Seed funding

The Bank of Cyprus will give EUR 12,000 in two tranches, to be utilised for the purposes of developing their startups admitted in IDEA. Each tranche shall be disbursed by the Incubator-Accelerator to the Startup Company as follows:

€6,000 when the Company enters stage B (to the satisfaction of the 2nd Evaluation Committee), and the IDEA shares have been issued and allotted to the Incubator -Accelerator according to the relevant provisions and

€6,000 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 in practice the give, take & share culture of IDEA, as described in the participation handbooks signed with the participants. Finally the Company demonstrates significant progress to the satisfaction of the Incubator-Accelerator's Board (achieves a satisfactory pass rate).