F.A.Qs

Is the call for participation dated 22/12/2016 an once off event?

 

The call for participation in the IDEA Programme will be repeated annually and each time a number of teams/business proposals will be selected based on current availability.

Can I participate again in a future IDEA Programme call if my business proposal/team was not chosen the previous time?

 

Yes you can reapply in a future call and go through the new evaluation and selection procedure.

How much, if any, does the Programme invest in the startup?

Bank of Cyprus provides €10,000 as seed Capital to successful Startups in stages, to cover the initial expenses of their business. Also networking opportunities with possible investors and mentoring in order to be able, when needed, to pitch successfully. Startups are required to grant to the Programme 5% equity, towards the sustainability of the programme

The Programme does not invest in cash in the successful teams, however high quality services are provided. The programme will provide networking opportunities with possible investors and will provide mentoring in order to be able, when needed, to pitch successfully.

Do we need to write a business plan?

 

 

No you do not. The teams will be selected based on their application and the shortlisted teams will have to present and answer questions to our independent panel of evaluators. The business plan will be developed during the 12 month residency of the teams in the Programme.

Where is the IDEA Programme located?

 

The building is located in Lykourgou 36, 1011 Nicosia, It is part of the Bank of Cyprus building near the Phaneromeni church in the old Nicosia town, which has been renovated to host up to 10 teams (of 2 to 5 members) in one year.

We already have a company. If selected, do we need to transfer the registered office to the building location?

 

No need to relocate the registered company address to the Programme building address.

Is there any cost to the teams or its members in order to participate in the Programme?

 

No, there are no hidden costs to participate in the Programme.

I expect my team to grow during the 12 months stay in the Programme premises. Can I recruit new people during my stay at the premises?

 

The building has a capacity of a total of 10 teams (of 2 to 5 members) and it will be easy to accommodate if your team grows up to 5 people. For a bigger team you will need to seek the approval of the Programme’s Steering committee. Any new team member has to meet the call criteria (Sections: Terms and conditions for participation and IDEA Programme excluded sectors or persons) and be approved

Is there any cost to exit the programme?

 

No, there is no cost to exit the Programme but teams and team members are encouraged to take full advantage of the Programme facilities during the 1 year they are allowed to participate.

What is the maximum duration of the Programme cycle?

 

The duration of each programme cycle is 9 months. There will be two batches of maximum 5 new teams per batch per year, in order to aid synergies and promote collaboration and cross fertilization between the teams.

Is there an age restriction to participate in the Programme?

 

You must be aged 18 and above to participate in the Programme and there is no other age restriction.

I have already received investment from an angel investor. Does it affect my participation to the Programme?

 

Entities that have already received investment from an angel investor are allowed to participate in the programme.

Can my franchise proposal be accepted in the Programme?

 

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.

One of the team members has mobility issues. Is the Programme building suitable for such a person?

 

The building has been designed with wide corridors and ramps to be able to be used by people with mobility issues. The building has a toilet for disabled people that can be accessed through the building lift.

Do you provide parking to the team members?

 

No, there are no parking facilities provide by the Programme. Team members are encouraged to use public transport or even bicycles but can use the nearby parking facilities.