Cyprus innovation ecosystem gathers at RIF event

Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou used his participation at a recently held event by the Research & Innovation Foundation (RIF) to praise Cyprus’ performance in the European innovation scoreboard, saying that this affirms the local ecosystem’s positive trajectory.

“Cyprus being ranked among Europe’s Strong Innovators for the third consecutive year shows that we are on the right track,” said Damianou at the foundation’s ‘Bash 2024’ gathering.

In an official announcement, the foundation highlighted that the event allowed more than 70 representatives from the Cyprus research and innovation ecosystem, including start-ups, investors, and business organisations, to network, collaborate, and exchange ideas.

This interaction, it was further explained, “is expected to lay the groundwork for new ventures”.

In his address, Damianou said that “the recent EIS results have been announced and, once again, demonstrate the remarkable growth of the start-up and innovation ecosystem in Cyprus”.

“The fact that Cyprus is ranked among Europe’s Strong Innovators for the third consecutive year shows that we are on the right track,” he added.

Regarding Cyprus’ ranking as a strong innovator in the European Innovation Scoreboard, it should be noted that the country took 10th place overall among EU member states with 106.3 per cent of the European average and the highest growth rate (39 per cent) since 2017.

Moreover, the country improved in 15 of 32 indicators this year and 28 since 2017. Cyprus excelled in ‘Linkages’ (collaborations and mobility in science and technology) and ‘Attractive Research Systems’ (international publications and foreign doctoral students).

What is more, strengths also included trademark applications, business innovation, and digital transformation.

The report also highlighted areas for improvement, including R&I investment, venture capital, tech exports, patent applications, and sustainability.

Meanwhile, at the event, chief scientist for research, innovation and technology Demetris Skourides advised attendees to “think big, set high goals, and learn from failure”.

“Focus on commercialising and scaling your businesses,” he added.

Furthermore, RIF director general Theodoros Loukaides emphasised the foundation’s main goal of supporting innovative and start-up businesses.

Finally, he mentioned that this objective is being achieved through a comprehensive portfolio of funding programmes and services.