articles | 25 February 2014

Cyprus centre for innovation, entrepreneurship to tackle unemployment

The Centre for Innovation, Entrepreneurship and Employment (ΚΕΑ) has been set up with the aim of combating recession and unemployment in Cyprus.

The centre is a collaboration between the business sector, the academic community and the public sector to find ways to deal with the effects of economic recession and the consequent crucial problems that have marked the Cyprus economy. ΚΕΑ aspires to deal with critical issues, such as galloping unemployment, dramatic decline in companies’ liquidity and profitability, and uncontrollable shrinkage in fundamental sectors of the business sector. The ongoing problems will be tackled through practical support from European and national sponsorship programmes, the utilisation of structural funds, via public support mechanisms and direct financing by the European Support Fund (ESF).

In the initial stages of its action, ΚΕΑ will focus on five principal pillars: 1. Reinforcement of Entrepreneurial Action through indicating new sources of funding and creating a laboratory for diagnosing entrepreneurial potential and innovation, with the aim of simplifying the process to establish a company (one-stop-shop), as well as enhancing competitiveness and the overall employment rate. 2. Youth Entrepreneurship Club for individuals 21-35 years old, who aspire to create and develop their own company. 3. Academy for Women Entrepreneurship Development through the provision of appropriate education, training and business know-how for female professionals and business leaders. 4. VIP Club Business Success as an alternative form of networking, which offers opportunities for profitable collaborations and synergies, professional recognition and individual success. 5. 'Aristaeus' Plan to promote long-term professional integration, mainly concerning young people, women and recent university graduates, through the provision of short-term 'smart' training.

Source: Financial Mirror

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