Press Releases

It is a true pleasure to join you today, to celebrate the transformative power of research and innovation, and the endless possibilities that arise at the intersection of innovative research and entrepreneurship. I think we all agree that the world’s best ideas stem from in-depth research and continuous experimentation and testing. The most impactful ones, though, are those who translate into real world applications and find their way to the market. In the words of Thomas Edison, “The value of an idea lies in the using of it”, but I find it more fitting to use the words of the Managing Director of Cyprus Seeds, dear Maria, and this is from the Cyprus Seeds website, where it is quoted that the purpose of this non-profit organisation is to cultivate scientific innovation in Cyprus and drive impactful change not just in Cyprus but in the world. Working together, we can make Cyprus an innovation hub and reverse the brain drain. 

I am quoting these words, because this is exactly a major objective of this government: pushing forward with our strategy of Cyprus being a technology and innovation hub in the region, capitalising on the progress we have achieved this far. The stable growth trajectory of our economy – evidenced by repeated credit rating upgrades, reduced unemployment, and public debt – the advancements in our research and innovation ecosystem ratings, and the growth of the technology sector. 

A big part of this effort is addressing, at the same time, the brain drain problem. The President of the Republic of Cyprus has announced that this, together with attracting quality investments, are key priorities for 2025. Encouraging the return of Cypriots excelling abroad in scientific and professional fields is already part of targeted discussions and planned actions under the direct guidance of the President himself. 

Looking back, we are very proud of how far we have come in the past few years. Despite being a relatively small nation with a very young Research & Innovation ecosystem, Cyprus is already home to many success stories of scientific breakthroughs and entrepreneurial ventures. It has joined Europe’s Strong Innovators – for the third consecutive year –, while featuring – for the very first time in 2024 – in the Top 50 Startup Ecosystems worldwide. 

To support this fast-growing ecosystem and provide our scientific base with the right tools and opportunities to take the entrepreneurial leap, the Government offers, through the Research and Innovation Foundation (RIF), funding programs catering to different needs and stages of the research and innovation journey, as well as value add services to help protect and commercialise new knowledge, while introducing alternative financing tools for startups and innovative small and medium-sized enterprises (SMEs) such as the Cyprus Equity Fund. 

Cyprus Seeds is an important stakeholder and a key partner in this journey, complementing the above services and being part of the support structures that the ecosystem so needs. 

Dear friends, 

The journey to innovation is a bumpy road, yet one worth taking. It is all about breaking boundaries and going where few dare to go. 

It is with great pride that we see the achievements of our local researchers and creative minds, some of which are here with us today. 

The calibre of innovators within the Cyprus Seeds program is exceptional, and their results reflect the effectiveness of the Cyprus Seeds model, focusing not only on funding but a broader set of services and support that help innovators ensure their idea can be sustained, scaled, and adapted over time. 

I extend my sincerest congratulations to Cyprus Seeds, its management team and its network of donors, mentors, and coaches – those who make all of this possible – for their invaluable contributions. Well done, of course, to all the teams selected. As you embark on this 4th Cycle, I would like to reiterate the government’s firm commitment to continue to support initiatives that drive our shared vision of making Cyprus a leading regional hub for research, innovation, and technology. 

Thank you. 

(GS/NZ)