Innovation and globalisation are key drivers of modern business development. In the world of investment, creating innovative solutions is only the first step. The real challenge lies in the ability to transform ideas into viable businesses ready to scale and compete at an international level.
Cyprus, through the Research and Innovation Foundation (RIF) and programs such as DISRUPT and BOOST, supports the emergence of high-potential companies in sectors such as PropTech, FoodTech, HealthTech, Digital Transformation and DeepTech, promoting the connection of public funding with private investments.
Company representatives recently shared their experience of RIF support at the 11th Cyprus International Funds Summit & Expo in a panel discussion entitled 'From Innovation to Investment: Scaling Funded Companies for Global Markets.' The Summit & Expo was organised by Invest Cyprus and the Cyprus Investment Funds Association (CIFA).
Pavlos Loizou, Co-Founder & CEO, Ask Wire said, “Our company deals with data analysis in the real estate sector. We identified a significant opportunity, as investments in real estate are increasing not only for the purpose of possession, but also for management through platforms such as Airbnb or REITs. There was a need for more extensive and comprehensive data that covers both the housing market and other factors.” He then said that in the last five years, and especially after the pandemic, banks have been moving towards providing online services in areas such as mortgages and insurance, especially with the impact of climate change.
He then said, "We created a 'digital twin' for all properties in Southeastern Europe (Cyprus, Greece, Romania) and leveraged the knowledge we had from real estate management. Through the RIF programme, we managed to raise capital and expand our activity into new markets."
Louiza Sofocleous, Co-Founder & CTO, The Mighty Kitchen emphasised, “Our journey has been difficult, but we have had the support of the RIF through various programsme. We founded the company in 2019 with dairy alternative products and have expanded into new product categories. We recently acquired a dairy alternative company and are developing functional foods and snacks, such as an innovative product aimed at women during menopause.” She explained that the product is supported by the RIF’s BOOST program and that “we partnered with a strategic investor in the UK to access the market, which is the biggest challenge for food.”
Angelos Gregoriou, CEO, Dynamic Works presented his company's path as a difficult but decisive growth journey, "The support of the RIF was decisive for our evolution. Dynamic Works started with limited resources and a clear idea for the market, but the implementation of this idea required significant know-how, financing and guidance". He added that "through the RIF programmes, we managed to develop new products and expand our services in various sectors. Cooperation with strategic investors and guidance on business strategy issues allowed us to gain a competitive advantage and enter international markets. Without the support of the RIF, this process would have taken many more years, and the company would probably not have reached the stage of development it is at today so quickly."
Natallia Miranchuk, Founder & CEO, Mamatech said, “As a foreigner in Cyprus, I feel like the island has become my second home. There are investors in Cyprus and funding opportunities both domestic and international. Through the support of the RIF, my company managed to go from the startup stage to a well-established business, even participating in top American accelerator programs, such as Y Combinator in Berkeley."
"Cyprus is for me the best choice for business activity, but also for living with my children,” she said, expressing her enthusiasm for the island.
The discussion was moderated by Theodoros Loukaidis, Director General, Research and Innovation Foundation (RIF).
