IDEA Innovation Center

IDEA Innovation Center was founded in 2015 as an Ιncubator-Αccelerator for startups and an entrepreneurship hub for Cypriot young entrepreneurs. Today IDEA is the largest, non-profit, comprehensive organization in Cyprus which forms a cluster of private and public partnerships to support startups and innovative Small and Medium-sized Enterprises (SMEs).

In 2019 IDEA Innovation Centre was the European Winner in investing in entrepreneurial skills, surpassing 29 other countries, in the European Commission’s ‘Enterprise Promotion Awards’. This was an extremely significant international distinction, capping IDEA's long list of accolades both in Cyprus and overseas, underscoring its leading role in promoting entrepreneurship and innovation in the country.

In brief, IDEA’s international acknowledgements and awards include:

  • It was invited by the State Department and the US Embassy to participate in a program in 5 US states, named ‘Entrepreneurship as the Engine of Prosperity & Stability: Small Business Development’, over the course of 3 weeks.
  • In 2018 it received at Austria the National Award at the European Enterprise Promotion Awards for ‘Promoting the Entrepreneurial Spirit’.
  • IDEA was invited as a speaker to the American conference SXSW – European edition ‘Me-Convention’ in Frankfurt, to present Nicosia as a ‘Startup City’.
  • It was invited by the European Commission and the Government of India to represent Cyprus in the ‘Europe-India Innovation Partnership’ organized in New Delhi.
  • At a national level, it won the Gold Award for ‘Excellence in Cooperation – Private-Public Partnership’ and the Silver Award for ‘Cause Advocacy’ for its role in inspiring youth towards this path, by the ‘Cyprus Responsible Business Awards 2019’.
  • IDEA organized 3 National Delegations to Israel with the participation of universities, the government sector and young entrepreneurs. It has also co-organized two National Delegations at the ‘Websummit’- Lisbon, along with the Research & Innovation Foundation and Invest Cyprus.
  • IDEA frequently invited as a speaker, panellist or judge in conferences and competitions, both in Cyprus and abroad.

IDEA Mission and Activities

IDEA makes a reality the direct cooperation between the Public and Private sector through joint activities and influencing policies for the benefit of the local innovation ecosystem. It closely cooperates with diplomatic missions both in Cyprus and abroad. It also cooperates with all universities in Cyprus.

Since its establishment, IDEA has supported 57 new businesses with over 125 entrepreneurs and helped to create more than 80 new jobs, strongly promoted female entrepreneurship and inclusion and has educated more than 4000 students and teenagers. It encourages a culture of ‘giving back’ to society and volunteerism, by addressing the noble feelings of successful Cypriot business persons, of esteemed institutions and the youth.

IDEA, during its 9-month program, provides to the hosted startup companies the following package of cash and services, estimated to a value of up to €58,000 per startup:

  • The highest quality of business training, so as to turn their innovative ideas into viable businesses with a global outlook

  • Seed capital of €12,000 per startup

  • Mentoring by renowned businesspersons of various fields

  • Consultation on business, legal, accounting, marketing and technological (ICT) issues

  • Complimentary use of fully equipped offices

  • Business opportunities and contacts with relevant to their field businesspersons

  • Networking with keypersons and access to investors when ready

  • Guidance on European programs and grants.

    Crucial to IDEA's success has been the support from Bank of Cyprus and its other valuable Partners. The Bank will continue to actively support the Innovation Centre, investing in this way in the new generation, in innovation, and into the future.

For more information about IDEA Innovation Center you can visit the IDEA website at https://ideacy.net/

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