University of Cyprus launches entrepreneurship competition

The Centre for Entrepreneurship at the University of Cyprus on Monday announced the launch of the 2024 Cypriot Entrepreneurship Competition (CyEC).

According to the announcement, the competition, which is organised annually by the centre, under the auspices of the Ministry of Energy, Commerce and Industry, aims to promote entrepreneurship and innovation in the modern economy.

“The primary aim of the 2024 CyEC is to support innovative business initiatives and help transform them into sustainable and globally oriented enterprises,” the university stated.

“The competition emphasises understanding the balance between problem and solution, as well as achieving a product-market fit,” it added.

Eligible participants include start-ups, individuals with pioneering and innovative ideas, and experienced professionals from the business and research sectors in Cyprus and abroad.

Additionally, participating teams will have the unique opportunity to receive guidance and support from seasoned mentors, academics, and business leaders.

Applications can be submitted via the competition’s official website, cyec.org.cy. Entrants can choose between two categories.

These include the accelerator category, which covers early-stage ideas, and the launch pad category, for more mature ideas and companies that have already launched their products or services in the market.

Selected teams in the accelerator category will participate in a business acceleration programme designed to refine their ideas and business plans, the university explained.

Detailed criteria and submission deadlines for each category are available on the competition’s official website.

Beyond the accelerator programme, each team will have mentors providing personalised advice, solutions, and creative challenges to enhance their business ideas.

Moreover, monetary prizes will be awarded to the winning teams, and each team will have the chance to present their ideas to investors during the event.

Additional prizes will be announced on the competition’s official website. More information on the awards, sponsors, and partners of the CyEC 2024 will be released in the coming weeks.

“The CyEC competition offers a unique opportunity to join a group of visionary entrepreneurs and bring innovative ideas to life in front of investors,” the university concluded.