TechIsland’s Valentinos Polykarpou on driving innovation, addressing talent gaps and building a diverse digital economy
Chairman of TechIsland and General Manager at Wargaming, Valentinos Polykarpou, has played a key role in turning Cyprus into a burgeoning tech hub.
Over the past three and a half years, the tech sector has made remarkable progress, contributing over 14 per cent to the country’s Gross Value Added (GVA) in 2023, equating to €3.81 billion. “We anticipate that this percentage will be even higher for 2024,” Polykarpou said.
The tech ecosystem in Cyprus is diverse and vibrant, including startups, venture capital funds, corporates and accelerators.
It has attracted leading global tech companies such as Wargaming, ASBIS, Exness, Palta, payabl., BrainRocket, MY.GAMES, Indrive, and JetBrains, reinforcing Cyprus’ reputation as an ideal place for living, working and innovating.
“Our member’s database, which includes local companies like Cyta, Odyssey Cybersecurity, XM, Map Fintech and RSL Revolutionary Labs, as well as foreign investment firms, showcases the diversity of the tech landscape in Cyprus,” he mentioned.
According to him, key sectors such as FinTech, AdTech, gaming, AI and blockchain highlight the sector’s capacity to drive innovation across a wide range of sub-sectors.
“This is a great example of how good collaboration between the public and private sectors can lead to beneficial results on a broader level,” Polykarpou noted.
As part of TechIsland, he is proud to contribute to Cyprus’ Vision 2035 by sharing expertise, actively supporting the development of the sector and creating an environment where innovation and growth can thrive.
The robust digital economy not only benefits the tech sector but also creates ripple effects across other vital sectors of the economy.
According to an EY Cyprus study, one new position in the ICT sector generates three additional positions in other sectors, underscoring the value of collective efforts and highlighting technology’s role as a catalyst for sustainable economic development across Cyprus.
However, Cyprus’ fast-growing tech ecosystem faces challenges, notably in talent acquisition. “The most significant challenge has been providing the necessary talent required by the tech industry to operate, develop, and grow further,” Polykarpou acknowledged.
While Cyprus is an attractive destination for foreign investment and tech companies, the specialised skills required are not yet sufficiently available within the local workforce.
Moreover, the small size of the country naturally limits the availability of homegrown tech experts. Addressing this issue relies on attracting and retaining highly skilled tech professionals from abroad while leveraging their expertise to upskill and reskill local professionals.
“Building local capacity is critical for the sector’s long-term sustainability,” he explained. Significant progress has been made through policies such as tax incentives for first-time employment in Cyprus, streamlined naturalisation criteria for highly skilled professionals, and the recent implementation of the EU Blue Directive, which has no limitations on the number of cards issued and no quotas based on nationality.
To close the talent gap, TechIsland members have initiated several educational and training initiatives. “Many of our member companies have taken proactive steps to address this through education and training initiatives,” Polykarpou pointed out.
For instance, BrainRocket has established the BRO Academy, an inclusive programme offering individuals from all backgrounds a pathway into IT careers.

Similarly, Wargaming’s Forge programme provides students with hands-on training in software engineering and game development, guided by top industry experts.
In collaboration with academic institutions, companies like JetBrains are fostering a stronger connection between education and industry needs. Their partnership with Neapolis University has introduced a bachelor’s degree in computer science and AI, which includes scholarships and internships to support students.
“As TechIsland, this year, we launched the Tech NextGen programme in collaboration with local universities. Through this initiative, we organise guest lectures featuring experienced professionals from our member companies to inspire and guide students toward tech careers,” he added.
These efforts, combined with a broader strategy to attract highly skilled professionals from abroad, are vital for cultivating a strong local talent pool, ensuring that the sector maintains its dynamic and sustainable growth for the benefit of the country as a whole.
Promoting diversity in tech also remains a key challenge. “Getting more women into tech is a worldwide challenge,” Polykarpou admitted, noting that achieving gender diversity within the tech sector in Cyprus requires a comprehensive and collaborative approach that addresses barriers at multiple levels.
“First, we must reshape the fundamental perceptions around science, technology, engineering and mathematics education (STEM) and tech professions among women from an early age. This involves integrating tech education into school curriculums and offering programmes that expose young girls to STEM fields, making these professions accessible and relevant to them,” he explained.
Additionally, creating an inclusive environment for women in tech is essential, necessitating progressive policies such as flexible work arrangements, extended parental leave and on-site childcare, which are crucial for retaining women in the workforce and enabling them to balance career and family life.
Addressing the funding gap for female entrepreneurs and encouraging investors to prioritise diversity in their portfolios are also key.
“Providing targeted initiatives that support women-led startups, such as training in negotiation, sales and fundraising, helps female founders scale their businesses and reduce disparities in entrepreneurship,” Polykarpou added, emphasising the need for diversifying corporate boards to ensure gender-balanced leadership, which is essential for comprehensive decision-making and innovative business strategies.
In line with these efforts, mentorship and positive role models play a vital role in supporting and building confidence among women entering the tech industry.
“Initiatives like Women in Tech Cyprus, facilitated by TechIsland and Adsterra and part of the Women in Tech Global network, have created a strong community of over 500 members, offering a platform for networking, mentorship and collaboration,” he noted.
“Last October, we co-hosted the first Women in STEM Cyprus Forum under the auspices of the President of Cyprus, Nikos Christodoulides.
The event brought together thought leaders from various sectors who delivered a powerful message about the need for systemic changes in the STEM fields,” Polykarpou concluded, emphasising the ongoing need for collaborative efforts between industry, government, and academia to create a tech ecosystem where women are not only participants but leaders shaping the future.
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