articles | 13 November 2023

Cyprus startups vie for funding of up to €119,999 — pre-seed programme sees record interest

Cyprus’ Research and Innovation Foundation (Idek) on Monday announced that the submission period for proposals in the latest call for its pre-seed programme concluded on November 3, with an impressive 134 startups vying for funding to support their initial stages of development.

As previously explained, Idek’s pre-seed programme is designed to assist fledgling businesses, providing financial support to nurture innovative ideas and create products and services capable of penetrating international markets. This year’s submission saw a notable increase in participation, with 106 submissions coming from newly established businesses joining the programme for the first time. The overall number of proposals significantly exceeded the previous pre-seed cycle in 2021, which recorded 90 entries. The selection process for funded proposals is now underway and is expected to conclude within the first half of 2024.

Moreover, the foundation explained that new entrepreneurial projects that secure funding through the pre-seed programme can access amounts up to €119,999 to further develop their innovative concepts. Additionally, Idek offers grant recipients free support services in innovation and knowledge transfer, enhancing the prospects of success and laying the foundation for sustainable businesses.

Since the programme’s inception in 2019, Idek has disbursed over €3.5 million to support 35 startups, contributing to the creation of more than 75 new job positions. Notably, one in four Cypriot startups funded in the initial cycle managed to secure significant revenue through sales or investments from private capital, both locally and internationally.

The general director of Idek, Theodoros Loukaidis, commented on the importance of supporting new startups, stating that “today’s startups are the backbone of tomorrow’s sustainable economy”. “They represent a source of investments and new job opportunities while bolstering exports of high-tech products,” he added. “For this reason, we will continue to support their development and evolution, reinforcing their positive impact on the country’s society and economy,” Loukaidis concluded.

Finally, the foundation noted that its pre-seed programme is part of the National Plan ‘Cyprus Tomorrow’, aiming to play a crucial role in fostering innovation and entrepreneurship within the region.

Source: Cyprus Mail

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