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  • 1.  Volume 2, Issue 2, Page 1  ISSN 1986‐1923  Diogenes Business Incubator University of Cyprus Entrepreneurship Insider Against the Odds or Against the Current …? Newsletter Team Volume 2, Issue 2 March 2010 Instead of Welcome Note…. Publisher Diogenes Business Incubator 1 Director’s Message University of Cyprus It’s already March and the economic downturn is still with us Editor in Chief 2-4 Portfolio Profile with its negative impact across the board and especially in Stavriana A. Kofteros  A.R.M.E.S Ltd economic development investments in the National Budget Executive Editor  VI Scientific Ltd of Cyprus. Victim of this is the new framework program Stalo Ioannou providing seed funding for the creation of knowledge 4-7 Contributors: Diogenes News intensive enterprises that has yet to be launched by its new VI Scientific Team:  i3 Network Managing Authority the Research Promotion Foundation Georgios Stylianou  VI wins Startup of Stavros Papastavrou the Year Award despite discussions of launching it in the Autumn of 2009. Demetris Hatziachilleos  Diogenes in EU This has come on top of budget cuts in investments in R&D. proposals A.R.M.E.S Ltd Team: Didier Stricker These are bad news for a country with an R&D Investment Alain Pagani rate of 0.45% of GDP versus an EU average of 1.84% and a Isabelle Chrysanthou commitment to the Lisbon Goal of 3%. I will not discuss how Nectarios Pelekanos unwise – to put it mildly - cutting economic development i3 Network Team: programs such as the incubation framework is; there are David W.Denny numerous publications and examples worldwide by Stavriana Kofteros respected entrepreneurship organizations like the Kauffman Diogenes Business Foundation that elaborate on this in widely. I also find D. Incubator University of Cyprus Senor and S. Singer, authors of Start-up Nation: The Story Stavriana Kofteros of Israel's Economic Miracle, much more eloquent than Stalo Ioannou my own babblings, so I would propose to grab a copy of their book and have a look on how a country that is Permission to committed to its strategic vision succeeds its goal. But I will reproduce or republish EI’s articles say just this, a small island country like Cyprus with an To reproduced or transcript average of 60% high school graduates getting a University one or more EI articles by degree must invest in R&D and knowledge intensive electronic or mechanical activities that are known to create wealth and enhance means (including CyBIA  economic prosperity. photocopying or archiving on any archival system) Cyprus Business  requires written permission. Incubator Association  Cyprus does not need to reinvent the wheel to continue to Obtain permission at: prosper; it must learn to be adoptive and embrace innovation and above all recognize the economic benefits of Contact us: high tech entrepreneurship. Diogenes and its companies are 91 Aglandjia Avenue, P.O. Box 20537, but a small example of what has been achieved so far by 1678 Nicosia, business incubation in Cyprus. Cyprus Tel.: +357 2289 2220, EI Editorial Team Fax: +357 2289 2211,   Email: Creating Business Value in Innovation info@diogenes.com.cy
  • 2.  Volume 2, Issue 2, Page 2  ISSN 1986‐1923  DIOGENES’ PORTFOLIO PROFILE: A.R.M.E.S. Ltd Focuses on the Bringing a touch of high-tech to exhibits provision of visual ARMES Ltd (ARMES) is a Diogenes Business systems that enable the Incubator University of Cyprus portfolio company merge of the real and that has received seed funding from the Ministry virtual world. of Commerce, Industry and Tourism of the Provides the user with a Republic of Cyprus under the program for the realistic and Creation of new high-technology enterprises unforgettable 3D through business incubators, to implement its innovative business plan. experience of interacting with the ARMES specializes in Augmented Reality (AR) technologies, focusing on the virtual world. provision of visual systems enabling the merge of the real and the virtual world. ARMES solutions are based on state-of-the-art components, for which we hold the IP rights; the combination of which allows a rapid, flexible and expandable customization to the customer needs for a wide selection of A.R.M.E.S. Team applications. Such, mixed reality applications are increasingly being used in Didier Stricker maintenance, in training, in marketing, in reviving the past or in planning the Alain Pagani future as well as in education. Isabelle Chrysanthou Nektarios Pelekanos ARMES applications provide for the user a realistic and unforgettable 3D experience of interaction with a virtual object/world. The main current focus is on building a state-of-the-art maintenance/training AR system for the manufacturing industry. Moreover, ARMES is offering Augmented Reality for education and marketing purposes. The Leventis Municipal Museum of Nicosia will host from May 2010 onwards a temporary interactive exhibition facilitated by ARMES technology. Augmented Reality will be offered on a series of interactive multi- media stations through which the passive visitor will be transformed into an active performer. The stations are designed to educate and at the same time entertain the visitors on subjects related to the museum’s permanent exhibition.
