Nicosia: Cyprus reaffirms its dynamic growth in the global startup ecosystem, recording the largest rise worldwide in the StartupBlink Ecosystem Index 2024. The country climbed nine spots in the global ranking, earning the title of the fastest-growing startup ecosystem in the European Union.
According to Cyprus News Agency, this success is further highlighted by Cyprus’ outstanding performance across key indicators. The nation ranks 4th globally among countries with a population under 2 million, 6th globally in the number of startup exits below $1 billion, and 9th globally in the number of investors per capita. The startup scene in Cyprus has expanded fivefold compared to 2020, showcasing the sector’s rapid growth. Notably, Cyprus is the only country with a population under 2 million that has four cities ranked in the global startup index.
Additionally, Cyprus stands out in specific sectors, ranking 39th globally in Fintech and 25th in Gaming, with Limassol achieving 1st place in Southern Europe. The Director General of the Research and Innovation Foundation (RIF), Mr. Theodoros Loukaidis, emphasized the rapid expansion of Cyprus’ startup ecosystem. He noted that this recognition reaffirms the country’s commitment to strengthening innovation and entrepreneurship. With robust government support, targeted funding programs, investment incentives, and talent attraction initiatives, Cyprus is fostering a conducive environment for startups to develop products, secure private investment, scale internationally, and succeed. As Cyprus continues to establish itself as a regional hub for research, innovation, and technology, these achievements validate the country’s strategic vision and its ability to bring it to life.