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Programme background


IDEA is an Incubator-Accelerator that aspires to boost the entrepreneurial spirit and put Cyprus high on the innovation map, by changing the mindset of young Cypriots and the community in general. Its purpose is to promote entrepreneurial activities and support the establishment and growth of viable startup companies, so as to ultimately contribute to job creation for youth at a national level.

With its programme, it hosts startup companies offering them the highest quality of supporting and business services, so as to turn their innovative ideas into viable businesses with a global outlook. It provides specialized training, infrastructure, funding, and expert consulting to the selected start-ups.

Within all the support offered, great emphasis is given in making the teams understand that the major success factor remains, themselves: Their passion, their determination, their sense of urgency, their hard work, their commitment, their willingness to give and take, their aspirations and perseverance. Great emphasis is also given on the important role of each startup, which is to become an example for others and gradually give back to the ecosystem, give back to the new startups. Give, take and share are integral parts of IDEA culture.

IDEA was founded by the Bank of Cyprus (BOC) and The Cyprus International Institute of Management (CIIM) in 2015 and is now running its 3rd cycle.

IDEA currently has four strategic partners, CYTA, Deloitte Cyprus, Innovation / Leo Burnett and Lellos P. Demetriades Law Office LLC. IDEA is supported by mentors and other supporters.

 

Founders’ Background

 

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BANK OF CYPRUS

BoC was founded 116 years ago and is headquartered in Nicosia. It is the leading banking and financial services group in Cyprus, with significant market shares across all businesses.  BoC has a long track record of Corporate Social Responsibility (CSR) actions and IDEA falls within the strategic CSR for the benefit of the society through the creation of a new generation of entrepreneurs and enterprises with the knowledge and skills to become competitive in the global market.

Further to the CSR aspect of having assisted in the creation of new innovative ventures and hence assisting in combating unemployment, especially youth unemployment, and upgrading the competitiveness of Cyprus in the international market, IDEA will bring BOC closer to the start-up businesses.

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CIIM

The Cyprus International Institute of Management is a non-profit international business school established in 1990 by a group of business leaders and a team of prominent academics representing some of the world’s top business schools. The institute was created out of the need to provide the business community in Cyprus with quality Management education with the initiative of esteemed members of Cyprus’ business community.

As a premier business higher education institute, it is best known and chosen for the quality, relevance and value creation of its programmes, its transformative culture, and the effectiveness of its teaching and learning methods in addressing and solving real-world problems. CIIM’s diverse programs all have multiple local and international accreditations.

GOVERNANCE

IDEA is governed by its Board of Directors, comprising from Members from the Bank of Cyprus and CIIM, which sets its strategic direction.

An Advisory Committee, consisting by its strategic partners, provides consultation to IDEA management.

IDEA is managed by an Executive Manager who reports to the Board of Directors and also employs other members of staff, aiming to ensure its successful operation.

STRATEGIC PARTNERS

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Cyta

Cyta was established with the aim of providing, maintaining and developing a comprehensive telecommunications service, both nationally and internationally. Cyta is considered to be the leading provider of integrated electronic communications services in Cyprus.

Making the best of the island’s geographical location, Cyta has developed an extensive submarine fiber optic cable network linking Cyprus with neighboring countries such as Greece, Israel, Syria, Lebanon and Egypt and, by extension, with the rest of the world. At the same time, Cyta has also developed an equally impressive satellite earth station infrastructure and all this has justifiably turned Cyprus into a regional telecommunications hub.

Cyta provides a broad range of services and facilities which aim to satisfy the ever-increasing needs of its customers for voice and data applications in both fixed and mobile telephony. Particular emphasis is placed on the provision of value-added services, such as content/multimedia via the Internet which, by all accounts, will be the dominant business activity of the next decade.

Among others, Cyta has created the Innovation and Idea Development Center with the aim to make Cyta a champion of entrepreneurial Innovation in Cyprus, helping to create an innovation ecosystem, where through strategic partnerships with private and public entities, business angels, universities and investors, we will be able to convert ideas into start-ups, fueling the future development of both the organization’s and the country’s.

 

https://www.cyta.com.cy

https://www.cyta.com.cy/kentro-kenotomias

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Deloitte

Deloitte, with more than 550 professionals operating out of offices in Nicosia, Limassol and Larnaca, is one of the largest professional services organisations in Cyprus, providing a full range of services to a diverse client portfolio. Its services include audit, tax, consulting, financial advisory, wealth advisory and an integrated services offering addressed primarily to the international business community, focusing on accounting and payroll, tax compliance and the formation and administration of companies, partnerships and trusts. As part of the Deloitte global network, with more than 210,000 people in over 150 countries, it has the advantage of a global sharing of knowledge with a local adaptation and personal approach, built on the solid foundations of more than 55 years of successful operation on the island. The firm’s multidisciplinary, collaborative approach to client service, combined with an ability to look at business and financial issues from every angle is what sets it apart. Deloitte is known for its values of ethos, integrity, specialised knowledge and professionalism. Its ongoing commitment to continuous investment in its people and the quality of its deliverables is the key to its success. www.deloitte.com/cy

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INNOVATION LEO BURNETT

Innovation / Leo Burnett is a multi-dimensional advertising agency that strives to offer the most effective communication strategies by unlocking the brand’s true purpose.   We develop human-centered brand gestures, ideas and experiences that have the ability to transform the way people think, feel and ultimately behave.   We began our journey as Innovation 1988. Ten years later we affiliated with the international network of Publicis via Leo Burnett and Starcom media, adding a further dynamic competitive edge with internationally recognized services, even higher standards and new training and research opportunities. Since then, we are one of the leading advertising agencies in Cyprus.

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LELLOS P. DEMETRIADES LAW OFFICE LLC COMPANY PROFILE

Our story started in 1955, when a passionate lawyer, Lellos Demetriades, established his practice in Nicosia. Founded on strong roots and values, with excellent client care, integrity and commitment at their very core, this small practice followed a course of steady growth and success.   Forged with a strong enterprising and pioneering spirit, we have successfully established ourselves amongst the leading law firms on the island, in the areas of corporate, commercial, insurance, intellectual property and human rights law, both domestically and at a European level.  Driven exactly by this enterprising spirit, we now offer the expertise and experience we have acquired over the years  to an exciting new area: the creation of new businesses (start-ups).