The benefits of artificial intelligence, including more profit for businesses, were developed by the Chief Scientist of the Republic of Cyprus and Chairman of the Board of the Research & Innovation Foundation (RIF) Demetris Skourides at INSPIRE 2025.
Speaking at the grand opening of the largest and most distinguished business festival in Cyprus, Skourides wanted to initially explain how artificial intelligence helps businesses and also gave advice to young entrepreneurs on how to succeed.
As he said, "We (RIF) try to help businesses address challenges faster and there is also a personalised service. For us in Cyprus there is a big opportunity. We have served a very small audience, we have not set up the infrastructure to serve groups like abroad."
Then, the Chairman of the Board of RIF noted that "artificial intelligence, when set up correctly, can help businesses make more profits. They have two opportunities. The organisation should be more flexible and become a large 'highway' to embrace more customers."
Asked to give some advice to young entrepreneurs, Demetris Skourides noted that "the first piece of advice is to fall in love with the right problems and not the solution. The second is that when they think about creating, they should always think that managing a team of ten people is not the same as managing a company with thousands of employees."
The third thing, he said, is that many people are afraid of failure. "It would be better to learn from mistakes. It is something that helps us and we are called to see them.
A gap in Cyprus that, today, we still consider how things were yesterday. We do not consider new technologies, new people when producing companies. It is important in challenges to consider whether they can evolve. We need to look at teamwork so that we can create something greater."
