the programme have attracted significant investment capital and business collaborations both locally and internationally.

Several of these startups have established offices and hired personnel, indicating the programme’s substantial impact on fostering entrepreneurship and economic growth within Cyprus and beyond.