  • 3.  Volume 2, Issue 2, Page 3  ISSN 1986‐1923  For this Cyprus Premiere, ARMES is providing four Augmented Reality interactive stations. Visitors will remember the impressive antique map collection through the challenging station “AR Puzzle”. Have you ever touched the most precious ceramic vessels in a museum? At Leventis Have you ever Municipal Museum of Nicosia you will be able to handle the most precious touched the most pottery with the station “Touch History”. Can you situate some of the most precious ceramic remarkable houses built during the British Crown colony period? Play and vessels in a learn using the station “AR Map”, or go back to the 3rd floor of the museum and museum? read carefully about the architecture during the British Rule! Join us to experience Nicosia’s past with Augmented Reality and ARMES at the Leventis municipal museum of Nicosia Hippocrates Street 17 Laiki Yitonia Nicosia Contact Details: Address: 91 Aglandjia Ave., Green Park 2112 Nicosia P.O.Box 20537, 1678 Nicosia, Cyprus Tel: +357-22892220 Fax: +357-22892219 Email: info@armes-tech.com Website: www.armes-tech.com
  • 4.  Volume 2, Issue 2, Page 4  ISSN 1986‐1923  VI Scientific Ltd was founded in 2008 in Nicosia, Cyprus, by computer scientists that are VI Scientific has aware of the difficulties blind and visually released the latest impaired people face in their everyday version of its flagship activities. Our goal is to address these product VisionHunt™ difficulties by providing an array of easy to use visual aid tools. Our mission is to a visual aid tool that become a pioneer in developing software-based and mobile phone-based solutions runs on mobile for the blind and the visually impaired. phones and utilizes VI Scientific Founders: the phone’s camera to George Stylianou VI Scientific Ltd has recently released the latest version of its flagship product, provide useful Stavros Papastavrou VisionHunt™, a visual aid tool that runs on mobile phones. VisionHunt™ utilizes the information to its blind phone's camera to provide useful information to its blind user, such as the color on user. objects and the existence in a room of switched on lamps or televisions. VisionHunt™ identifies also the value of paper money such as euro and dollar bills. VisionHunt™ runs on popular Nokia phones as well as on the iPhone 3GS and the Windows Mobile platform and is available in 17 languages. Vi Scientific Ltd has established a network of distributors/resellers/partners on all the Contact Details : continents. More specifically, VI Scientific Ltd is selling its products through six distributors in Europe, and is in negotiations with potential distributors in South Africa, Address: Australia, Latin America, and the Middle East. In addition, VI Scientific Ltd is 91 Aglandjia Ave., Green Park 2112 Nicosia negotiating with distributors in the United States, Canada and Central America for P.O.Box 20537, 1678 Nicosia, potential distribution possibilities. Cyprus VI Scientific Ltd will be presenting its products at two major annual conferences this Tel: +357-22892220 spring: Across the Atlantic at the CSUN Conference for People with Disabilities Fax: +357-22892219 which takes place in San Diego, CA in March and spring-boarding to enter the USA market. In May, VI Scientific will be in Frankfurt, Germany exhibiting at SightCity Email: 2010. Both conferences host the biggest exhibitions that target the blind and low info@armes-tech.com vision people and post the best opportunities for publicity and further potential. Website: For more information visit our website at www.viscientific.com www.viscientific.com Follow us on and . Check out our videos (keyword: visionhunt)
  • 5.  Volume 2, Issue 2, Page 5  ISSN 1986‐1923  Countless books, articles and TV/radio shows have been produced on the interconnectivity of global markets and the need for companies to participate in the “flat” world economy in order to succeed. Traditionally, entrepreneurs, emerging and small businesses have often waited for a later stage of development before looking outside their domestic markets. In a new world economy, this old paradigm doesn’t work! The i3Network believes that;  a great idea, in the form of a product or service, will sell anywhere in the world where there is a market need; and,  it is never too early for a company to get involved in approaching and opening global markets. The i3Network is a new tool that uses existing However, each Hub must ensure that they provide a networks, support programs and resources in specific minimum comprehensive set of services and support countries to assist entrepreneurs and enterprises activities that have been generally defined as “soft access and be successful in global markets. landings”; which include: The i3Network supports entrepreneurs and enterprises through a network of regional Hubs  Translation services comprised of organizations currently supporting  Language training enterprises and economic development in their  Domestic market research and entry assistance respective regions of the world. This approach  Access to capital and potential funders provides cost effective access that caters specifically  Intellectual property protection assistance to the needs and limited resources of entrepreneurs  Help meeting government regulations and smaller enterprises.  