The budget of the Research and Innovation Foundation (RIF) for the period 2021-2025 amounted to €206.8 million, during which 797 contracts with a total value of €153 million were awarded and 1,330 new jobs were created, according to the Foundation's report on its activities for the period in question.
According to the report, which was recently presented in Nicosia, during the period 2021-2025, the RIF launched a total of 142 calls for proposals, with a budget of €206.8 million. Of the 142 calls, eight concerned research and 14 concerned innovation.
These calls resulted in 797 contracts worth a total of €153 million, covering research projects, technological applications, innovative business initiatives and international cooperation actions. These investments also triggered private investments of €47.2 million.
49.6% of the budget was given to businesses, 48.2% to research organisations and 2.1% to others, the report said.
A total of 649 businesses received support through the RIF programmes, either through direct funding or through specialised services aimed at the development of new technologies, products and services.
The RIF's financial activity during the five-year period 2021-2025 contributed to the creation of 1,330 new jobs, mainly highly specialised ones.
According to the report, of the €153 million allocated by the RIF for the conclusion of contracts, with the aim of creating a more integrated and interconnected ecosystem, €47.5 million was channeled to cooperation and knowledge transfer, with the aim of connecting universities, research organisations and businesses, €31 million was directed to innovation and the development of new business applications, while €26.8 million was invested in research and the production of new knowledge. Also, €26.9 million concerned the development of human resources skills and capabilities, while €20.8 million was allocated to internationalisation actions and strengthening the international presence of Cypriot entities.
At the same time, through programs such as SEED, INNOVATE, DISRUPT, BOOST and Research in Enterprises, the RIF enabled startups and innovative businesses to develop technologies and transform research results into commercial products and services.
Sectors that saw significant growth include digital technologies (19.7%), health and biotechnology (17.1%), shipping (2.8%), environment (12.2%), agritechnology (8.3%) and renewable energy (10.2%), according to the report.
The research institutions that benefited the most from RIF funding are the University of Cyprus (€28.48 million), the Cyprus University of Technology (€8.74 million), the Cyprus Institute (€8.14 million), the Frederick Research Center (€8 million) and the CMMI (€3.84 million).
The companies that benefited the most from RIF funding are CY.R.I.C. (€3.02 million), Sk EMBIO Diagnostics Ltd (€2.79 million), NIPD GENETICS BIOTECH LIMITED (€1.98 million), AMDM (€1.90 million) and EnergyIntel Services Ltd (€1.70 million).
The report also highlights the international accolades of the Cypriot ecosystem. According to the Global Innovation Index 2025 of the World Intellectual Property Organization (WIPO), Cyprus ranks 25th globally out of 139 economies, and is among the countries considered to be 'Innovation Leaders'.
In the StartupBlink Global Startup Ecosystem Index 2025, Cyprus ranked 40th worldwide for the first time, rising 15 places compared to 2020. At the same time, the country was honored with the 'Best Global Climb Award Among EU Countries', recording the highest rise among the member states of the European Union.
(Source: InBusinessNews)
