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IdEK announces the “DISRUPT” program to allocate €10 million to innovative businesses

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&Tauomicron Ι ;δΕΚ ανακοινoνει το πρoγραμμα «DISRUPT&raquo ; για διαθεση €10 εκατ. σε καινοτoμ&epsilon ;ς επιχειρorσεις

Requested to facilitate fundraising from Venture Capital investors

With the aim of further strengthening the innovative business community of Cyprus and, by extension, the country's economy, the Research and Innovation Foundation (IRC), announces the flagship financial program “DISRUPT”, with a total budget of €10 million.

The Program is financed by the Recovery and Resilience Plan “Cyprus – Tomorrow” and aims to connect Cypriot companies, which have ground-breaking innovations, with Venture Capital investors, with the prospect of either penetrating new markets or disrupting existing ones. The aim of “DISRUPT” is to encourage and support the investors in question to contribute to the further development of the companies that will participate, as well as their expansion in the international markets.

The right to participate in the Program is for small, medium and large companies that have, when submitting a proposal, a product of minimum specifications (Minimum Viable Product – MVP) and a signed binding agreement with an investment fund, which provides for an equity capital investment of at least €1 million in the company. That is to say, the funding that the İDEK will make available should be combined with business risk investment funds, looking forward to the successful penetration of the beneficiary companies into foreign markets and, by extension, to the strengthening of the competitiveness and resilience of the Cypriot economy. The maximum funding per project amounts to €1.5 million.

Those interested can submit their proposals until March 23, 2023 at 13:00 < /strong>in the IRIS portal which is available through the website of the IdEK. The website also lists information on the Foundation's open calls as well as useful documents/guides.

For more information, those interested can contact the IdEK Partner Service Center at tel.: 22205000 and at email: support@research.org.cy.

Source: eurokerdos.cyprustimes.com

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