Startup Program – Turning Idea into Business (Cyprus)

At IDEA Innovation Center of Bank of Cyprus is accepting applications for the 9th cycle of the Startup Program.

They are seeking for talented teams capable of developing an innovative product or service, which can expand into the international market through technology.

The Startup Program is IDEA’s cornerstone: a two-stage Accelerator – Incubator programme that hosts startups for a transformative 9-month journey. It serves as the pivotal platform for nurturing participating startups, to facilitate the transformation of their innovative ideas into thriving businesses.

What they Offer?

• For each selected startup, they offer a comprehensive business support package, including €20.000 in seed capital, business-creation training, mentoring, and networking opportunities.

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)

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!

For more information, visit Bank of Cyprus.