IDEA Accelerator 2018 Call
SUCCESS IS NO ACCIDENT
IDEA is delighted to announce that it accepts applications from new start-ups, for its 3rd cycle! If you have an innovative idea, with a global outlook and plan to form a powerful team, then IDEA is the right place to help make your entrepreneurial dreams a reality.
We accept applications from any industry sector.
HAVE AN INNOVATIVE IDEA?
Start-ups at IDEA enjoy a total estimated worth of over €60 000 in benefits:
✔ €12 000 seed capital from the Bank of Cyprus
✔ Business creation training & mentoring from industry experts
✔ Specialised mentoring in Financial Technology -fintech- and cultural / art proposals
✔ Consultation in legal, accounting, ICT & Marketing areas
✔ Business development opportunities, networking, access to investors
✔ Enthusiastic in-house staff, nurturing in-residence entrepreneurs
In order to be eligible for the submission of an application to IDEA, all of the following requirements must be met:
- Team size should be 2 to 5 individuals.
- Team members are 18 years or older.
- Team members are citizens of the European Union. Third country citizens are not excluded but all IDEA participants will need to provide evidence of legal permit from the Republic of Cyprus, to work and/or reside in Cyprus for a sufficient period.
- Team members must set up a company in Cyprus with the Registrar of Companies of the Republic of Cyprus, within three months from the day they enter IDEA.
- Team members have a new, innovative idea for an independent for profit enterprise addressing the global market.
- The team members have a good to high command of the English language as IDEA language is English.
- The business proposal in the idea, seed, start-up, or early growth stages should cover a period of at least 3 years.
Eligible areas / sectors of activity
Business concept ideas may fall under any one or more of the following categories:
- Financial and insurance technology – Fintech & Insuretech
- AI, AR, ML
- Culture, Arts, Virtual museums
- Health Sector
- Information and communication (software, video etc)
- Agriculture, forestry, animal farming and fishing
- Mining and quarrying
- Electricity, gas, steam and air conditioning supply
- Sustainable Energy sector
- Water supply; sewerage; waste management and remediation activities
- Construction/ demolition
- Wholesale and retail trade; repair of motor vehicles and motorcycles
- Transporting and storage
- Accommodation/ Hotels and food service activities
- Real estate activities
- Professional, scientific and technical activities (legal, accounting, consulting, research)
- Administrative and support service activities (renting/leasing etc)
- Public administration; compulsory social security
- Human health and social work activities
- Arts, entertainment and recreation
- Other (as specified by the applicants)
Excluded sectors or persons
IDEA applies exclusions in relation to certain economic sectors and prohibits the establishment of a business relationship with certain persons (physical and/or legal), which are considered not to be compatible with the ethical or social basis of IDEA.
IDEA considers these restrictions important for its reputation. The excluded sectors and persons shall be updated from time to time, at the absolute discretion of IDEA.
- Carrying out illegal activities (illegal under the laws or regulations for such production, trade or activity)
- Producing or dealing in arms and military equipment (excluding sporting and antique guns)
- Online pharmacy
- Dealing with adult Entertainment (e.g. pornography)
- Virtual currencies
- Involved in fortune telling/medium activities
- Involved in human cloning even for research or therapeutic purposes or Genetically Modified Organisms (“GMOs”)
- Involved in online casinos and equivalent enterprises such as betting houses, prize competitions, online gambling, online gambling related services (software providers, payment processing services, card acquires)
- Research, development or technical applications relating to electronic data programs or solutions, which are intended to enable to illegally enter into electronic data networks or illegally download electronic data.
- Buy-outs / expansions of existing companies, franchises of existing companies, commerce, retail, licensing agreements for distribution in a different geographical area, and subsidiaries of existing corporations are excluded.
- A person who is convicted for a crime included in the predicate offences covered under the relevant Law in Cyprus.
- A person who is subject to specific sanctions (EU, UN, OFAC, local lists).
- Persons residing in the country illegally, without the legal permission of the authorities of the Republic of Cyprus, having entered the Republic in an illegal manner or otherwise.
Terms and conditions for participation
Participation in IDEA is governed by the provisions contained in the terms and conditions of this call as well as the additional terms of the IDEA participation agreement (Rules of the House) which will be signed by the successful teams joining IDEA.
Legal obligations of participants
Each team participant in IDEA states and guarantees that the application is submitted by him/her lawfully and in accordance with the terms and conditions of the call, having received necessary prior approvals, consents and / or licenses. Additionally, the participant declares that he/she holds the legal rights to the submitted business proposal and the presentation, use, display or in any way exploitation the business proposal is not violating intellectual or industrial property rights, trade secret or any other rights of others natural or legal persons, either domestically or abroad. The participant also declares that he/she has read the statement on personal data (see SECTION on personal data) and agrees with its content.
The team members will be the main business proposal and start-up enterprise implementation team. Teams are expected to spend the majority of their working time at the premises, with presence of at least two team members at any time: The CEO and / or material shareholders, so that they benefit from IDEA facilities and services, but most importantly, for synergies and interaction. The team members are expected to attend all of the Accelerator stage trainings (exemptions may be given based upon team member background and experience), mentoring sessions, investor pitchings and any type of event. The teams agree to be bound by the terms and conditions of access and use of the premises.
