Cyprus startups urged to think globally from the outset
Deloitte brought together more than 20 startups and scaleups in Limassol on September 17 for an event highlighting the growing strength and international potential of Cyprus’ technology ecosystem.
The second edition of Deloitte’s “Cultivating Success Stories of Innovation” brought together entrepreneurs, investors and other stakeholders under the Technology Fast 50 programme and the ARIS (A Really Inspiring Story) accelerator.
The event, held in Limassol under the theme “Cultivating Success Stories of Innovation”, focused on the challenges facing technology businesses as they move from early growth to international expansion.
In an announcement on Monday, Deloitte said the event was intended to celebrate the momentum, ambition and growing international reach of the startup and scaleup ecosystem in Cyprus and the Middle East.
Building Cyprus’ innovation ecosystem
Deloitte Cyprus has sought to support the local innovation and entrepreneurship ecosystem through its Innovation and Entrepreneurship Centre (IEC).
The centre also oversees ARIS, a non-profit accelerator designed to help startups and scaleups accelerate their growth through mentorship, funding opportunities and access to a wider support network.
Deloitte launched its Technology Fast 50 programme in Cyprus and the Middle East in 2021, providing a platform for recognising some of the region’s fastest-growing technology companies.
The company said the two initiatives were intended to provide technology ventures with mentorship, resources and recognition while helping innovative businesses scale, compete and develop internationally.
The Limassol event provided networking opportunities for founders, investors and other participants in the innovation and entrepreneurship ecosystem.
Cyprus has potential to build globally competitive firms
Chief Scientist of the Republic of Cyprus Demetris Skourides delivered the keynote address, focusing on the changing innovation landscape and opportunities for emerging technology companies.
“Cyprus has the talent, ambition and technological capability to build companies that compete far beyond the size of our market,” Skourides said.
“The next challenge is not simply to create more innovative businesses, but to enable more of them to scale, internationalise and turn innovation into sustained economic impact,” he added.
“The companies recognised through Deloitte’s Technology Fast 50 demonstrate the potential of an ecosystem where technology, entrepreneurship, investment and execution come together,” Skourides stated.
Founders, funding and scaling
A panel discussion moderated by Monica Ioannidou Polemiti of TKI examined the challenges involved in building businesses capable of surviving and expanding over the long term.
The discussion, titled “Built to last or built to fade – Founders, funding and the reality of scaling”, brought together Yiannis Eftychiou of 33 East, Carolos Georgallis of Kinisis Ventures, Fillipos Kyprianou of Plug and Play Cyprus and Maria Terzi of Malloc Privacy.
The panel examined the factors separating startups that successfully scale from those that stall or disappear, including founders, timing, execution and funding.
It also addressed less visible challenges behind business success and the questions founders commonly have about investors and accelerators.
These included how investors make funding decisions, misconceptions about investment, mistakes made in the past and how startups should assess potential investors themselves.
The discussion also considered what businesses need to do to move beyond early traction, secure suitable backing and expand while maintaining resilience.
“Fast growth is exciting, and it deserves to be celebrated,” Polemiti said.
“What really matters over time is whether the founders, the team, the strategy and the capital can keep evolving as the company grows,” she added.
“That is what turns a strong period of growth into a business with real staying power,” Polemiti stated.
Support for entrepreneurs
Constantinos Kritiotis, assistant manager of Strategy & Transactions at Deloitte Cyprus, represented the IEC and ARIS at the event with a presentation on the importance of supporting entrepreneurs as their businesses develop.
Kritiotis focused on the need to understand the changing requirements of entrepreneurs as they move through different stages of growth.
He also highlighted ARIS’ role in helping entrepreneurs develop their businesses through tailored support, including mentorship, access to expertise, networks and other resources.
The support is intended to help entrepreneurs turn promising ideas into sustainable and successful businesses.
Kritiotis also outlined the wider contribution of the IEC to innovation and entrepreneurship in Cyprus through practical research, innovation management and participation in European projects.
The centre also works with organisations and initiatives supporting the development of the wider innovation ecosystem.
Fast 50 recognises Cyprus companies
The event concluded with Kyriacos Charalambides, Deloitte Cyprus and Middle East & Cyprus Technology Fast 50 programme leader, presenting the fifth edition of the Technology Fast 50 and awarding the winning companies attending the event.
Deloitte said the number of applications to the programme has increased steadily from one edition to the next, reflecting what it described as the growing maturity of the region’s start-up ecosystem.
It also highlighted the presence of Cyprus-based startups and scaleups among the top-ranked companies across the different editions of the programme.
Charalambides said entrepreneurs had an important role in shaping the future through innovation.
“Entrepreneurs have the power to make a meaningful difference and shape the future,” Charalambides said.
“By driving innovation, they can strengthen communities, influence entire industries, and grow wider ecosystems,” he added.
He further stated that initiatives such as ARIS and Technology Fast 50 helped inspire the next generation of founders while supporting the wider innovation landscape by highlighting strong practices and strengthening connections across the ecosystem.
Entrepreneurs urged to think internationally
Addressing aspiring entrepreneurs attending the event, Charalambides encouraged them to adopt an international mindset from the outset and pursue their ideas with persistence.
He stressed the importance of having a clearly defined plan for developing a product or service, together with a clear go-to-market strategy for bringing it to customers.
Charalambides also urged entrepreneurs to remain flexible and responsive to changing circumstances while maintaining their focus on long-term objectives.
Finally, he said that persistence would remain important as entrepreneurs encountered obstacles during the process of developing and scaling their businesses.
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