Call for Applications: 10th Cycle of IDEA Startup Program (Cyprus)

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.

This Startup Program is meticulously designed to provide unparalleled opportunities for growth. They offer a comprehensive business support package to each participating startup, including €20,000 in seed capital. Startups also gain access to top-tier business-creation training and workshops, tailored mentoring, one-to-one business consultations, and extensive networking opportunities. Additionally, their Program offers strategic advisory sessions and access to a suite of professional services from their esteemed partners, ensuring startups receive a holistic support framework geared towards empowering entrepreneurs.

As a non-profit entity, IDEA operates on a rigorous selection process throughout the Program, based on stringent criteria and milestones. They take pride in ensuring that only the most dedicated and hardworking startups progress to successful graduation from their Program. They prioritize commitment, perseverance, and a drive for innovation as pivotal factors in selecting and nurturing startups within their Program.

Benefits

• Throughout their 9-month Startup Program, each participating startup receives a comprehensive business support package comprising both financial support and essential services:
  • €20,000 in Seed Capital per startup
  • Business-Creation training, know-how and workshops, so as to turn their innovative ideas into viable businesses with a global outlook
  • Mentoring by renowned businesspersons and experts of various fields
  • Consultation services on business, legal, accounting, marketing and technological (ICT) issues
  • Complimentary use of fully equipped modern offices
  • Business opportunities and contacts with corporate customers
  • Networking opportunities with potential partners, customers and investors when ready

Eligibility Criteria

• Talented teams capable of developing an innovative product or service, that can scale internationally through technology.
• 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!

Ineligible Applicants

• A person who is convicted for a crime included in the predicate offences covered under the relevant Law in Cyprus.
• A person who is subject to specific sanctions (EU, UN, OFAC, local lists).
• Persons residing in the country illegally, without the legal permission of the authorities of the Republic of Cyprus, having entered the Republic in an illegal manner or otherwise.
• Persons / legal entities that do not enjoy smooth and harmonious relationships in an appropriate professional context with IDEA and any of its partners in a way that it resulted in any loss of any kind to any of the parties or any damage to its reputation or other, or a non compliance with what has been agreed between the parties either orally or by contract has occurred.

For more information, visit IDEA.