Today IDEA is the largest, non-profit, comprehensive organization in Cyprus which forms a cluster of private and public partnerships to support startups and innovative Small and Medium-sized Enterprises (SMEs).
It hosts startup companies offering them the highest quality of training and services, so as to turn their innovative ideas into viable businesses with a global outlook. Specifically, it provides aspiring entrepreneurs all the tools to gradually turn their idea into a profitable business:
- It offers the entire spectrum of business support: from the Idea-stage to Sales & Investment and then to Expansion abroad
- It creates new SME companies every year & new job positions
- It educates teenagers, students, youth and strongly fosters female entrepreneurship
- It promotes Cyprus abroad, strengthens the European innovation bond and elevates the country higher on the international innovation map, a bridge between Europe, Asia and Africa
- It implements the cooperation between the Public – Private Sector, as a key Government Partner
- It creates an investment stream for young entrepreneurs through an internal angel investor network
- It promotes the culture of “giving back” to the society, “sharing” and “volunteering”, by addressing the noble feelings of successful Cypriot businesspersons and engaging organisations
- It facilitates fintech solutions and promotes digital transformation through its direct partnership with Bank of Cyprus
- It promotes intrapreneurship by developing mechanisms that allow for the staff of an organisation to create innovative products or services
Within all the support we offer, we emphasize that the major success factor for entrepreneurs is themselves: their passion, their determination, their sense of urgency, their hard work, their willingness to give and take.
Since its establishment, IDEA supported the establishment of 82 startups with over 190 entrepreneurs and helped to create more than 90 new jobs, trained more than 5000 entrepreneurs and invested more than €4m in the Cyprus innovation & entrepreneurship ecosystem. Most importantly, IDEA has achieved perhaps 2 of the most significant recognitions in Cyprus – one of our startups has been accepted to Y Combinator and has already secured significant investment from a US fund, while s second one, raised €600.000 through a crowdfunding platform, the greatest success to-date for a Cypriot startup. At the same time, several other of our startups have attracted investment capital and business partnerships from Cyprus and abroad, have established their own offices and/or employ staff of their own.
A testament of our hard work, IDEA Innovation Centre was the 2019 European Winner in Investing in Entrepreneurial Skills, surpassing 29 other countries, in the European Commission’s ‘Enterprise Promotion Awards’. This was an extremely significant international distinction, capping IDEA’s long list of accolades both in Cyprus and overseas, underscoring its leading role in promoting entrepreneurship and innovation in the country.