Cyprus seeks to attract more private investment in innovation — Cyprus Mail
In Cyprus, the research and innovation sector must move toward scaling up, attract more private capital and specialists, and more actively increase the commercial value of scientific developments. This was stated by Theodoros Loukaidis, Director General of the Research and Innovation Foundation of Cyprus, on the occasion of the institution's 30th anniversary, Cyprus Mail reports.
According to Loukaidis, Cyprus ranks 25th among 139 economies in the Global Innovation Index, while its startup ecosystem is ranked 34th in the global StartupBlink ranking. He noted that the task for the coming years is not only to develop the ecosystem, but also to grow it and strengthen its international competitiveness.
Public funding as a catalyst
The latest call by the Research and Innovation Foundation received 284 applications, while five or six years ago a similar programme attracted around 60 applications. Loukaidis believes that public funding should stimulate additional private investment rather than exist separately from it.
Under the DISRUPT programme, every €1 of public funding attracted €1.20 in private investment. Within the BOOST programme, private investment was twice the amount of public support. The foundation also supports startups without taking an equity stake in companies and without requiring funds to be repaid as a loan.
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Artificial intelligence and workforce training
Loukaidis named shipping, financial and professional services as promising areas for the application of artificial intelligence, where Cyprus has international experience and access to data. He mentioned the AI Factory Pharos initiative, the Pharos-CY project and investment in a supercomputer in cooperation with Nvidia.
Among companies that have received support from the foundation, Loukaidis named NIPD Genetics, Blue Analytics, Silicon Dali and Cleedee. In particular, after attracting private investment, NIPD Genetics was acquired by a Swedish multinational company, but continued operating in Cyprus, where it has around 150 employees. In fintech, he also noted Klidi, which recently raised €2.1 million in private investment.
The foundation is also preparing new programmes to support doctoral students, student internships in companies, the development of the video game industry and research projects. According to Loukaidis, attracting specialists requires not only tax incentives, but also career development opportunities, access to funding and international partnerships.
