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The Cypriot economy is going through a difficult period due to the ongoing pandemic crisis. In this period, the Foundation stands by the domestic Research and Innovation ecosystem. How is this being done?
It is a fact that the global economy is in uncharted waters due to the pandemic, with Cyprus not unaffected. This period has seen a rapid increase in the prices of raw materials and goods, strong inflationary trends and a crisis in supply chains. But if these peculiar conditions that have emerged in the two years of the ongoing pandemic have taught us anything, it is the crucial importance of flexibility, implementation and, above all, investment in the triptych: research, innovation and technology. Sensing therefore the difficulties and challenges created for the Research and Innovation (R&I) ecosystem, the Research and Innovation Foundation (R&I Foundation) has announced, in a timely manner, special funding programmes of €1 million to mitigate the impact of the pandemic and in particular to support start-ups, innovators and existing local businesses. Equally important are Innovation Programmes, under which €20.7 million in funding was provided to 60 start-ups and 25 existing businesses, leading to the creation of 188 new jobs. Intensifying our actions, in April 2021, we announced the €15 million GEFYRA Programmes, ensuring the seamless strengthening of the ecosystem, while recently the Foundation announced three Innovation Funding Programmes, which fall under the National Recovery and Resilience Plan "Cyprus - Tomorrow".
Give us some details on the new funding programmes. Who are they mainly addressed to and which sectors are supported through them.
These are three programmes, worth €13 million, targeting start-ups, innovative and existing businesses that aspire to make a difference. They aim to boost the transformation of innovative ideas into products and services with the potential to penetrate the international market. In particular, under the PRE-SEED programme, the Foundation is providing €1 million for the creation of new start-ups aimed at developing innovative products and services. In addition, with the €6 million SEED programme, we support the rapid development of dynamic and innovative start-ups that are already active in the market and intend to develop internationally competitive products and services. Finally, with a budget of €6 million, the INNOVATE Programme is aimed at existing productive enterprises active in a variety of sectors and interested in investing in research and innovation to develop competitive innovative products and/or services with international prospects. I should note that this Programme also facilitates the mobilisation of private investment capital to support the rapid development of innovative enterprises. These three calls are an example of the broader strategic philosophy of the Programmes for the new period 2021-2027, with a budget of €150 million, which is guided by targeted investments that build on competitive sectors of the economy. They aim at the practical exploitation of new and innovative technologies, the creation of dual-use industry as well as green, blue and digital transition and development. Our ultimate goal is to increase private investment in R&D, to strengthen partnerships between research organisations and businesses, to encourage and support knowledge transfer and commercialisation, and to enhance the extroversion and internationalisation of our ecosystem.
Where do you think Cyprus excels in terms of R&D and what are its weaknesses?
Evolution, dynamism, progress: I think these three words perfectly characterise the research and innovation sector in our country, which has taken significant steps forward in recent years. Although Cyprus is a small country in terms of population, it has a high-level research and innovation community that contributes significantly to the transformation of knowledge, a talented and skilled workforce and world-renowned academic and research centres. Its growing dynamism is also reflected in the latest results of international indicators. Specifically, in the European Innovation Scoreboard, Cyprus is ranked second best in the European Union, improving its performance by 25%, while it is ranked 28th in the Global Innovation Index. It is evident that our country is entering a new era with a bright future ahead. There are, however, areas for improvement which are our strategic objectives. For example, changing the way we think, turning challenges into viable business opportunities, linking research with industry and strengthening partnerships between the business and research community, increasing private investment and leveraging investment capital into innovative businesses. These elements will both contribute to the strengthening of the Cypriot economy and reverse the brain drain phenomenon, opening up new jobs and prospects for Cypriot students and scientists currently working abroad. This is the direction we are working towards and through various actions that have already started to be implemented, we are actively showing our support by strengthening the R&D sector.
Lately, we hear very often that there is a need to cultivate skills in the younger generation and the workforce in general, so that they can keep up with the new digital era we have entered. Can you explain more?
Going into an era of rapid technological development, the need to invest in each individual, providing them with the skills that will empower them and create a more resilient society in the face of challenges, is imperative. Comprehensive skills and competences, such as digital literacy and financial and cultural literacy, will give citizens, and especially the younger generation, competitive advantages to excel in an ever-changing world, create a future of progress and development and lead humanity to even more revolutionary achievements. To this end, re-skilling the country's existing potential and pushing the new generation towards the professions of the future are the spearhead of our efforts. In this direction, we recently announced, in cooperation with the Ministry of Education, the IN-U: INSPIRE UNIQUENESS, INNOVA CHALLENGE competitions, with the aim of achieving a first contact of high school students with innovation as well as the development of entrepreneurship and critical thinking skills. Through targeted actions and in cooperation with all relevant stakeholders, we equip our young people with the right mindset and the necessary skills to follow the path of science, technology and innovation, seeing R&D as a career option.
We have realised that the role of innovation in the whole management of the pandemic has been important. How ready was Cyprus to respond?
Despite the difficulties, the pandemic was also the starting point for revolutionary changes, demonstrating once again the pivotal role of scientific research, innovation and technological development. Their role is not only important, but decisive, since they govern every sector of economic activity across the board and are in fact a protective shield for both the public and private sectors. They enhance the country's competitiveness, improve the quality of life of its citizens and can produce immediate and tangible results. In Cyprus, I believe that the pandemic has, in essence, accelerated the developments that had already been initiated by the State, which, by implementing a series of drastic reforms, has radically changed the environment, with a clear direction: to formulate a new economic model that will transform research, innovation, scientific excellence and technology into pillars of growth, with the aim of having a positive impact on the economy and, by extension, on society. Let me give a few examples. During the mandatory quarantine, it would have been impossible for some businesses to continue operating if teleworking had not been possible, and the same applies to the education sector. The role played by the Deputy Ministry of Research, Innovation and Digital Policy was crucial in enhancing the digital capabilities of the state, while facilitating the everyday life of Cypriot citizens. The contribution of our country's academic and research institutions, public and private health organisations, as well as technology companies, telecommunications companies and innovative businesses was particularly important. The tangible and rapid results that emerged through the cooperation between all the stakeholders were catalytic from the beginning of the pandemic and for this reason I would like to thank them.
