Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou, has declared that we necessary to provide additional support structures, a better interconnection of research activity with the startup ecosystem and the production of innovative ideas and products, further funding, education and a modify in mentality to some extent.
Addressing the Inspire 2025 – Empowering Innovation & Growth: The NBG Business Seeds Way entrepreneurial festival, taking place in Nicosia on September 25-26, the Deputy Minister noted that all the above are “communicating vessels” and interact with each other in terms of the development of the broader ecosystem and the economy.
Damianou declared that in many countries, banks are key pillars of these actions and in our counattempt, the National Bank of Greece, Cyprus, contributes in this way.
He reiterated that the government remains determined to support and strengthen the developing ecosystem, with tarobtained interventions that will create the appropriate environment and provide the necessary tools.
He recalled that through the Research and Innovation Foundation, financial programs worth €64 million have been announced in the last 2.5 years aimed at Cypriot businesses and through the 33East – Cyprus Equity Fund, which is supported by the government, alternative financing opportunities are provided to innovative businesses. The state also actively supports the expanded and successful participation of Cypriot entities in European competitive programs such as Horizon Europe and Digital Europe, he added.
He also mentioned the tax incentives such as a 120% deduction for research and development expenses and a 50% tax exemption for investment in innovative businesses, which, combined with an attractive ininformectual property regime that allows for a tax rate reduction of up to 2.5%, create Cyprus frifinishly for entrepreneurial and innovative technological initiatives.
Damianou went on to declare that the progress of the last 10 years or so is internationally recognized, with Cyprus ranking 25th worldwide for the first time in the Global Innovation Index 2025, and in 2nd place in the North Africa and West Asia region after Israel.
Furthermore, with a 71% increase in the number of startups compared to 2024 and 5 times more than 2020, Cyprus managed to enter this year the global Top-40 of the StartupBlink Global Startup Ecosystem Index 2025, as the rapidest growing startup ecosystem in Europe for the second consecutive year.
He concluded by declareing that innovation is not just numbers, rankings or indicators, but is the young scientists, creators, researchers and entrepreneurs who dare to dream and turn their dream into reality and we have a duty to give them the tools to achieve it.
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