Startup CEOs and / or material shareholders must attend all important trips & events of IDEA.
Only upon approval decision of IDEA, can members of the team be substituted and/or added with the implicit condition to fulfill criteria 2 and 3.
Giving back to society
Give, take and share are integral parts of the IDEA culture. We give great emphasis on the important role of each start-up, which is to become an example for others and gradually give back to the ecosystem, give back to the new start-ups. By their acceptance at IDEA, each start-up team undertakes to offer the below, without the demand for remuneration:
- Offer assistance and help other teams based on their own expertise, in a reasonable manner
- Offer assistance to IDEA as above
- Organise on behalf of IDEA at least one event per month
- Mention IDEA in all its publicity (articles, interviews, etc) with purpose to increase awareness for IDEA and continue to attract more entrepreneurs
The number of startup teams that will be admitted relies to the absolute discretion of IDEA.
Each participant expressly accepts that a brief description of the business proposal, after prior approval of the final text may be presented by IDEA to the general public and made visible through electronic, print or other media under and for the purposes of promotion of IDEA.
Team participants in IDEA remain the owners of any existing intellectual property rights in relation to their business proposal, as required by law.
Startup teams participating in IDEA give the right to IDEA and its founders (BoC and CIIM), to publicize their progress and achievements during their presence in IDEA and for a total of five (5) years from the date of their accession to it, giving prior approval to the final texts used, solely for the purposes of implementing, promoting and advertising IDEA.
Electronic copies of all the relevant documentation of all submitted applications with the submitted business proposals will remain with IDEA for archiving purposes.
Any announcement in relation to IDEA and its call will be displayed on IDEA website and its validity prevails to anything displayed elsewhere.
The qualified teams, who fulfill the terms and conditions, will enjoy IDEA facilities and services for a total of up to 9 months from the date of the signature of the participant agreement. After the end of the incubation period, the teams will move out of IDEA premises, taking all the relevant and necessary actions in order to complete the physical transfer of their company fifteen days (15) before the expiry date of the participant team agreement. Exemptions for extension of residency are examined very rarely and to the absolute discretion of IDEA management.
Any unacceptable behavior according to the regulations, causing damage from fault or other behavior of the participants contrary to morality and the commonly accepted rules of social and professional conduct, and general abuse may cause exclusion from IDEA on the recommendation of the Manager of IDEA. In such a case when a team is removed or voluntarily withdrawn from the Programme, IDEA Management has the right to proceed with the substitution of the team.
Each team is liable for the validity and accuracy of the data contained in the business proposal as well as their personal data when submitting their application to IDEA. Any discrepancy in data submitted could lead to termination of the project, should it prove that it was intentional, careless, or has adverse effect on the community, to the absolute discretion of IDEA.
IDEA can, at its discretion, terminate the term of any startup team at the Accelerator and Incubator stage who are not making sufficient progress (Startups need to submit a progress report to the Manager of IDEA on very frequent intervals, as requested) and / or as defined by the set milestones throughout the term.
Termination may occur when startups are not working on the project based on which they were admitted for.
IDEA is committed to protecting the privacy rights of the IDEA participants in accordance with National and European Laws and regulations on Data protection. The protection and security of personal data is of great importance and therefore IDEA conducts its business in accordance with the Processing of Personal Data (Protection of the Individuals) Law of 2001 as amended. IDEA is obliged to inform IDEA participants of the following:
Collection and purpose of processing of personal data
IDEA and its founding partners (BoC and CIIM) and its authorized employees shall process the personal data that have been provided, or shall be provided in the future for the successful implementation, operation or promotion of IDEA.
Recipients of the personal Data
Recipients of the personal data may be staff and associates of IDEA and its founding partners (BoC, CIIM) and the current IDEA strategic partners, the evaluators, associated mentors and collaborators for the implementation and promotion of IDEA.
Any personal data submitted to IDEA, shall not be disclosed to third parties other than the above mentioned, except with the participants’ prior consent or in accordance with any Law or court order.
The staff of IDEA, its founders and its strategic partners are bound by the confidentiality clause of IDEA MoU, the IDEA associates, evaluators, mentors, coaches and trainers are bound by confidentiality agreements with IDEA.
Right to the participants’ personal data
IDEA participants have the right to access and rectify their personal data and can contact for this purpose the Controllers of the personal data which is BoC and CIIM. Specifically, participants can contact the Manager of IDEA at the following address or/and telephone: IDEA, 36 Lykourgou str, 1011, Nicosia, Cyprus, tel: +357-22128144, email: [email protected].
The application and participation in IDEA constitutes an explicit and unreserved acceptance and consent of the Participants to the processing of their personal data by the above persons/companies in the manner and for the purpose mentioned above.
Once the evaluation process is completed, the selected teams, prior to the entry in IDEA should present any documents requested , in their discretion, to verify or certify the accuracy of data declared (indicatively mentioned: identity card, proof of details in online CV, full legal documentation of the teams’ company if incorporated, clean police record, visa / residency / work permit, proof of address, or any other document that might be considered as necessary).
IDEA will examine the relevant documents and retain the right to disqualify a team that has not submitted any documents or enough documents from those requested. IDEA reserves the right, throughout the duration of the Programme, to request any additional evidence or legal documents it may deem necessary, under and for the purposes of conducting and implementing the Programme.