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BusinessCyprus 4.0Startups and Innovation

Realise your dream, turn your IDEA into a business

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• Apply to IDEA, the largest innovation centre in Cyprus
• 89 startups and 200+ entrepreneurs
• 50+ startup awards in Cyprus and abroad
• Guidance from 70+ mentors and 40+ trainers

The constant upgrades in technology, the digital “invasion” of the economy and the need to constantly strive to win the game of competition makes the need for start-ups with new ideas and proposals that will create the new order in the global economy inexhaustible.

Especially today when the “key” to business survival, apart from the development of an idea, is innovation. In practice, innovative solutions help solve problems, increase productivity and push a business one step ahead of the competition.

Businesses and organisations, especially abroad, can rightly be proud of their achievements in innovation. In Cyprus, an organisation that has the right to be proud of what it has done just eight years since its operation, is Bank of Cyprus IDEA, the largest innovation and business support centre in Cyprus.

The Centre was created with the substantial contribution of the Bank of Cyprus, in the context of its Corporate Social Responsibility, and with the valuable cooperation of public and private sector organisations. The Bank declares its practical support for the Centre in the future as well, investing in the new generation and innovation.

In IDEA, which was awarded by the European Commission, an innovative idea acquires “flesh and bones”, the momentum it deserves and is implemented in practice. After all, this was also the purpose of establishing the largest, non-profit, integrated business support Centre: to encourage young entrepreneurs, to guide them, and to believe that one day their dream can be realised.

Culture of innovation
• IDEA, from 2015 until today, has strongly contributed to the consolidation of the culture for the development of innovation and entrepreneurship
• Promotes business activities,
• Supports the creation of sustainable businesses from the concept stage,
• Contributes to the employment of young talent,
• Promotes Cyprus abroad and strengthens the European innovation bond,
• Provides startups and their creators with the necessary tools to gradually turn their idea into a profitable business,
• Offers a wide range of business support,
• Creates new SME companies every year and new jobs,
• Educates teenagers, students, young people and promotes female entrepreneurship
• Promotes the culture of “giving back” to society, “sharing” and “volunteering”, addressing the noble feelings of successful Cypriot entrepreneurs,
• Facilitates fintech solutions and promotes digital transformation through its partnership with Bank of Cyprus

Since its establishment, it has supported the creation of 89 startups with more than 200 entrepreneurs and helped create more than 100 new jobs. It has also trained more than 5,000 people and invested more than €4 million in the Cypriot innovation and entrepreneurship ecosystem.

IDEA has achieved two of the most important recognitions in Cyprus – one of its startups was accepted to Y Combinator and secured a significant investment from a foreign fund, and another one raised €600,000 through a crowdfunding platform.

Business partnerships
Other startup businesses have attracted investment funds and business partnerships from Cyprus and abroad, have established their own offices and/or employ their own staff.

The Director of the Innovation and Entrepreneurship Centre of the Bank of Cyprus, Panayiotis Korinos, states that “IDEA supports young entrepreneurs who are enthusiastic and dynamic and expect to develop innovative products or services. It encourages the creation of teams of capable people who will work together to develop an idea they propose, and work to turn it into sustainable businesses with an international perspective.

We at IDEA are working with them to create investable startups, help change the culture for entrepreneurship in Cyprus, and put Cyprus higher on the innovation map. We hope that our country will become the bridge between the innovation hubs of Europe, Asia and Africa. Our biggest vision is to make Cyprus a regional hub of innovation and to attract strong and reliable companies”.

IDEA opens the cycle again this year, opening the 9th cycle of the Programme for startups, giving the opportunity to start-ups that stand out for their potential:
• Develop an innovative product or service, or solve an existing problem in an innovative way.
• Have a dedicated and capable team of at least two founders/members.
• Have the potential to expand into the international market through technology.

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In IDEA’s nine-month Programme, a comprehensive package of support is offered to each startup to enhance its entrepreneurial journey, such as:
• €20,000 in seed capital.
• Business training to create the business.
• Mentoring by established entrepreneurs.
• Legal, accounting, marketing & technology (ICT) services.
• Connections with entrepreneurs (business development), networking and access to potential investors (angel investors).
Startup businesses are now the new business choice for those who expect to reach even where they can’t! And IDEA can help them realise their dream!

Save the date and submit your applications by February 16, 2024.
Find out more: www.ideacy.net | Tel. +357 22 128 144 | E-mail: [email protected]

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