Wednesday, December 1, 2021

IDEA Innovation Centre issues new call for startup applications

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Are you a young person determined to make your ideas come true? Do you want your business vision to come alive in the form of a startup, with all the support and assistance you need? Then look no further than  the IDEA Innovation Center – the largest innovation and business support organisation in Cyprus.

For the seventh consecutive year, the European Commission-awarded IDEA is accepting applications from talented young entrepreneurs who have an innovative idea with global outlook, and who are determined to turn it into a startup through their hard work and IDEA’s support.

Via its nine-month programme, IDEA offers each startup a package of cash and services, of up to €60,000, which breaks down as follows:

  • Business-creation training to establish your business
  • Seed capital €12,000
  • Mentoring from accomplished entrepreneurs in niche areas
  • Consultancy services for legal, accounting, marketing and ICT matters
  • Fully-equipped office premises
  • Hybrid training (online and physical)
  • Business connections to entrepreneurs (business development)
  • Networking with key individuals, access to angel investors
  • Major promotion to Media
  • Extroversion and promotion overseas

The deadline for applications is February 20, 2022.

Find out more:

To date, IDEA has supported the establishment of 74 startups, achieving perhaps the most significant recognition in Cyprus when one of its startups was accepted to Y Combinator, which has now further secured significant investment from a US fund.

At the same time, several other IDEA startups have also attracted investment capital and business partnerships from Cyprus and abroad, established their own offices, and/or employ staff of their own.

IDEA has the full support of Bank of Cyprus, which leads the way in fostering innovation, entrepreneurship and the island’s digital transformation. Of particular importance is the contribution of IDEA’s “social capital”: the 42 trainers, 70 mentors and 20 organisations that provide their support pro-bono, within the framework of “giving back”.

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