Technology constitutes today one of the most fundamental parameters for enhancing the productivity and economic growth of a country. Innovative activities, based on new technologies, create with a rapid pace new or improved products and services which are knowledge based and they change the structure of the economy of a country, irrespective of its size.
For this reason, the Government of Cyprus continues intensively its efforts for the transformation of Cyprus into a Regional Hub for Research thus taking advantage of its strategic geographical place, its accession to the European Union and its scientifically well qualified professionals, which constitute probably the most important competitive advantage of Cyprus today.
The Government policy for the achievement of this target is promoted with various initiatives which are focused on the following three areas:
First: The establishment of research centres which constitutes an essential prerequisite for the production of knowledge and innovative ideas. Within this context the following institutions have already been established:
- The Cyprus International Institute for the Environment and Public Health in association with Harvard School of Public Health.
- The Cyprus Research and Educational Foundation (Cyprus Institute) which is associated and supported by worldwide known scientists and personalities of world esteem.
At the same time, the Government pursues the proposals from renowned Cypriot scientists who excel abroad, for the establishment in Cyprus of research centres in various scientific sectors, and the arrangement of bilateral agreements for promoting research and development activities.
Second: The creation of New Enterprises of High Technology and Innovation, which enhance the potential for the production of products with high value added in knowledge and know-how and the demand of which is sensitive with regards to their quality and innovation and not their price. The promotion of the creation of these enterprises is supported by four business incubators.
Third: The establishment of the Science Technology Park in Cyprus which will constitute the infra-structure nucleus for the development of research and the area which will host the future research centres, the business incubators and the spin-off innovative enterprises. The Science Technology Park is the indispensable infrastructure for the achievement of our targets with regard to research and development.
HIGH TECHNOLOGY AND INNOVATION THROUGH THE INSTITUTION OF BUSINESS INCUBATORS
The Technology-Incubating Program is an innovative system designed to assist entrepreneurs and inventors in the development of new technology-based companies. It seeks to effectively link talent, technology, capital and know -how in order to accelerate the development of new companies thus speeding up the commercialization of technology. Within the framework of the Program for the creation and operation of business incubators introduced by the Government, four incubator companies have successfully started their operation and already thirty teams of inventors are involved with the Program in subjects such as Biomedical Engineering, Biotechnology, Electronics, Fluid Dynamics, Telecommunications, Information and Communication Technologies (ICT) and others.
1. BENEFICIARIES / WHO CAN APPLY
The program for the creation of new High-Tech and innovative enterprises is addressed to individuals or small groups of individuals, who may apply for Government grant under this program through an incubator company having a contract with the Government.
2. EVALUATION AND ACCEPTANCE CRITERIA FOR ADMISSION
Applications may be accepted for non-polluting activities which lead to the development of a product, which can be classified in any of the sectors of the manufacturing industry, information technology, software development and other sectors, provided that the following elements, which will constitute the basic criteria in the applications evaluation, are satisfied:
- Innovation
- Technological Viability
- Marketability of the idea
- The possibility of developing the idea within the budget and time framework described in the project proposal
- The suitability and adequacy of the team with regards to the scientific and business requirements of the project
3. PROCEDURE FOR THE SUBMISSION AND EVALUATION OF APPLICATIONS
execution of the plan and to fill in the application form prepared by the competent Government Committee. The completed application, which is submitted to the Ministry of Commerce Industry and Tourism, is forwarded to the Program Committee for final evaluation and approval.
4. STATUS OF ESTABLISHMENT AND DURATION OF STAY IN THE INCUBATOR
Where the Program Committee approves an application, a contract is signed between the Ministry of Commerce, Industry and Tourism, the Incubator Company and each approved applicant, in which the rights and obligations of each party are prescribed in detail. The selected individual or team has to register a private company of limited liability. The Company is obliged to be housed and operate in the designated premises of the Incubator Company for the period of up to two years. The competent Committee, however, may give an extension of stay, without any additional grant. The Incubator Company is entitled to charge the enterprises under incubation with fees for the use of its premises.
5. PROVISION OF SERVICES TO THE ENTERPRISES UNDER INCUBATION
The Incubator Company undertakes to offer the companies under incubation facilities such as space and office services, secretarial, accounting and legal assistance, scientific and advisory support and assistance in finding associates. It also organizes seminars for general matters relating to their educational and professional needs. Furthermore, the Incubator Company has the obligation to assist the companies under incubation in the creation and registration of limited liability companies. In addition it assists them in the preparation and implementation of their business plans, secures them with the required financing and helps them in finding the appropriate strategic investors. The Incubator Company is entitled to charge the enterprises under incubation with fees for the use of the services provided.
6. FINANCING
The Government of Cyprus provides the inventor company a grant of up to the sum of CY£120.000 for projects aiming at the development of new technology products, for a maximum period of two years. This grant is provided subject to the condition that the inventor and/or associates will deposit an amount of at least CY £10.000 as own capital.
7. CRITERION OF SUCCESS OF THE PROGRAM
The criterion of success of the Program is whether or not the Company under incubation, upon graduation from the Incubator, has secured the required external financing, which will allow its operation as a Company for the further promotion of the innovative idea for which it was originally established.
INCUBATOR COMPANIES
DIOGENES HIGH TECH BUSINESSINCUBATOR OF THE UNIVERSITY
OF CYPRUS LTD
91 Aglandjias Avenue, 2nd floor
2111 Nicosia
Tel.: + 357 22 892 220
Fax.: +357 22 892 211
E-Mail: info@diogenes.com.cy
www.diogenes.com.cy
ERMIS RESEARCH AND
INCUBATOR CENTRE (ERIC) LTD
6 Diogenous, ERMIS Building, 1ST Floor
2404 Nicosia
Tel.: + 357 22 559 555
Fax.: +357 22 559 400
E-Mail: ermis@ermis.com.cy
www.ermis.org
HELIX BUSINESS INCUBATOR LTD
66 Metoxiou Avenue
2407 Nicosia
Tel.: + 357 22 795 007
Fax.: +357 22 772 616
E-Mail: consultancy@intercollege.ac.cy
www.helixincubator.com
PROMITHEAS BUSINESS
INNOVATION CENTRE LTD
33 Klimentos, 5th floor,
1061 Nicosia
Tel: + 357 22 452 660
Fax: + 357 22 374 096
Ε-Μail: kek@promitheas.com.cy
www.promitheas.com
Ministry of Commerce, Industry and Tourism
TECHNOLOGY SERVICE
13 – 15 Andreas Araouzos Street
CY-1421 Nicosia - Cyprus
Tel: + 357 22 409 399
Fax: + 357 22 375 735
E-Mail: perm.sec@mcit.gov.cy
http://kypros.org/hightech
CONTACT PERSONS:
Mr. Panayiotis Koutsoupides
Tel.: + 357 22 409 307
E-Mail: pkoutsoupides@cys.mcit.gov.cy
Mr. Pantelis Panteli
Tel.: + 357 22 409 364
E-Mail: ppanteli@mcit.gov.cy
Mr. Spyros Zavros
Tel.: + 357 22 409 311
E-Mail: szavros@mcit.gov.cy
Mrs. Soula Lambrianou
Tel.: + 357 22 409 362
E-Mail: slambrianou@mcit.gov.cy