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Cyprus Research Awards

The Research and Innovation Foundation (RIF), in the frame of its activities for recognizing and rewarding research excellence, has established an annual Research Award for Cyprus since 2007. In 2013, the Award was modified, in order to reward young and more experienced researchers separately, in a parallel attempt to support early-career researchers and at the same time promote distinguished scientists in Cyprus.

Commercial Exploitation of Research Results Award

This Award will provide a reward for a scientist or a group of scientists who have demonstrated successful commercial exploitation of their research results. The Award grant of €60.000 may be used by the winner on a project of their choice to carry out research and development activities (TRL 4-8) aiming to improve the level of his/hers research’s  commercialization readiness.

The nominated researchers should:

  • have been working and living in Cyprus on a permanent basis during the last three (3) years up to the announcement date of the Call.
  • have demonstrated successful commercial exploitation of the results of his/her research in the field of Life Sciences or Physical Sciences and Engineering or Social Sciences and Humanities, as evidenced by at least one of the following during the Call announcement (i) the licensing of research results with revenues of at least €25,000, (ii) the establishment of a start-up[1] company (the definition of a start-up should be fulfilled during the Call announcement) developing technology with commercial application based on the results of research work (e.g. may be own research, licensing of intellectual IP) and which has at least a Minimum Viable Product (MVP) for which beta testing has already been initiated by intended end-users as to its functionality, usability, and reliability and has secured funding of more than €40,000 from private investors or has placed products/services on the market and has revenues of at least €25,000. Note that own investments, or sponsorship income as private investment are not taken into account as revenue.

[1] It is noted that a Start-up is any small enterprise not listed in the stock exchange up to five years after its registration, which (a) has not taken over the activity of another enterprise, (b) has still not distributed profits, and (c) has not been incorporated through a merger. For eligible enterprises not subject to registration, the five-year period may be deemed to start from the time that the enterprise either starts its financial activity or becomes liable to pay tax for its financial activity. By way of derogation from point (c) of the first subparagraph, enterprises formed through a merger between undertakings eligible for aid under this Article shall also be considered eligible undertakings up to five years from the date of registration of the oldest enterprise participating in the merger.

The evaluation will be carried out by an Evaluation Committee (EC).

For the evaluation, the following three criteria are applicable:

  1. Commercial Success: The extent to which the research results have been successfully commercialized and have generated revenue or economic value.
    • The commercial application of the research results are already in the market and amount of revenue generated.
    • The commercial application has been licensed to an operating company in the relevant market and amount of revenue generated.
    • A start-up has been created to exploit the commercial application of the research results and amount of venture or angel investment.
  1. Geographical scope: the extent to which commercialisation takes place at the global level (national, regional, pan-European, world level where global is defined as multiple markets on each of at least two continents)
  2.   Collaboration: The extent to which the commercialization of the research results has involved collaboration between researchers, industry partners, and other stakeholders.
  3. Social Impact: The potential of the research results to make a positive social impact, e.g. by addressing environmental, health, or societal challenges.
  4. Product/Service mix: Whether the product/service developed and/or expected to be developed in the medium term is a single product/service or a range of products/services or a family of products/services (i.e. consisting of several product lines). Applicants should describe how the product/service mix has been identified, including the plan for the future development of new products/services based on the commercialised innovation.
  5. Future research and roadmap for further product development: Proposed framework of activities related to the continuation of the applicant’s research activity/project in the coming years and the proposed plan (roadmap) for further product development, including IPRs.
  6. Research activity and Curriculum Vitae of the candidate(s): quality, exploitation and exploitation of the candidate(s)’ most important research results and their relevance and impact at international level. General qualifications and achievements of the candidate(s).
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