24 February 2021
€20m in funding by the RIF to innovative enterprises
- The Foundation’s Innovation Programmes boost the productive base by creating 188 new jobs
- The aim is to develop innovative products and services of added value, with potential to penetrate the international market
Eighty-five Cypriot innovative enterprises have managed to secure €20 million in funding through the Research and Innovation Foundation’s (RIF) Innovation Programmes, aimed at creating new products and services with global market penetration prospects.
More specifically, a total of 573 proposals were submitted during the two rounds of calls for the “PRE-SEED”, “SEED” and “INNOVATE” programmes. Following a highly competitive evaluation process, 85 proposals were approved for funding, securing a total of €20.7 million. These included 25 existing enterprises and 60 start-ups, of which 19% were newly established and specifically created in the framework of the aforementioned programmes.
The total investment is expected to reach €30.4 million, including own contribution from the part of the companies, which is estimated at around €9.7 million – that is 32% of the total investment.
It is worth noting that the RIF’s Innovation Programmes deliver multiple benefits, with a direct as well as an indirect impact on the Cyprus economy. Specifically, the funding provided through the Programmes has contributed to the creation of 188 new jobs, 86 of which at existing enterprises and 102 at start-ups. These ambitious programmes were first announced in July 2019, with a main objective of turning innovative ideas into value-added products and services, with potential to penetrate the international market, ultimately boosting the extroversion of local businesses.
Expressing his satisfaction with the results, the Chief Scientist for Research and Innovation of the Republic of Cyprus, Dr. Nikolas Mastroyiannopoulos, congratulated the enterprises, adding that “the increase in the number of innovative Cypriot enterprises is very promising”.
As Dr. Mastroyiannopoulos underlined, “the extroversion of Cypriot enterprises and the establishment of R&I as a key pillar of growth in our country, are crucial in boosting our competitiveness in the international arena, as well as for the long-term prosperity and improvement of our quality of life. To this end, we remain committed to implementing initiatives that actively support the research and business community, and which aim at further strengthening the national ecosystem and promoting innovative businesses”.
Research and Innovation Foundation
The Research and Innovation Foundation (RIF) is the national authority in charge of supporting and promoting research, technological development and innovation in Cyprus. The RIF’s mission is pursued through the design and monitoring of funding programmes for research and innovation actions, in combination with the support of the integration of Cypriot researchers in research activities at a European and international level.