articleposted 26 January 2022

TechIsland launches a working group to address the needs of the startup ecosystem in Cyprus

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TechIsland is doubling its efforts to support the startup system in Cyprus. The non-profit organization has launched a brand new working group with a sole focus on helping new businesses in the area of startups to flourish. The experts who form the group, will act as an Advisory Board for the Board of Directors of TechIsland, that will run projects under our joint mission.

Tackling the bottlenecks

While the number of startups in Cyprus is steadily rising, they clearly need a more robust and complete support system to succeed. The new working group believes that some of the main problems facing startups are lack of funding and complexity of doing business in Cyprus, as well as lack of headcount especially in the area of technology. Their immediate goals include solutions that will help resolve these issues.

"We strongly believe that a privately managed fund investing in startups, partly funded by the Government as already done in many other European countries, will be a significant step forward, " says Marios Demetriades, himself a startup owner and Chair of the Working Group. "All in all, we need to involve the private sector as much as possible in the process of assessing startups for funding. It is also crucial to create business angel networks and give access to startups to institutional investors specializing in such investments," he explains.

The group will continuously assess multiple areas of the startup ecosystem development utilizing private expertise to resolve specific problems. "It's essentially to create a platform for all interested parties to cooperate as well as initiate dialogue with the Government and other ecosystem players to achieve results," says Mr. Demetriades.

The goals

TechIsland's Working Group intends to focus on initiatives with both immediate and medium term impact. Our experts are keen to work with the Government to ensure that resources for innovative enterprises are allocated effectively and efficiently and keep growing. Further on its agenda are discussions for suitable incentives for new entrepreneurs as well as promoting the creation of Business Angel networks that can assist significantly in channeling private capital in startups. "We have identified multiple gaps preventing the growth of our ecosystem. We believe that the private and public sector will need to find better methods of cooperation and that large enterprises should lend a helping hand to businesses viable for scaling up", discloses Mr. Angelos Gregoriades, Member of the Board of Directors of TechIsland. "Last but not least, we believe a huge shift is necessary when it comes to the culture: young graduates need to become more entrepreneurial and feel supported when doing so,” he adds.

The group is already taking steps to fulfill the goals of its initial action plan, and we will continue informing the wide public about their efforts to stimulate the startup ecosystem in Cyprus.

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