Cyprus
Institutions
Source: European Innovation Scoreboard
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Institutions & Funds
Startup Cyprus
Startup Cyprus is the Cyprus startup ecosystem entity that culminates the ecosystem’s efforts to realize the pledge made by the Cyprus startup community, by people that believe in the creative and disruptive power of startups and innovation, to startup Cyprus. It has been active for over 4 years as a pledge amongst the community and founded as a legal entity in February 2016 by 13 pioneering startup founders and ecosystem heavyweights.
Startup Cyprus is one of the founding members of the European Startup Network comprised of national startup associations across Europe, a member of Allied For Startups, GEN Cyprus and member of the eSkills National Coalition in Cyprus.
Research & Innovation Foundation (RIF)
Co-funded by the Cypriot government and European Union structural funds, RIF offers schemes (based on eligibility and qualitative criteria) financing start-ups for research and initial development. The grants cover up to 85% of the invested capital.
The two major activity pillars of RIF activities are the following:
a) The development and management of national research, technological development and innovation programmes in Cyprus;
b) The promotion of Cypriot research organisations, enterprises and researchers in European and other international research and innovation programmes.
The RIF organizes training and awareness-raising activities; represents Cyprus in European and other research and innovation committees, working groups, networks and initiatives; implements studies; and submits suggestions to the relevant authorities for further research and development policy initiatives.
The Industry and Technology Service
The Industry and Technology Service (part of the Ministry of Energy, Commerce and Industry) manages and distributes funds under a variety of programmes. Recent examples include:
a) Enhancing SME competitiveness in the manufacturing sector and other specific economic activities;
b) Women’s entrepreneurship;
c) Youth entrepreneurship;
d) Manufacturing / marketing / development of agricultural products;
e) Encouraging investment activity and enhancing competitiveness in the wine industry;
f) Strengthening business innovation.