€13 million were earmarked for start-ups by the Chief Scientist and Research and Innovation Foundation (RIF) during an event held on 8 December. This is part of RIF’s broader €150 million research and innovation funding framework for the period 2021-27 and is one of the first to be presented under ‘Cyprus Tomorrow’, Cyprus’s recovery and resilience plan. The €13 million set aside for start-ups is the sum of three different funding programmes, all sharing the primary goal of strengthening the start-up and innovative enterprises ecosystems in way that is beneficial to Cyprus’s long-term socioeconomic standing.

In a short greeting, the Minister of Finance, Mr. Konstantinos Petridis stated that the Government has demonstrated, through recent reforms, its commitment to strengthen the research, innovation, and technology sector, with the aim of greater resilience and diversity for the Cypriot economy. While the Director General of the Ministry of Research, Innovation & Digital Policy, Mr. Stelios Heimonas, on behalf of the Deputy Minister, Mr. Kyriakos Kokkinos, emphasised how the new funding is an excellent opportunity to create, develop and internationalise innovative products and services.

Additionally, during his speech, Dr. Nicholas P. Mastroyiannopoulos, Chief Scientist and Chairman of the Board of Directors of RIF, mentioned that the announcement is a milestone for those seeking the opportunity to be a part of the European and global business scene as well as for young visionaries.

Two of the programmes are aimed at start-ups and innovative companies, while the third is aimed at existing companies. They aim at the development of innovation in Cypriot companies, giving impetus to the transformation of innovative ideas into products and services with the prospect of penetrating the international market.

The three programmes, presented by Mr. Theodoros Loukaidis, General Manager of RIF, are presented below.

PRE-SEED – Creation and Initial Development of Start-ups with International Orientation

With a budget of €1 million, the programme aims to support the creation and development of new start-ups, for the development of innovative products and services with the prospect of penetrating the international market.

SEED – Development of Internationally Competitive Innovative Products and Services from Start-ups

The programme, with a budget of €6 million, is aimed at start-ups that are already active and their innovative product or service is at a more mature stage, without yet having penetrated the market. The financing covers any activity that will lead to the rapid development of the innovative idea, attraction of private investment funds and successful international market penetration of the product or service.

INNOVATE – Development and Promotion of Internationally Competitive Innovative Products and Services by Existing Companies

With a budget of €6 million, the programme is aimed at existing companies operating in a variety of sectors with an interest in investing in research and innovation, for the development of competitive innovative products and / or services, with the possibility of direct international market penetration. Additionally, the programme will facilitate the mobilisation of private investment funds to support the rapid growth of innovative businesses.