Nicosia: Cyprus has achieved a significant milestone by being included in the ‘innovation leader’ category in the latest Global Innovation Index, as revealed by Theodoros Loukaidis, Director General of the Research and Innovation Foundation (RIF), to the Cyprus News Agency (CNA). Loukaidis emphasized that the country now boasts a more solid and mature research and innovation ecosystem.
According to Cyprus News Agency, Loukaidis highlighted the potential of these developments to aid in efforts to repatriate talent to Cyprus, aligning with President Nikos Christodoulides’ ‘Minds in Cyprus’ initiative. He stated that the research and innovation ecosystem in Cyprus has grown sufficiently to present opportunities on an international scale.
Loukaidis specifically mentioned the tools available through RIF for students and young graduates, which help them connect with the research and innovation sector. He also encouraged public participation in the European Researcher’s Night on September 26 at the State Fair in Nicosia, offering a chance for the new generation to gain insights into Cyprus’s research and innovation ecosystem.
Cyprus’s ranking of 25th on the recent Global Innovation Index marks an improvement of two places from the previous rating, a development Loukaidis described as ‘very positive’. He noted that this recognition should serve as a foundation for establishing Cyprus as a research and innovation hub in the region. Additionally, he cited the country’s 40th place in the Startup Blink last May as evidence of an upward trend that could propel Cyprus even further.
Loukaidis explained that RIF provides both funding and consulting to entrepreneurs through an extensive toolbox of schemes addressing the ecosystem’s needs. He emphasized the importance of consulting services related to copyright, noting its significance in an environment where ideas are highly valued.
In response to a question about the impact of consulting and support for researchers and entrepreneurs, Loukaidis stressed the importance of networking opportunities with investors, lawyers, accountants, startup accelerators, and incubators. Despite funding being a persistent challenge for businesses pursuing innovation in Cyprus, Loukaidis mentioned that RIF has introduced schemes like Disrupt and Boost to stimulate investment funds and venture capital. ‘A total of 10.5 million of public investment has managed to leverage 12.5 million from investment funds,’ he stated.
The robust research and innovation ecosystem in Cyprus has a profound impact on the local economy and society, according to Loukaidis. He cited biotechnology companies that received RIF funding, subsequently attracting private investments from Cyprus and abroad, and creating employment opportunities for numerous young professionals in fields like biotechnology, biology, and chemistry.
Loukaidis also pointed to companies in the AI sector, which began with a pound 500,000 fund, later raising over 30-40 million dollars from European and US investors, and having clients such as Intel while maintaining a substantial workforce in Cyprus. He emphasized that such developments create opportunities for those interested in innovation and advanced products, potentially encouraging talent repatriation.
RIF is currently developing the Future Founder’s Academy, a new scheme offering guidance, consulting, and a pound 25,000 grant to aspiring entrepreneurs who graduated from university within the last three years. The first 20 participants will be selected in October. Loukaidis also mentioned a four-year scheme providing networking opportunities and work experience to students through internships in research and innovation corporations. The ‘Reception Innovation Internships’ program has been deemed a success, with several interns being hired by the businesses where they interned.