F.A.Qs | IDEA

F.A.Qs

Is the call for participation dated a once off event?

 

The call for participation in IDEA will be repeated in 9-month cycles and each time a number of teams/business proposals will be selected based on current availability.

Can I participate again in a future 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 IDEA invest in the startup?

 

Bank of Cyprus provides €12,000 in stages and based on achieving milestones, as Seed Capital to successful Stage B startups, 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. For the entire services and cash offered, startups are required to grant to IDEA 5% equity, towards the sustainability of the programme.

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 Programme as set by Milestones.

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 Phaneromenis church in the old Nicosia town.

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 IDEA’s 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 Programme.  Can I recruit new people during my stay at the premises?

 

The building has a specific capacity. You will need to seek the approval of IDEA Manager. Any new team member has to meet the call criteria. (Sections: “Terms and conditions for participation” and “Excluded sectors or persons”) and be approved by IDEA.

Is there any cost to exit IDEA?

 

No, there is no cost to exit IDEA but teams and team members are encouraged to take full advantage of IDEA facilities during the 9 months they are allowed to participate.

What is the maximum duration of the Programme cycle?

 

The duration of each programme cycle is 9 months.

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?

 

No

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 IDEA 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 is no parking facility provided by IDEA. Team members are encouraged to use public transport or even bicycles but can use the nearby parking facilities.

 

You can also use the Nicosia mini buses λ1 stop 12 & λ1 stop 13. The Mini Buses circulate Nicosia’s center by uniting the region within walls with the modern urban center from 07:30 am in the morning until midnight (11:50 pm). Mini buses are running their schedule from their starting point (at Vasileos Pavlou street, next to the old GSP) every 20 minutes. For more information visit https://nicosiaminibuses.eu/home/