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Cyprus Startup Ecosystem The Now & The Way Forward

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  • 1. Cyprus Startup Ecosystem The Now & The Way forward Stavriana A. Kofteros Startup Communities 29/05/2014 #StartupCyprus @Stavriana_k
  • 2. Startup Catalyst. Entrepreneurship Evangelist. • Curator Cyprus Startup Digest • Organizer Startup Live Cyprus • Organizer Cyprus Startup Weekend • F.M. Cypriot Enterprise Link Association • Startup Cyprus Initiative • Investment backed Startups Adviser • EU Expert Reviewer • Past Life: – 12 years in Business Incubation; 6 as CEO @ www.diogenes-incubator.com • Day Job: – Special Entrepreneurship & RDI Adviser @Democratic Rally – Deputy Press Spokesperson @Democratic Rally www.disy.org.cy www.about.me/stavriana #StartupCyprus
  • 3. Democratic Rally & Startups • Special Entrepreneurship & RDI Adviser • DISY - EPP Resolution on Entrepreneurship • LdV write up & partner: Innovative training material to INSPIRE and empower Young and Women to Startup http://www.inspireyowup.eu/
  • 4. TO ECOSYSTEM From EGOSYSTEM #StartupCyprus
  • 5. Overall Business Environment Funding Support Structures Startups Entrepreneurs #StartupCyprus Gov
  • 6. Funding MECIT Entrepreneurial Innovation Program CyEC MTN Innovation Challenge CyBAN You… International Market = International Investors #StartupCyprus You = entrepreneur
  • 7. Support Structures •Startup Live •Startup Weekend •Open Coffee •HackCyprus •SpaceApps •CyEC • Desk&Co • Urban Hive • Coworkspace • … • Network to get to know them •Diogenes •Helix •Ermis •ChrysalisLeap •Cyta Innovation Center •CyBAN Incubators & Accelerators Mentors & Coaches Startup Events Co- Working Spaces #StartupCyprus
  • 8. Startups & Entrepreneurs & startup entrepreneurs in process Its up 2 them! #StartupCyprus
  • 9. Cyprus Entrepreneurship Ecosystem + • Innovative Startups • Entrepreneurial Innovation Program • Cyprus Entrepreneurship Competition • MTN Innovation Challenge • Business Incubators • Research Centers • World class research results • Youth & Women Entrepreneurship Schemes • Micro-funding Schemes (loan): JEREMIE, PROGRESS • CyBAN • Change of Culture Initiated • Open Coffee Cyprus • Cypriot Enterprise Link • Hack Cyprus • Startup Grind Cyprus • Connect • Outreach • Cyprus Startup Digest • Startup Live Cyprus • Startup Weekend Cyprus • Death • Cyprus Nightmare! #StartupCyprus
  • 10. Cyprus Entrepreneurship Ecosystem - • Lack of Venture Funds • Lack of startup creation programs • Low Academic Entrepreneurship • Lack off spinoff creation procedures • Lack of funding • Very low investment on R&D(0.45% ) • Cyprus “Dream”: Public sector – career choice…. • Lack of Vision? Or Lack of confidence for a better tommorow? #StartupCyprus
  • 11. Startup challenged? #StartupCyprus
  • 12. The Road of Success Startup Cyprus #StartupCyprus
  • 13. • Solid IP box  • Increase RDI spending • Incentives to Industry for RDI spending competitiveness • Patent funding • Angel investing Incentives  • More favorable taxation of individuals as equity owners • Favorable tax treatment of stock options (tax when sold vs. exercised) • Lower rates of capital gains taxes – Tax Exemption on dividends from unlisted companies • Labor market – Lower opportunity cost to transfer to self-employment – To increase spill-over of knowledge between industries and firms Startup Cyprus From best Practices to Success #StartupCyprus
  • 14. • Increase Academic Entrepreneurship / Spinoffs – Communication of research results to students as part of regular instruction – Internal reward systems encouraging excellence in teaching AND research – Incentives to further develop and test the commercial viability of research projects – Adjust curricula quickly to changing demand – Efficient reallocation of research budgets across disciplines in response to changes in commercial potential – Incentives for faculty to interact with industry in economically beneficial ways – Spinoff Uniform Guidelines. University Procedures for invention disclosure to patenting to spinoff – TTO Guidelines / Funding – Fund proof-of-concept to aid in assessing potential value of embryonic innovations Startup Cyprus From best Practices to Success #StartupCyprus
  • 15. my two cents Wrong Philosophy 1. We talk about third-party provided employment… NOT job creation –ENTREPRENEURSHIP 2. When we do talk about entrepreneurship … NOT an across the board approach #StartupCyprus
  • 16. recommendations • Holistic Comprehension of Entrepreneurship – business & job creation – Mindset • Actively integrate in teaching & training – Entrepreneurship Development – Entrepreneurial MINDSET • Creativity  drive to innovation • Out of the box thinking • Problem solving • Teamwork #StartupCyprus
  • 17. • UNDERSTAND the entrepreneurs! • Get in the entrepreneurial mindset ….. • Train the Gov to speak Startup Above all From best Practices to Success #StartupCyprus
  • 18. Get involved. #StartupCyprus
  • 19. #StartupCyprus
  • 20. BE THE CHANGE. BE CRAZY. #StartupCyprus
  • 21. #StartupCyprus Thank you