The CEO of Demetriades Group of Companies, Vasos Demetriades, has embraced the motto of an older generation of entrepreneurs – those who followed their vision or idea – guided by instinct. It was this instinct, he explained, that led him to build a successful group of companies.
However, as experience later proved, an entrepreneur should never place blind trust in their associates. Instead, they must implement strict internal control procedures.
Speaking at INSPIRE 2025, Demetriades recalled that, at the beginning of his career, he worked in various positions within the company – from making ice cream cones and handling sales to marketing and bookkeeping.
Following his instinct
The need to purchase an electric forklift for the factory took him to England. As he noted, the first customers interested in acquiring forklifts were Cyprus’ ice cream factories.
“I didn’t conduct any market research; I simply followed my instinct,” he said. “At first, I imported some used forklifts to Cyprus, and later we secured the dealership of a German group. Over time, the company moved into warehouse design and diversified due to the small size of the local market.”
Today, Demetriades Group operates across a wide range of sectors – from warehouse design, shelving supply, forklift and loading dock equipment imports, to cleaning equipment and electric mobility (such as electric buggies for golf courses and hotels).
As Demetriades pointed out, the company exports thousands of water-jet machines to more than 90 countries, serving shipyards, vessels, and the construction industry worldwide – including the USA, Dubai, and Singapore.
A lesson learned
Referring to the embezzlement of over €3 million from the group’s companies by an accountant – who was recently sentenced to eight years in prison – Demetriades stressed that the experience taught him a crucial lesson:
“Never trust your partners blindly. I don’t absolve myself of responsibility, but one should never become complacent. Always apply a system of strict internal controls.”
At the same time, he acknowledged that young entrepreneurs must believe in their instincts, but only after thoroughly researching the market.
“Older generations of entrepreneurs followed their vision or idea. Today, it’s wiser to first conduct market research, examine the data, and then proceed with the investment,” concluded the CEO of Demetriades Group of Companies.
