A Memorandum of Understanding for the granting of a €100,000 grant from the Ministry of State to two innovative start-ups that have completed the business creation programme of the non-profit incubator IDEA, was signed today, Thursday, 12 May 2022, by the Deputy Minister of Research, Innovation & Digital Policy, Mr. Kyriakos Kokkinos and the Chairman of the Board of Directors of the IDEA Innovation Centre Dr. Harris Pouagare.
The Memorandum also concerns the implementation of joint actions aimed at strengthening young, innovative entrepreneurship, a driving force towards a sustainable and resilient economic model, opening up new perspectives for young people and businesses, encouraging innovation and helping to accelerate the digital and green transition.
Welcoming the signing of the Memorandum, the Deputy Minister congratulated IDEA for the rich action it has developed to promote innovative entrepreneurship in our country, extroversion and international networking of Cypriot start-ups and innovative businesses, an action which it is constantly expanding and enriching, and which has established it as a valuable partner of the State. According to the Deputy Minister, "Through the Memorandum of Understanding we are signing today, which also provides for funding of €100,000 to support two start-ups that have graduated from the annual cycle of the IDEA Programme, we are laying the foundations for an expanded and productive collaboration to strengthen the local research and innovation ecosystem and the contribution it can and should make to building a sustainable and resilient future, as well as to promote Cyprus as a regional knowledge hub in the Eastern Mediterranean region".
Referring to the role of the Bank of Cyprus, Dr. Harris Pouagare, Deputy CEO of the Bank of Cyprus, pointed out that as the main benefactor and supporter of Cypriot businesses, he could not fail to see the obvious: That it is only through innovation and technology that economies are drastically upgraded.
He also underlined that the Bank of Cyprus will continue its multifaceted support to the economy and society through its multidimensional work - and this is through the Oncology Centre, through the Cultural Foundation, through SupportCY and through its many other actions. "After all," he noted, "as we are proving, we are not just a funding agency, but much more."
In his remarks, the Director General of the Ministry of State, Dr. Stelios Chimonas, underlined the State's commitment to highlighting R&D as a horizontal pillar of development, which is clearly reflected in the increased state investment of €150 million for the period 2021-2027. At the same time, he referred to a series of policies promoted by the Ministry of State for the development of the ecosystem, such as the formulation of a framework for the optimal use of research infrastructure, the revision of legislation for the establishment of spinoffs by public universities, and the creation of a central Knowledge Transfer Office within the Foundation. "Our main concern", he said, "was and remains the creation of an environment that will allow our scientists to develop their creativity, develop business initiatives and become professionally established, with long-term and substantial benefits for themselves and for the economy and society of the country".
IDEA Director Angela Panayiotou, thanking the Deputy Minister Kyriakos Kokkinos, said that the co-funding of €100,000 and other support granted today to young and young entrepreneurs in our country, is a strong support, both material and mainly moral, since it is another encouragement to step forward and create new businesses. Moreover, he added, such co-financing is common practice in countries that are nowadays considered by all of us as "startup nations" (USA, Israel, India, etc.).
(MB/IK)
Contents of this article including associated images are owned by PIO
Views & opinions expressed are those of the author and/or PIO
Source
