Cyprus boasts more than 400 startups

Cyprus’ innovation ecosystem boasts over 400 startups and innovative businesses, more than 2500 researchers, and over 4000 entrepreneurs, said Demetris Skourides, the chief scientist of the Research and Innovation Foundation.

“These numbers demonstrate that Cypriot businesses now recognise the importance of innovation for their sustainability and development, as is also proven by the dozens of entries in the Innovation Awards competition, which this year have reached a record number,” said Skourides, speaking at the Cyprus Innovation Awards ceremony.

RIF has conducted over €148 million in funding through competitive programmes from 2016 to date. The ongoing programming period for 2021 – 2027 aims to continue this path with targeted investments of €150m in research, knowledge, innovation and infrastructure.

Cypriot startups’ high absorption of EU’s Recovery and Resilience Facility (RRF) programmes and the successful raising of over €130m in venture capital until 2022 showcased the growing acknowledgement of innovation’s fundamental role in sustainability and development, he said.

Speaking at the ceremony, organised by the Federation of Employers and Industrialists (Oev) and RIF, President Nicos Christodoulides praised the teamwork of small and medium businesses, saying the event celebrated their achievements, emphasising their crucial role in shaping innovation in Cyprus.

The European Innovation Scoreboard 2023, released by the European Commission, positioned Cyprus as the 10th-strongest innovator among EU Member States for the second consecutive year, said the president. Additionally, in the Global Innovation Index, Cyprus secured 28th place among 132 economies and was in second place in the Middle East and North Africa region.

Christodoulides underlined government’s commitment to creating a beneficial environment for innovation, emphasising the significance of the recently approved Research and Innovation Strategy for 2024-2026.

The ceremony recognised innovative achievements, with Levantina Fish and The Mighty Kitchen securing Innovation Awards in the Primary and Manufacturing sectors, respectively. MAP FinTech (Europe) Ltd and 2050 Materials – Sustainability Data for Building Materials received awards in the Services Sector, while Ablebook Ltd received the “Social Innovation” category prize.

In the Research Awards, individuals in various fields were honoured, including Professor Leonidas A. Phylactou, Dr Chrysovalantis Voutouri, Dr Fotios Bekris, and Dr Georgios P. Georgiou.