Kyriacos Charalambides: In all four of Deloitte's Fast 50 editions, the top ranked companies were Cyprus-based

In all four of Deloitte Technology Fast 50's editions, the top ranked companies were Cyprus-based, and this solidifies the island's reputation as a hub for dynamic and fast-growing tech companies, Kyriakos Charalambides, Strategy & Transactions Partner at Deloitte Cyprus, and Fast 50 programme Leader, tells CBN.

He also talks about ARIS | A Really Inspiring Story, a non-profit organisation established in association with Deloitte and curated by the Innovation and Entrepreneurship Centre in Cyprus to help accelerate the success of startups and scaleups.

The Fast 50 programme tracks and showcases some of the most dynamic tech companies in the region. What role do you see it playing in shaping the narrative and the confidence of Cyprus as a viable tech hub?

The Deloitte Middle East and Cyprus Technology Fast 50 programme is an annual recognition of fast-growing technology companies, and it highlights the region’s most innovative and resilient firms that are shaping the future of technology. It provides international exposure to Middle East and Cypriot success stories, showcasing their impressive growth and promoting Cyprus as a thriving entrepreneurial and start-up ecosystem where companies can flourish and expand globally. A common characteristic we see in Cypriot firms is their focus on addressing global markets and providing solutions for worldwide issues, and this is showcased through our rankings. It is noteworthy to highlight that in all four editions, the top ranked companies were Cyprus-based.

• Read more: Cyprus companies shine in Deloitte Technology Fast 50

Beyond the regional ranking, Cypriot companies also feature prominently in the Deloitte EMEA Technology Fast 500, celebrating those who turn bold ambition into measurable growth and companies that are reshaping industries, accelerating innovation, and driving the region forward. Cypriot-based companies are placed in high rankings here too indicating the strength of the local ecosystem.

Despite Cyprus being a relatively small market, this regional recognition compels companies to adopt a global perspective and to strategically plan their expansion. This international approach not only enhances their growth prospects, but also solidifies Cyprus' reputation as a hub for dynamic and fast-growing tech companies. Additionally, the programme boosts Cyprus' reputation as a tech hub as it offers visibility and enhances our island’s image as a centre of innovation. It demonstrates the thriving local ecosystem, helping to attract international investors, provide inspiration to local entrepreneurs, and promote regional partnerships through networking events.

The Deloitte Technology Fast 50 programme and ARIS | A Really Inspiring Story accelerator recently hosted an event for the next generation of tech startups of Cyprus and the Middle East

Let’s turn to ARIS, which Deloitte Cyprus co-founded. What does the selection process look like and how has it evolved as the local startup scene has matured?

When ARIS started in 2018, the startup and innovation ecosystem was still maturing, with new startups striving to make it to the market.

Today, we see more mature startups with minimum viable products and established teams. Unlike the early days of single founders, new companies now have cohesive teams, product ideas in development, and are already generating revenues.

Our selection process and criteria have also evolved, reflecting the local maturity, growing sophistication and needs of the ecosystem. ARIS' selection process puts emphasis on the importance of having a team set up, a working product, being at revenue generation stage, and being ready to scale up. Reflecting these, ARIS now focuses more on scaleups rather than early-stage startups, reflecting the ecosystem's growth and sophistication.

• Read more: Exclusive Deloitte event celebrates tech startups

Of course applications are still evaluated based on innovation, scalability, and alignment with our objectives; something we also expect to see during the pitching sessions we have, which gives them an initial exposure to Deloitte representatives, industry leaders, and potential investors, where startups are evaluated based on market potential, uniqueness of the solution, team capability, and readiness for acceleration. However, the process has become more rigorous, with higher standards for innovation and market potential, a focus on scalability ensuring that selected companies have the potential for significant growth and impact.

At the same time, our programme has also expanded to offer more tailored support, with targeted mentorship, and networking opportunities as we have established strong ties both with the local and international startup ecosystem, facilitating collaborations and partnerships that benefit selected startups.

Theodoros Loukaidis, Director General of the Cyprus Research & Innovation Foundation (RIF), addresses last week's event

Has the profile of the local founder changed? How does the new generation of entrepreneurs differ in ambition, background, or skill set?

It has definitely evolved over time. Up to a few years ago, we used to see individual founders, not teams, that treated their startups as part-time ventures, driven by a general idea. Today, it’s no longer a one-man show. We see teams of founders who are more committed to their ideas and vision, working full-time with a clear commercial strategy to market their products. They approach their ventures seriously, acknowledging the need for a team from the start to help launch their ideas and for a clear strategy to execute their plans and take their businesses to the next level.

Marios Tannousis, CEO of Invest Cyprus, and Violetta Skittidi, Co-founder & COO of Formulaw.ai, joined a panel with Deloitte representatives, moderated by Carolina Arbelaez DeLa Espriella, Director, Deloitte Private Growth at Deloitte Middle East

We also see these new entrepreneurs are more globally oriented. They are aiming to scale their businesses internationally, developing new ideas and products with the realisation that the market offers global outreach, rather than focusing solely on local services and products. Also, they are driven by innovation and are keen to disrupt traditional industries with cutting-edge technologies and solutions, rather than copying and expanding existing ideas from abroad.

Another thing we see now is that many new entrepreneur teams have diverse backgrounds, including international education and work experience, which brings a broader perspective to their ventures, as well as a multidisciplinary knowledge. Furthermore, they are more adaptable and agile, capable of responding to market changes quickly, and leveraging new opportunities. They place a strong emphasis on networking and collaboration, actively seeking partnerships and alliances to enhance their business prospects, as well as entrepreneurial education.

With more accelerators and incubators entering the scene, especially in a market as small as Cyprus, how does ARIS aim to stand out?

Co-founded by Deloitte Cyprus, ARIS leverages Deloitte's extensive network, resources and expertise in business consulting, technology and innovation. This provides startups with unparalleled access to industry insights and professional guidance. Drawing on years of experience, ARIS also pulls from an existing and expanded network of mentors and strategic partners that is enriched every year, facilitating connections with industry leaders and potential investors. After XM joined as a sponsor, we have an augmented capacity and a broader network to support aspiring entrepreneurs beyond borders. The latest cohort includes teams and founders from the wider European market and Middle East, giving Cypriot entrepreneurs more exposure to fresh perspectives and ideas.

Through our comprehensive programme apart from the holistic approach where we cover all aspects of business growth (leadership, financial management and marketing, as well as product development and market entry to scaling and international expansion), we offer support and personalised mentorship programmes tailored to the specific needs of each startup, based on their unique challenges and opportunities. Our programme is not static, we adapt and redefine it based on industry trends, ensuring it remains relevant and effective to the changing needs of the startup ecosystem.

Another important factor that differentiates ARIS, is that, unlike many accelerators, we don’t take equity from startups, as we believe in entrepreneurship and this is our way of giving back to the community. Our aim is to build capabilities and support individuals with promising product or service ideas, helping them develop their business skills and strategically approach company building.