New funding programmes for Research and Innovation with a budget of €15 million

Press Release

05 April 2021


RIF: New funding programmes for Research and Innovation with a budget of 15 million


  • The Programmes aim at strengthening and further developing the local R&I ecosystem
  • The introduction of new features facilitates ease of access to funding

Aiming to strengthen the research and business community of Cyprus in a direct and effective manner, the Research & Innovation Foundation (RIF), has announced the launch new funding programmes, with a total budget of €15m.


Four new Programmes, each with a specific objective, aim at enhancing theresearch capacity of the local ecosystem and create appropriate conditions to translate knowledge into value-added products and services thatdeliver long-term benefits for the country’s economy and society. The new programmes also aim at promoting private investment in Research and Innovation (R&I), as well as boosting the cooperation between the public and private sector. These elements will enhance the competitiveness of the entire local ecosystem, by increasing the critical mass of research activity in Cyprus.


The Programmes, are co-funded by the Republic of Cyprus and the European Regional Development Fund (ERDF). They are a prelude to RIF’s new National Framework Programme for the period 2021-2027.


As part of the new programmes, the Foundation has introduced new features that facilitate access to funding, support the new generation of scientists who will take the lead building upon the good work already carried out.. At the same time, the programmes encourage collaborations between private and publicly funded academic and research organisations.


The four programmes in detail:


  • Excellence Hubs – €10m budget

This programme aims at promoting scientific excellence. It aims at funding research projects in leading fields: Life Sciences (€4m), Physical Sciences and Engineering (€4m), as well as Social Sciences and Humanities (€2m).


  • Research in Enterprises – €3.6m budget

This programme encourages companies to increase their participation in research activities, enhancing their competitiveness by investing in Research and Development (R&D) for new products and services.


  • Proof of Concept for Technology / Knowhow Applications (Budget of €500,000 that may be increased to €1m)

This programme aims at funding projects that support the initial investigation of possible industrial applications of a technology/knowhow.


  • Commercial Exploitation of Research Results (€400,000 budget)

The programme aims at bringing about the commercial exploitation of the results of research activities. The programme will be announced in the second half of 2021 and designed in collaboration with Tom Hockaday, the RIF’s Knowledge Transfer consultant.


The Chief Scientist for Research and Innovation, Dr. Nikolas Mastroyiannopoulos, described the RIF’s Programmes “of utmost importance”. and noted that they ensure that the local ecosystem has access to funding, allowing it to continue its work “in a particularly difficult period for the national economy.”. Dr. Mastroyiannopoulos pointed out that, through the Programmes, “we provide incentives for collaborations between private and publicly funded academic and research organisations, while strengthening the competitiveness of the entire local ecosystem and increasing the critical mass of research activity in Cyprus.” As he explained, “we also provide young researchers with the opportunity to lead research projects. In this way, we are supporting the new generation of scientists and researchers who will continue the work produced in the country “.


“In addition,” he underlined, “we facilitate the participation of enterprises in research activities. Our goal is to encourage investment in R&D as a means to enhance the competitiveness of local businesses“. In his closing remarks he stated: “Now is the time to exploit knowledge, invest in new ideas, be more creative, strengthen partnerships and shape our future.”


The RIF Director General, Theodoros Loukaidis, commented that “we have designed the new Programmes with the aim to strengthen the capabilities of the ecosystem but also to improve specific weaknesses and support its further development.” Mr. Loukaidis underlined that the Foundation “remains committed to its mission and vision. It is evolving, whilst supporting and strengthening the country’s R&I ecosystem in every way possible”


For more information, you may visit the RIF website,, or contact the RIF’s Call Centre at 22205000.




Research and Innovation Foundation (RIF)

The Research and Innovation Foundation ( 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 and innovation activities at a European and international level.