Eratosthenes Center of Excellence in Cyprus has launched the Space Business Innovation Center (SPACE BIC) and invited newly established companies, groups or individuals to participate. The first call for applications is now open, with submissions accepted until 15 October 2025.
The Cyprus government expressed its support through the Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou.
The SPACE BIC presentation took place on the evening of 23 September, in the presence of foreign officials from the fields of science and entrepreneurship. The event highlighted the opportunities the Cyprus startups have in the field of space technology.
In his greeting, read by the Deputy Director of the Deputy Ministry, George Komodromos, the Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou said that for the first time, Cyprus has a dedicated business incubator focused on space technologies.
He added that this structure will provide startups and entrepreneurs with the tools they need to turn a great idea into a real-world solution: funding, access to infrastructure and mentoring, connections to markets and research.
He furthermore noted that Cyprus, capitalizing on its geostrategic location, has created a growing satellite ground Infrastructure network, including two Major Teleports, one Search and Rescue Station, and two Radionavigation Stations. Cyprus, he added, is also working towards the establishment of a satellite Optical Gateway and a relevant ground station for earth observation, implemented by "Eratosthenes".
Furthermore, he referred to the strong connections Cyprus has established with the European Space Agency, supporting more than 70 projects so far, and have already submitted a formal request to become an Associate Member of the Agency.
Cyprus also signed the Artemis Accords last year, joining forces with other nations in the peaceful and responsible exploration of space.
"So yes, we are a small country. Yet, we do not think small. We are making decisive steps and together we can have real impact. To the entrepreneurs and innovators here today, I want to say this: don't be afraid to think big," he underlined.
Managing Director of "Eratosthenes", Professor Diofanots Hadjimitsis, said in his address that this day marks an important milestone not only for the Centre, but also for Cyprus and the broader region, as Space BIC is opening new doors for entrepreneurs, innovators, and researcher, who are ready to transform bold ideas into tangible solutions that will benefit the society, the economy, and our planet.
He noted that over the years "Eratosthenes" has built strong collaborations with academic institutions, industry, and government and the new initiative builds on that foundation, and takes a decisive step towards developing a thriving space innovation ecosystem here in Cyprus.
"The Space BIC will serve as a platform to support start-ups and entrepreneurs, providing them with the resources, mentorship, and networks they need to grow. It will connect local talent with international opportunities, ensuring that Cyprus becomes not only a user of space technologies, but also a creator and exporter of them," he said.
Call for interested parties
Each selected participant or team will receive up to €50,000 in non-equity De minimis financial support, enabling them to develop prototypes, validate their technologies, and scale their innovations. The total incubation period spans 24 months, and two incubation cycles are scheduled. The second incubation cycle will be announced in mid-2026.
Selected participants or startups are eligible to receive support tailored to their maturity level, innovation stage, and approved actions based on their business and incubation plans. This support may include workspace, access to infrastructure and equipment, expert mentoring, technological support, market access, funding opportunities, open innovation collaboration, and assistance for R&D and innovation projects.
Eligible applicants include newly established companies (less than five years old), teams or individual(s) legally that have or will create a company in the Republic of Cyprus, and can demonstrate relevance to the space sector and present a viable business model.
(Source: CNA)
