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Posted 20 October 2023
Supporting Startups to Cultivate a Robust Tech Ecosystem
digital agenda

In recent years, substantial efforts have been made in aligning the infrastructure and business landscape with our ambitious vision: to transform Cyprus into a hub of technological innovation. Representing nearly 300 tech companies, TechIsland plays a pivotal role in nurturing an environment conducive to business and technological advancements in Cyprus. A testament to our collective effort is the exponential growth observed in the ICT industry, which now contributes 13% to the nation's GDP, amounting to a significant 3 billion euros.

Currently, Cyprus stands at a crucial crossroads, having attracted international companies and exceptional talent, marking a period of remarkable evolution and opportunity. Our vision extends to a long-term strategy that involves maintaining momentum, attracting and retaining talent, upskilling and fostering an environment where innovation flourishes. We aim to transform Cyprus into a vibrant hub where individuals from various backgrounds come to live, work and innovate.

Within this context, spotlighting startups and innovators is a critical facet of our strategy. It is essential to foster an environment where new ideas are celebrated, and talent is nurtured, paving the way for groundbreaking advancements.

So, how do we aim to support and grow the startup ecosystem? Here are some important focus areas:

  1. Access to Capital: Essential for startups to innovate and scale, necessitating support from venture capital firms, angel investors, and governmental incentives.
  2. Reliable Infrastructure: Investment in both physical and digital infrastructures such as high-speed internet, co-working spaces, and incubators.
  3. Global Perspective: Encouraging international collaboration and expansion beyond local boundaries, enriching the ecosystem with global insights and expertise.
  4. University Collaborations: Building strong connections with educational institutions to foster innovation, research, and a seamless exchange of ideas.
  5. Networking and Mentorship: Creating avenues for idea-sharing and collaboration, facilitating growth and innovation within the community.

Moreover, support from an agile and forward-thinking government is imperative for nurturing the growth of tech ventures. This involves creating a regulatory framework that facilitates innovation, enabling us to sustain and elevate the technological ecosystem in Cyprus.

Finally, let’s not forget that Silicon Valley thrives on risk-taking and the acceptance of failure as part of the learning process. We must cultivate a culture that encourages entrepreneurs to take bold risks without the fear of failure, knowing that each setback brings us closer to breakthroughs.

Together, with dedication and a shared vision, we will drive the technological revolution for the benefit of Cyprus and the generations to come.


*The photo is from the recent Alpha Stage powered by TechIsland, within the framework of Digital Agenda Summit 2023.