Call for Applications: 11th Cycle of the IDEA Startup Program (Cyprus)

The focus areas of the opportunity are the creation and the launch of a product or service that has the element of innovation, a new solution to a new problem or solving an existing problem in a new, innovative way, commitment through investing significant personal time and working hard towards the creation of the company, clear roles containing industry knowledge, business skills and software developer skills, a sense of urgency to work fast, progress fast and deliver fast, determination and perseverance to show stamina and overcome difficulties and hardships, a product or service that can scale up and has a global outlook to eventually expand outside Cyprus in other countries, exit potential offering the opportunity to investors to invest and exit later, a specific target market that satisfies the needs of a specific portion of the consumer base, realistic financial assumptions and a clear revenue model targeted to revenue-generation and profit, the ability to anticipate potential barriers and problems, physical presence, give, take and share culture, attending sessions, submitting deliverables, meeting deadlines and progressing.

The Startup Program is IDEA’s cornerstone and aims to serve as the pivotal platform for nurturing participating startups, facilitating the transformation of innovative ideas into thriving businesses. The program is designed to provide unparalleled opportunities for growth and offers each startup a comprehensive business support package including €20,000 in seed capital, top-tier business-creation training and workshops, tailored mentoring, one-to-one business consultations and extensive networking opportunities. It also provides strategic advisory sessions and access to professional services from partners to strengthen the support framework for founders.

The program operates through two stages, beginning with the Accelerator Stage for three months focused on intensive business-creation training designed on international standards and reviewed annually to reflect current trends. Startups then progress to the Incubator Stage for six months, which is open only to teams that successfully complete a rigorous Formal Evaluation based on predetermined criteria to ensure only dedicated startups advance.

As a non-profit entity, IDEA follows a stringent selection process throughout the program and prioritises commitment, perseverance and a drive for innovation as key factors in helping startups achieve successful graduation. The program is built to ensure that entrepreneurs are equipped with the tools and support required to build and scale their ventures.

The program is open to businesses within a wide range of sectors including financial and insurance technology, manufacturing, real estate activities, culture and arts, electricity, gas, steam and air conditioning supply, professional, scientific and technical activities, blockchain, sustainable energy, administrative and support service activities, AI, AR and ML, water supply and waste management, public administration and compulsory social security, health sector, construction and demolition, tourism, education, information and communication, wholesale and retail trade, human health and social work activities, agriculture and fishing, transportation and storage, arts and entertainment, mining and quarrying, accommodation and food services and other sectors specified by applicants.

For more information, visit IDEA Innovation Center.