Help with import/export laws  Patent assistance Our focus is to create an international network of  Help obtaining business and driver’s licenses organizations involved in business growth and  Cultural training development that work together:  Immigration & visa assistance  Housing assistance  To promote the proactive movement of client companies between respective countries through existing network contacts and reciprocal trade visits So, how does an entrepreneur or SME access the  To enhance the client companies’ potential for i3Network globally to achieve its goals? international trade through assisted access to new markets It all begins with support currently being provided by  To provide business and cultural support (“soft regional organizations who are Hub consortia landings”) to incoming companies to assist them members; such as the Diogenes Business Incubator in relocating or establishing subsidiaries that will University of Cyprus, which is the lead organization succeed and grow. for the i3Network Cyprus.  To only provide assistance that is specific to the needs and goals of the entrepreneurs and Participating enterprises work closely with their hub enterprises we serve advisor to clearly define their international trade goals  To measure results in order to show value by and needs. Once there is a clear picture of what an registering unique goals and needs of participant enterprise wants to accomplish, they can access the users and through earning of activity points by network individually or as part of an outbound trade Hubs tied to development and support goals mission. Either way the needs profile is used by the within the network hub in the foreign market to organize resources necessary to help reach the enterprise’s goals and to Organizations in i3Network hubs already offer a meet its needs. variety of support services to their clients and members.
  • 6.  Volume 2, Issue 2, Page 6  ISSN 1986‐1923  A typical trade mission includes sessions on doing Whether you are an entrepreneur with an idea, a small business in the country (and region) visited, or medium enterprise looking for customers, introduction to regional program resources which can distributors or partners in new global markets , an investor looking for that next big idea, or a student and counsel and advise participants and pre-arranged university seeking collaborations with counterparts meetings with regional companies and organizations across the globe; that are targeted to help the participant move toward and accomplish goals set. Each participating i3Network helps connect you to a world of new enterprise has a regional host assigned in order to opportunities! facilitate meetings, transport the participant to and from meetings and to serve as a regional and personal resource for the participating enterprise for the duration of the mission. There are also many opportunities to network with regional economic development organizations, universities and company owners from the region. If an enterprise doesn’t want to attend a mission, the same support is available for individual entrepreneurs and SMEs who want to access the network through its regional hub. i3Network Founders Stavriana Kofteros David W. Denny i3 Network Cyprus Hub Manager i3Network Founders Hub & i3Network Virginia Director skofteros@diogenes.com.cy info@i3globalnet.com www.i3globalnet.com www.i3globalnet.com VI Scientific wins Startup of the Year Award VI Scientific Ltd, was awarded the Start-Up VI Scientific is a Entrepreneurs of the Diogenes Year 2010 Award by the portfolio Ministry of Commerce, company Industry and Tourism. specializing in This prestigious award follows the 2007 Cyprus developing Entrepreneurship Competition Award the VI Scientific software founders achieved and comes in recognition of the solutions for the company’s progress and of their potential growth. blind and the The Award accompanied by a monetary prize was visually impaired presented to the founding team by H.E. Minister of that run on Commerce, Mr. Antonis Paschalides, and CyEC mobile phones. Chair Professor Skevos Evripidou. The company’s flagship product VisionHunt™ is capable of recognizing colors on objects and identifying Building on this award, VI Scientific Ltd is expanding bank notes. VisionHunt™ currently identifies the euro, its horizons with new products - currently in testing Polish zloty and US dollar bank notes. phase - that target even more needs of the people www.viscientific.com with sight loss.
