Cyprus has reported a notable rise in early-stage entrepreneurial activity and public optimism, according to the latest Global Entrepreneurship Monitor (GEM) survey presented at the University of Cyprus.

Despite this, fear of failure continues to pose a significant challenge for aspiring business founders, particularly among women.

Now in its eighth consecutive year of participation, Cyprus contributes to one of the world’s largest and longest-running studies on entrepreneurship.  

Coordinated locally by the University of Cyprus’ Entrepreneurship Centre, the national report, backed by the Ministry of Energy and supported by PwC, was first published on April 29.

The GEM survey, now in its 24th year, collects data from over 200,000 participants across 70 economies annually, tracking a broad range of entrepreneurial indicators. 

According to the announcement, the event was attended by representatives from across Cyprus’ business and academic landscape, including Energy Minister George Papanastasiou, University Rector Professor Tasos Christofides, and public and private sector officials.  

The opening remarks were delivered by Andreas Sotiriou, Director of the Entrepreneurship Centre, followed by greetings from the Rector and the Minister. 

Each year, the GEM survey captures insights into people’s attitudes towards entrepreneurship, levels of business activity, and ecosystem conditions.  

It was mentioned that the 2023 – 2024 results paint a picture of growing confidence.

Nearly 40 per cent of the population now sees good opportunities to start a business, up from just under 27 per cent the previous year.

At the same time, more than 60 per cent of respondents believe they have the skills required to launch a venture. 

However, challenges remain. It is also said that the fear of failure was cited by 53.3 per cent of respondents, a persistently high figure that continues to deter many from taking the entrepreneurial leap.

Total Early-stage Entrepreneurial Activity (TEA) has climbed to 11 per cent, comfortably above the European average of 9.2 per cent.  

Nascent business activity stands at 6.8 per cent, while the number of established firms increased from 5.7 to 8.2 per cent.  

Nonetheless, the gender gap persists, with women significantly underrepresented, the TEA female-to-male ratio remains low at 0.6. 

Meanwhile, 1 in 5 entrepreneurs expects to generate significant revenue from abroad, underlining Cyprus’ export potential in entrepreneurship.

The report also assessed the strengths and weaknesses of the country’s business environment.

Cyprus scores well on physical infrastructure and administrative policies, particularly regarding taxation and bureaucracy.

But entrepreneurship education, access to finance, and technology transfer were singled out as areas in need of urgent improvement.

Findings were followed by a roundtable on ‘The Fear of Failure’, moderated by Associate Alexia Panayiotou, holder of the UNESCO Chair for Gender Equality and the Empowerment of Women.  

Speakers included Maloc CEO Maria Terzi, special education expert Diana Nicolaou, and  Marios Avraamides. 

The discussion examined the psychological and practical dimensions of fear among entrepreneurs, comparing the experience of seasoned business owners to that of first-time founders.

Participants explored the role of psychology in managing uncertainty, and how education systems can better prepare students for the emotional and strategic demands of entrepreneurship.