Nicosia:Cyprus is transitioning into a new phase of developing its research and innovation ecosystem, emphasizing the attraction of private investment, international talent, and the transformation of research into products and economic activities, according to Theodoros Loukaidis, Director General of the Research and Innovation Foundation (RIF).
According to Cyprus News Agency, Loukaidis discussed Cyprus's progress over the past three decades, highlighting its improved international performance and competitiveness. Cyprus currently ranks 25th in the Global Innovation Index among 139 economies and 34th globally in the startup ecosystem, as per StartupBlink rankings.
The demand for RIF support has surged, with 284 applications submitted under a recent call compared to about 60 applications five or six years ago. Loukaidis stressed the importance of increasing public funding to attract more private capital, exemplified by RIF programmes like BOOST and DISRUPT. These programs have successfully mobilized private investment, demonstrating the potential of public support as a catalyst for economic activity and job creation.
The presence of multinational and international ICT companies in Cyprus is seen as a significant driver of the ecosystem, providing access to international markets and expertise. Loukaidis emphasized the potential for joint projects with local research institutions, which could enhance competitiveness and facilitate international expansion.
Artificial intelligence is identified as a particular challenge, with Cyprus aiming to leverage its data and expertise in areas like shipping and financial services. Loukaidis highlighted initiatives such as Pharos-CY and a collaboration with NVIDIA on a supercomputer, which are crucial for developing AI models with local and international applications.
Strengthening the talent base is another priority, with initiatives like Research and Innovation Summer Internships and Accelerate Cyprus Talent aimed at connecting students with companies. Despite tax incentives to attract Cypriots from abroad, Loukaidis noted the need for an environment conducive to establishing and growing businesses.
Several Cypriot companies demonstrate the potential for research-based businesses to succeed internationally. NIPD Genetics, Blue Analytics, Silicon Dali, and Cleedee are examples of firms that have expanded their operations and attracted significant investment, supported by RIF and private capital.
Looking ahead, RIF plans to expand its funding tools and introduce new initiatives, such as PhD MINT and Games Go Global, to support research excellence and industry growth. The upcoming 20th European Researchers' Night, coinciding with RIF's 30th anniversary, will showcase Cyprus's increasing integration of research and innovation into its economic landscape.