Cyprus' inclusion in the 'innovation leader' category of the latest rating of the Global Innovation Index reflects the country having a more solid and mature research and innovation ecosystem, Theodoros Loukaidis, Director General of the Research and Innovation Foundation (RIF) has said.
In a recent interview with the Cyprus News Agency (CNA), Loukaidis said that such developments could also contribute to the efforts to repatriate talent in Cyprus, which is a goal announced by President Nikos Christodoulides, who recently launched the 'Minds in Cyprus' scheme. Loukaidis said that Cyprus's research and innovation ecosystem has developed enough to offer opportunities at an international level.
He also made particular reference to the RIF tools available for students and young graduates to facilitate their connectivity with the field of research and innovation.
Cyprus as an innovation leader
Cyprus ranked 25th on the recent Global Innovation Index, which is two places higher than the last rating, a development which is “very positive”, according to RIF Director General, as Cyprus is now considered an 'innovation leader'. This, he noted, should be the stepping stone to turn Cyprus into a research and innovation hub in our area. He added that this ranking, along with the 40th place in the Startup Blink last May, indicated an upward trend that can push Cyprus even further.
Loukaidis explained that RIF focuses on providing both funding and consulting to entrepreneurs through a lavish toolbox of schemes that cover all the needs of the ecosystem. He also spoke of the consulting services provided in regards to copyright and underlined the importance of copyright in an environment where ideas are capitalised.
Responding to a question on the impact of consulting and support for researchers and entrepreneurs, he said that networking opportunities with investors and others, such as lawyers and accountants, and even with startup accelerators and incubators, are very important.
Of course, as funding still remains one of the greatest challenges for businesses that choose the road of innovation in Cyprus, Loukaidis noted, RIF has launched schemes such as Disrupt and Boost to mobilise investment funds and venture capital. “A total of €10.5 million of public investment has managed to leverage €12.5 million from investment funds,” Loukaidis said.
Research and innovation could boost talent repatriation
The RIF Director General underlined the impact of a robust research and innovation ecosystem both for the local economy and society. He gave the example of biotechnology companies that received RIF funding and then managed to attract private investments from both Cyprus and abroad, leading to them offering employment opportunities to hundreds of young men and women who studied in fields such as biotechnology, biology, and chemistry.
Another example, he said, is companies working in the field of AI that started with a €500,000 fund, raised over 30-40 million dollars from investors in both Europe and the US, have clients such as Intel, and still employ most of their staff in Cyprus.
Loukaidis stressed that such developments create opportunities in Cyprus for those interested in innovation and cutting-edge products, and added that this environment could encourage the repatriation of talent.
He also said that RIF is currently working on the launch of Future Founder’s Academy, a new scheme that will offer guidance and consulting, along with a €25,000 grant, to aspiring entrepreneurs who have graduated from university within the last three years at most. Loukaidis said that the first 20 participants of the scheme will be chosen in October.
He also referred to a four-year-long scheme that aims to offer networking opportunities and working experience to students, with internships in corporations in the field of research and innovation. The 'Reception Innovation Internships' programme, he said, is considered a true success, as there were several cases of interns who were employed by the businesses they connected with as interns.
(Source: CNA)
