articles | 06 April 2021

€15m funding to boost Research & Innovation

To strengthen Cyprus’ science and business community, the Research & Innovation Foundation (RIF) has launched a new €15 million funding programme to improve poor performance in this sector.

Four new programmes, each with a specific objective, aim to enhance the local ecosystem’s research capacity and create appropriate conditions to translate knowledge into value-added products and services that deliver long-term benefits for the economy and society.

The new programmes also aim to promote private investment in Research and Innovation (R&I) and boost the cooperation between the public and private sectors.

It will enhance competitiveness by increasing the critical mass of research activity in Cyprus.

The programmes are co-funded by the Republic of Cyprus and the European Regional Development Fund (ERDF).

As part of the new schemes, the Foundation has introduced new features that facilitate access to funding and support a new generation of scientists.

The money hopes to encourage collaborations between private and publicly funded academic and research organisations.

The four programmes:

  • Excellence Hubs – €10 million budget

This programme promotes scientific excellence. It aims at funding research projects in leading fields: Life Sciences (€4m), Physical Sciences and Engineering (€4 million), as well as Social Sciences and Humanities (€2 million).

  • Research in Enterprises – €3.6 million

This programme encourages companies to increase their participation in research activities, enhancing their competitiveness by investing in Research and Development (R&D) for new products and services.

  • Proof of Concept for Technology / Know-how Applications (€500,000 to €1 million)

This programme aims at funding projects that support the initial investigation of possible industrial applications of a technology/knowhow.

  • Commercial Exploitation of Research Results (€400,000)

The programme aims at the commercial exploitation of research activities. The programme will be announced in the second half of 2021 and designed in collaboration with Tom Hockaday, the RIF’s Knowledge Transfer consultant.

The Chief Scientist for Research and Innovation, Dr Nikolas Mastroyiannopoulos, described the RIF’s Programmes “of utmost importance” and ensure the local ecosystem has access to funding, allowing it to continue its work “in a particularly difficult period for the national economy.”

Dr Mastroyiannopoulos said: “We provide incentives for collaborations between private and publicly funded academic and research organisations while strengthening the competitiveness of the entire local ecosystem and increasing the critical mass of research activity in Cyprus.

“We also provide young researchers with the opportunity to lead research projects. In this way, we support the new generation of scientists and researchers who will continue the work produced in the country.

“Our goal is to encourage investment in R&D as a means to enhance the competitiveness of local businesses.”

RIF Director-General Theodoros Loukaidis said: “We have designed the new Programmes to strengthen the capabilities of the ecosystem but also to improve specific weaknesses and support its further development.

“The Foundation remains committed to its mission and vision. It is evolving, whilst supporting and strengthening the country’s R&I ecosystem in every way possible.”

The Research and Innovation Foundation (www.research.org.cy) is the national authority in charge of supporting and promoting research, technological development and innovation in Cyprus.

For more information, contact the RIF’s Call Centre at 22205000.

Source: Financial Mirror

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