Criteria

Our Criteria

Innovative product

The creation and the launch of a product or service that has the element of innovation
It is a new solution to a new problem or
It solves an existing problem in a new, innovative way.

Strong Team

Commitment: Invest significantly your personal time and work hard towards the creation of your company
Clear Roles: Contain Industry Knowledge, Business Skills, Software Developer Skills
Sense of urgency: Work fast, progress fast, deliver fast
Determination & perseverance: Show stamina and overcome difficulties and hardships

Global Outlook

Your product/service can scale up and has a global outlook - can eventually expand outside Cyprus in other countries
Has exit potential - offers the opportunity to investors to invest in you and exit later
Has specific Target Market: Is addressed and satisfies the needs of a specific portion of the consumer-base

Clear revenue model

Has realistic financial assumptions (“Know your numbers”)
Is targeted to revenue-generation and aims to eventually make profit
Ability to anticipate potential barriers/problems

Relationship with IDEA programme

Physical presence
Give, take and share culture
Attend sessions
Submit deliverables
Meet deadlines
Progress!

Eligible sectors

Financial and insurance technology – Fintech & Insuretech
Manufacturing
Real estate activities
Culture, Arts, Virtual museums
Electricity, gas, steam and air conditioning supply
Professional, scientific and technical activities (legal, accounting, consulting, research)
Blockchain
Sustainable Energy sector
Administrative and support service activities (renting/leasing etc)

AI, AR, ML
Water supply; sewerage; waste management and remediation activities
Public administration; compulsory social
Health Sector
Construction/ demolition
Public administration; compulsory social security
Tourism
Construction/ demolition
Education

Information and communication (software, video etc)
Wholesale and retail trade; repair of motor vehicles and motorcycles
Human health and social work activities
Agriculture, forestry, animal farming and fishing
Transporting and storage
Arts, entertainment and recreation
Mining and quarrying
Accommodation/ Hotels and food service activities
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. The excluded sectors and persons shall be updated from time to time, at the absolute discretion of IDEA.

Excluded Sectors

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)
Involved in human cloning even for research or therapeutic purposes or Genetically Modified Organisms (“GMOs”)

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.
Involved in fortune telling/medium activities
Virtual currencies

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.

Excluded persons / Legal entities

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.

Persons / legal entities that do not enjoy smooth and harmonious relationships in an appropriate professional context with IDEA and any of its partners in a way that it resulted in any loss of any kind to any of the parties or any damage to its reputation or other, or a non compliance with what has been agreed between the parties either orally or by contract has occurred.

Terms and Conditions For Participation

Participation in IDEA is governed by the provisions contained in the terms and conditions of this website as well as the additional terms of the IDEA participation agreement (Rules of the House) and the IDEA Success Fee Agreement which will be signed by the successful teams joining IDEA.

Legal Obligations Of Participants

Intellectual Ownership

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.

Active Participation

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 a 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 need to 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 above criteria.

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
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 (mentions to be agreed with IDEA in advance)

The number of startup teams that will be admitted relies to the absolute discretion of IDEA.

Confidentiality

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.

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.

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 IDEA and BoC. 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: info@ideacy.net.

Consent

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.

Documentation

Once the evaluation process is completed, the selected teams, prior to the entry in IDEA should present any documents requested , in the discretion of IDEA, 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.