Bank of Cyprus offers €20,000 as Seed Funding in two tranches, to be utilised for the development of the Startup Company. Each tranche shall be disbursed by the Incubator-Accelerator as follows:
€10,000 when the Company enters stage B (to the satisfaction of the 2nd Evaluation Committee), and the IDEA shares have been issued and allotted according to the relevant provisions, and
€10,000 at any day of the 8th month of their 9-month residency in IDEA, provided that the Company's daily presence at IDEA premises continues and the Company implements the “give, take & share” culture of IDEA, as described in the participation handbooks. Finally, it is a requirement that the startup demonstrates significant progress to the satisfaction of the Incubator-Accelerator's Board (achieves a satisfactory pass rate).