A significant development for the island's innovation landscape is underway with the entry of Plug and Play Tech Center, which is establishing a new Innovation Center alongside comprehensive startup support programmes, the company announced on Tuesday.
"The significance of this development is clear and measurable. Cyprus is actively joining a global innovation ecosystem, gaining direct access to investment funds, know-how and international markets,” Government Spokesman Konstantinos Letymbiotis said.
The official launch is scheduled to take place on April 7, 2026, at the Presidential Palace.
According to Letymbiotis, the initiative marks a milestone with tangible economic and developmental impact for the country. Through this move, Cyprus is being integrated into a global innovation ecosystem, gaining access to investment capital, expertise and international markets.
He added that the initiative will create new opportunities for Cypriot businesses to scale and expand internationally, while also strengthening the country’s capacity to generate high-quality jobs in specialised sectors.
The Plug and Play Cyprus Innovation Center is expected to act as a catalyst for the local ecosystem, offering services to businesses and research organisations. It will run six incubation and acceleration cycles, supporting approximately 60 startups operating in cutting-edge sectors. In the medium term, the initiative is projected to create around 500 new jobs and significantly enhance Cyprus’ connectivity with international investment networks.
Plug and Play is one of the world’s leading innovation platforms, headquartered in Silicon Valley and present in more than 60 locations globally. It connects thousands of startups, investors and corporations within a unified ecosystem. The organisation has made thousands of investments and has played a role in the growth of globally recognised companies such as PayPal and Dropbox, among others. It also collaborates with hundreds of multinational corporations and investment funds, acting as a bridge between innovation and the real economy.
"This development is not accidental. It is the result of a targeted and coherent policy of economic diplomacy, as well as the President of the Republic’s contacts in Silicon Valley in May 2025,” Letymbiotis added.
He further stressed that the initiative demonstrates how extroversion strategies and targeted international actions can deliver tangible growth outcomes, proving that Cyprus can attract leading global organisations when there is a clear plan, consistency and strategic direction.
"The ultimate goal is clear. Innovation must translate into real opportunities for citizens and businesses, strengthening Cyprus’ position as a modern, competitive and reliable innovation hub in the wider region," he concluded.
