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Five years of contribution to the strengthening of the scientific innovation ecosystem in Cyprus

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The completion of five years of continuous support aimed at strengthening the scientific innovation ecosystem in Cyprus was celebrated by Cyprus Seeds and Eurobank Cyprus, in a special event, which took place on Thursday, January 19, 2023.

As part of the event, the ten academic groups that have been selected to participate in the third cycle of the Cyprus Seeds program were presented.

With the perennial support of Eurobank Cyprus, which embraced this initiative from the very beginning, Cyprus Seeds practically supports selected groups from Cypriot academic institutes and universities, with the aim of transforming their research into innovative products and services. The ten teams that have been selected following a competition and will participate in the third cycle of the program, come from the University of Cyprus, the Cyprus University of Technology, the CYENS Center of Excellence, the Cyprus Institute and Frederick University. The selected teams receive specific funding, as well as valuable guidance from experienced mentors abroad, who have many years of experience in the commercialization of academic research. At the same time, they have the opportunity to be trained in business skills with an emphasis on intellectual property protection and to create a network of potential investors and clients both in the local and international markets.

In this context, Cyprus Seeds and Eurobank Cyprus have announced the further strengthening of their partnership, through the signing of a partnership with the successful incubator/accelerator Egg enter-go-grow, which is supported by Eurobank Greece. The General Manager of Cyprus Seeds, Mrs. Maria Markidou Georgiadou, described the agreement as extremely important, as she said “it will further strengthen the extroversion of the innovation ecosystems of Cyprus and Greece, resulting in the acceleration of the commercialization of the academic research of the groups that are part of the Cyprus Seeds program”.

The event was welcomed by the Deputy Minister of Research, Innovation and Digital Policy, Mr Kyriakos Kokkinos, who praised the valuable contribution of Cyprus Seeds to the creation of start-up companies from the innovative research carried out in the universities of Cyprus.

At the end of the presentation of the groups, a round table discussion was held, on the occasion of the government's decision to create the first Equity Fund in Cyprus to attract additional venture funds for start-ups. Among others, the Chief Research and Innovation Scientist, Mr. Nikolas Mastrogiannopoulos, the Financial Director of the Directorate of Economic Policy and European Affairs of the Ministry of Finance, Ms. Irini Piki, the Mandate Manager of the European Investment Fund (EIF) in Greece, participated in the discussion. Vivi Papasoulis, the Director of Institutional Clients of Eurobank Cyprus, Mr. Menelaos Poulis and the Partner at Uni.Fund, Dr. Katerina Pramatari. The discussion was moderated by the Vice-President of the Board of Directors of the Research and Innovation Foundation and member of the Investment Committee of the EIC Accelerator of the European Innovation Council, Ms. Stavriana Kofteros. During the Event Mr. Nikolas Mastrogiannopoulos stated that “in order to make our economy more competitive and by extension to strengthen the ecosystem of innovative start-ups, it is necessary to strengthen private investment and more specifically investments from strategic investors and Venture Capital Funds. In this direction, the financial tools we have designed aim to further leverage private capital, creating a mix of public and private investments”.

The event was honored with the presence of distinguished institutional clients of Eurobank Cyprus, senior management public service officials and representatives of Cypriot business associations. The presence of representatives of the main donors of Cyprus Seeds was important, such as the Deputy CEO of the Eurobank Group, Mr. Stavros Ioannou, who addressed the greeting, the CEO of Eurobank Cyprus, Mr. Michalis Louis, Mr. George David from the Foundation Anastasios G. Leventis, Mr. Michalis Printzos from the Hellenic Initiative, Mr. Theodoros Loukaidis from the Research and Innovation Foundation, Mr. Stavros Pantzaris from EY Cyprus and Mrs. Alix Weldon, Head of Philanthropy of Mohari Hospitality.

Source: eurokerdos.cyprustimes.com

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