Nicosia: The kick-off event of Plug and Play Cyprus was held at the Presidential Palace, marking the launch of a new initiative aimed at strengthening cooperation between international investors, startups, and the local innovation ecosystem.
According to Cyprus News Agency, the event brought together government officials, representatives of Plug and Play Tech Center, and stakeholders from the technology and entrepreneurship community to discuss the role the platform is expected to play in supporting innovation and connecting Cypriot startups with global markets.
Deputy Minister to the President, Irene Piki, described Plug and Play Cyprus as a platform for collaboration between international investors, Cypriot entrepreneurs, and global technology networks. She emphasized that the initiative reflects the government's determination to move towards a model defined by extroversion, high-value investments, and a modernized productive base. Piki noted that the presence of a global entity like Plug and Play in Cyprus is a strong vote of confidence in the country, validating its strategic direction and demonstrating its ability to compete for high-caliber international partnerships. According to her, this development is a direct result of the President's targeted economic diplomacy and is part of a broader effort to integrate the Cypriot economy into global technology and venture capital networks.
In her remarks, Piki highlighted the importance of innovation and technology as pillars for resilience and long-term stability, especially in a period marked by geopolitical uncertainty. She explained that the Plug and Play Innovation Center will address a specific gap in the local ecosystem by acting as a bridge between local talent and global scalability, thereby linking startups and innovative SMEs with international investors and markets.
Deputy Minister of Research, Innovation, and Digital Policy, Dr. Nicodemos Damianou, highlighted Cyprus' recent progress across various international innovation indicators. He noted that the country ranks 25th globally in the Global Innovation Index and 15th worldwide in the StartupBlink Innovation Business Environment Index, while being first in Southern Europe. Damianou also mentioned that the local startup ecosystem has grown fivefold since 2020, with Cyprus now ranked 40th globally, recording one of the fastest growth rates in Europe. He emphasized that the technology sector, including FinTech, now contributes nearly 15% of GDP and pointed out that £2.6 billion in foreign direct investment in 2024 was directed towards the technology sector.
Damianou attributed this progress to specific policy choices and institutional alignment, stressing the importance of transforming scientific excellence and research into scalable innovation and globally competitive companies. He stated that Plug and Play Cyprus is particularly relevant in providing direct access to global innovation networks, investors, and markets, expressing hope that the platform could help the country's first unicorn emerge.
Seena Amidi, Managing Partner at Plug and Play Tech Center, stated that the company's role is to help startups find product-market fit faster and connect with corporations to accelerate commercial opportunities. He emphasized the importance of speed in the startup world, both in identifying viable opportunities and moving past non-viable ones. Amidi expressed confidence in Cyprus' strong entrepreneurial base and the potential for success, noting that Plug and Play has expanded significantly across Europe and expressing optimism that Cyprus can become another success story.