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Over € 20 million from IDEK to innovative companies

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Over € 20 million from IDEK to innovative companies

The Foundation's Business Innovation Programs strengthen the productive base by creating 188 new jobs. The goal is to develop innovative value-added products and services with the prospect of penetrating the international market.

  Funding in excess of € 20 million was secured by 85 Cypriot innovative companies, through the Business Innovation Programs announced by the Research and Innovation Foundation (IDEK), with the aim of creating and developing new products and services with an international orientation.

Specifically, during the two rounds of invitations “PRE-SEED”, “SEED” and “INNOVATE”, a total of 573 proposals were submitted. Following a highly competitive evaluation process, 85 of them received the green light for funding, securing a total of € 20.7 million. These are 25 existing and 60 start-ups, of which 19% are newly established and created under the Programs.

The total investment amount is expected to reach € 30.4 million, given the investment by the companies, which is estimated at € 9.7 million which corresponds to 32% of the total investment.

It is worth noting that the Innovation Programs bring multiple benefits, with a direct and positive impact on the Cypriot economy. In particular, funding contributes to the creation of 188 new jobs, of which 86 in existing and 102 in start-ups. These ambitious programs were announced for the first time in July 2019, with the main purpose of transforming innovative ideas into value-added products and services with prospects of successful penetration in the international market, as well as strengthening the extroversion of local companies.

Expressing his satisfaction with the results, the Chief Scientist for Research and Innovation of the Republic of Cyprus, Dr. Nikolas Mastrogiannopoulos, congratulated those who secured funding, emphasizing that “the increase in the number of Cypriot companies developing innovative activities is encouraging us.”

Dr. Mastrogiannopoulos underlined that “the extroversion of Cypriot companies and the consolidation of the R&D as a cornerstone of our country's development, are a necessary condition for strengthening the competitiveness of the place on the international stage, as well as for the long-term prosperity and improvement of citizens “. “In this direction,” he explained, “we remain committed to implementing initiatives of practical support of the research and business community, aimed at further strengthening the domestic ecosystem and promoting innovative entrepreneurship.”

Watch a video with the details here

Source: www.philenews.com

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