  • 7.  Volume 2, Issue 2, Page 7  ISSN 1986‐1923  DIOGENES in EU proposals Diogenes has a direct interest in matters pertaining to The i3Network was formed in 2007 to create an entrepreneurship and innovation and has continued international reciprocal soft-landings network that could to pursue collaborations for the submission of EU facilitate increased levels of internationalization in proposals. During this Quarter Diogenes has SMEs through closely connected consortia of business participated in the following proposals: support and economic development agencies, incubators, innovation centers, business and I4S MED proposal submitted last year under the technology parks, and universities, that could jointly lead of Business Innovation Centre La Fucina Scrl offer a wide range of expertise to young companies to responding to the Priority Objective 1-1, Axis 1 provide access to new markets and technological Strengthening innovation capacities, Objective 1.1: collaboration to help them grow. This IVC Capitalization Dissemination of innovative technologies and know- Fund application, if successful, will provide the how has successfully passed the first phase of opportunity to further develop the identified good evaluation. Innova4Service (I4S) project will focus on practice by employing it in the expansion of the service sector SMEs and it will develop, test and i3Network both into new EU regions, and within existing disseminate an Innovation Capacity Model aimed to regions or countries where some i3Network consortia strengthen the innovation capabilities of SMEs. This coverage is already present, for the benefit of model will analyze, for both interpretative and innovative SMEs in those regions. It is well established prescriptive purposes, how SMEs can develop and and accepted that it is the innovative and knowledge- improve their innovation capabilities by adopting and based SMEs that offer the greatest potential for future sharing the principles of project management and of economic growth and the creation of new jobs, and that the intellectual capital (IC) management (i.e. Human, the internationalization of those SMEs will accelerate Networking, and Organizational Capital). their rate of growth. INTERREG Greece – Cyprus under Priority: Diogenes took the lead and initiated a Life Long Competitiveness, Special Targets 1.1 Strengthening Learning, Leonardo da Vinci, Transfer of Innovation of Entrepreneurship and 1.2 Strengthening of proposal in collaboration with prestigious organizations Research and Innovation submitted MESUP: in Europe. The TechFemSURE proposal will adapt and Mentoring STARTUP proposal under the lead of the develop an innovative training package on Foundation for Research and Technology - Hellas entrepreneurship that will be tested and evaluated by (FORTH). The main objective of the proposal is the women would-be & entrepreneurs and women and men development of a series of actions and pilot with innovative and high technology startups (target application geared in advancing collaboration groups). The aim is to assist them to set up, run and between business incubators in Greece and Cyprus grow their companies. The project aims to transfer and for supporting of new startups and spinoffs. further develop the methodologies and training packages already developed by the innovation INTERREG IVC Capitalization i3Network Europe transferring organizations to the receiving organizations proposal to Optimize Best Practice in SME (ROs). Through the development of a new training Internationalization under the lead of Business package specifically for the target groups, they will be Support Kent CIC. The i3Network Europe Project will able to get practical and useful information and know- build on and disseminate the best-practice aspects how and thus further develop the skills and that have been developed over the past three years competencies that are required when starting and to encourage and support high-growth potential, growing their own company. The proposal was innovative, and knowledge-based SMEs to engage in submitted in February 2010. international trade.