The Research and Innovation Foundation (RIF) funded start-ups and innovative businesses with €8.5 million. It is expected that this will lead to additional private investment of over €5 million and more than 70 new jobs will be created.
The Foundation says in an announcement issued today that the companies will be financed, through the PRE-SEED, SEED and INNOVATE calls, announced in December 2021. From the 215 proposals submitted, 61 of them qualified for the second phase of the evaluation, while the final evaluation resulted in the financing of 15 start-ups and 7 existing businesses.
The Entrepreneurial Innovation Programmes of the RIF are part of the Foundation’s new National Programme Framework for the period 2021-2027 and aim to strengthen the ecosystem of start-ups and innovative businesses, in a way that creates long-term socio-economic benefits. They were the first Research and Innovation Programmes announced under the Recovery and Resilience Plan “Cyprus – Tomorrow”, according to the announcement.
Source: Cyprus News Agency