Can Cypriot start-ups and innovative businesses play a leading role in the international scene?
Not only can they, but they must play a leading role on the international stage. Besides, a significant number of our country's businesses are already operating successfully in foreign markets, opening up new avenues for Cyprus. A prime example is the biotechnology company NIPD Genetics, which was recently acquired by the European giant Medicover Investment B.V, EMBIO Diagnostics, which last December received a strategic investment from ASBIS Group, and the data protection company Malloc, which secured funding from the US-based Y Combinator. Such successes, as well as similar ones to come in the future, encourage us and it is our duty to support and promote them, as they are tangible examples of the evolution of the domestic ecosystem and the prospects that Cyprus presents. Certainly, we are fully aware of the new reality and the challenges posed by the ever-changing international business environment. We know that the journey is long and difficult, but I firmly believe that along the way, there are no failures, only the creation of knowledge and experience. As Elon Musk once stated, "failure is an option even here. If something does not fail at first, it means that it is not innovative enough." So with this phrase as a compass, the young generation and our local businesses must continue to work with perseverance and will to achieve their goals. We will be their companions and I am sure that together we can create the conditions that will favour the development of research, technology and innovation. After all, the challenge is one: to create a modern and outward-looking R&D and innovation ecosystem, which will transform innovative ideas into value-added products and services with a global perspective, bringing numerous benefits for the country and contributing to the formation of a sustainable and competitive economy.
How can the start-up ecosystem be strengthened?
It must be understood that in order to make the Cypriot economy more competitive and thus strengthen the start-up ecosystem, the increase in private investment in Research and Development (R&D) must be intensified. Therefore, in order to contribute to increasing overall investment in R&D, the financial instruments of the Recovery and Resilience Plan aim, inter alia, at leveraging private investment and equity, in conjunction with government funding. In addition, the creation of innovation zones, which can be the starting point for the development of a modern economy and society, is particularly important. Furthermore, in addition to the funding programmes, the Foundation provides a wide range of targeted support services that enhance the efforts of the ecosystem to become more competitive. In particular, recognizing that knowledge transfer and the creation of a "bridge of communication" between the business and academic worlds of Cyprus is an imperative need, the Foundation is proceeding with the creation of the Central Knowledge Transfer Office, which is expected to become operational in the coming months. In addition, the "Innovation Factory" has been created to provide high quality services to start-ups, with the aim of developing them and finding sources of funding, especially high risk capital. Memoranda of Understanding and cooperation have also been signed with ministries, relevant national authorities, organisations and organised groups of enterprises that strengthen R&D partnerships between the private and public sectors while reinforcing the development of innovative entrepreneurship. In addition, strategic partnerships have been developed in recent years with countries such as Israel, Greece, France, the United Kingdom, Italy, Poland and the United Arab Emirates, which open new avenues for strengthening Cyprus' global engagement and internationalisation of the R&D ecosystem.
How can Cyprus become more competitive in the field of research and technology? Can we reach large foreign companies on the island?
For a small country like Cyprus, attracting foreign companies is a "key" to growing its economy and enhancing its competitiveness. The presence of international companies in Cyprus, especially those working in the High Technology and Information Technology sector, already offers multiple benefits to the country, including the creation of new jobs, adding value to the economy and expanding the productive base. Our country has the characteristics that make it an ideal destination for attracting foreign companies. It is located at the centre of three continents, offering easy access to major international markets, a high quality of life, a strong European legal framework, an attractive tax regime and special incentives such as the intellectual property regime. In addition, significant progress has been made in recent years in terms of creating new infrastructure, technologies and connectivity services in high-speed networks, while the development of modern fibre optic broadband and 5G networks is being promoted across the country. With the recent adoption of the new Investment Attraction Strategy, which includes, among others, provision for the granting of Digital Nomad Visa, creation of the Business Facilitation Unit and additional tax incentives, our country has the tools it needs to claim a leading position in the region and become a regional R&D hub. It is on these elements that we must continue to "invest" and where possible strengthen them with appropriate recommendations and actions. For example, there is a need to create more basic infrastructure such as foreign language schools. Also, it is particularly important to promote to foreign markets the quality of the research fabric we have, so that interested investors know that by coming to Cyprus, they can enter into those partnerships that will lead them to achieve their goals.
Your vision, through your position of course, for the next day, what is it?
The implementation of our strategic plans and objectives, within the timeframes that have been set and the regular evaluation of our effort and actions, is essential. In a world where everything is changing and evolving rapidly, with the effects of the pandemic evident across a wide range of economic activities and society, we know that the next day will be difficult. Difficulties and challenges are a given. But they always have been. To paraphrase the great English poet and artist, William Blake, "the future is not a gift. It is an achievement." So with this in mind, we are building on what we have achieved so far and with the new generation as our "weapon", we are building the Cyprus of tomorrow. After all, our young people are the future of this country and they are the ones who will lead to the development of the already important work that is being done. For our part, we are not resting on our laurels. After all, the ecosystem and the reforms that are being carried out are primarily aimed at giving life to the ideas and vision of our young people. It is therefore our duty to continue working in this direction, with the vision of creating a more flexible and modern country. A country with a new economic model that transforms scientific research, innovation and technology into a foundation stone for growth, while helping to broaden the productive base and create a prosperous society.
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