Academic Entrepreneurship at UCY, by Mr. Christis Christoforou, MBA principal for accelyservices. The results and the methodoloty of an extensive survey that were conducted at the university of Cyprus will be presented.

1. Academic Entrepreneurship in
the University of Cyprus
Christis Christoforou
Giorgos Dimitriou
Giorgos Papadopoulos
Nestoras Nestorides
Stella Panayiotou
March 2017
Stevens Institute of Technology, stevens.edu

2. • Provide a better understanding of UCY’s entrepreneurship
ecosystem and the perception of the academic community
• Identify the degree to which the University is geared towards
developing entrepreneurial initiatives
• Identify bottlenecks and constrains in the current way of operations
• Provide recommendations on the actions that the University should
take and explore better practices and how can they be integrated in
UCY
2
Objectives

3. Structure of the Project
• Essentials ingredients of an entrepreneurial university
• The startup ecosystem in Cyprus
• Academic entrepreneurship in the UCY
• Research Methodology
– Self-assessment questionnaire / online survey
• Findings and Recommendations
3

4. Essentials Ingredients of an
Entrepreneurial University
• Attitude towards entrepreneurship (top-level commitment)
• Address skill deficiencies and reward systems
• Education/training for university members
• Cross-collaboration between individuals/faculties and external
stakeholders
• Coordination of activities
4

5. 5
Defining Start-up Ecosystem

6. Incubation Process
6

7. Start-up Financing Cycle
7
• Bootstrapping • Friends, Family and Fools (3-F)
• Small Business Centers • Business Angels/Seed investors
• Bank loan • Venture capital (VC)/risk capital
• Crowd funding
Sources of funding:

8. Startup ecosystem in Cyprus
8
Source: Support Structures of the Cyprus Startup Ecosystem (Stavriana Kofteros –
the New and the way forward)

9. Successful start-ups in Cyprus
9

10. Business Incubation Mechanisms
in Cyprus
Organization Incubator Accelerator Website
Diogenes x www.diogenes-incubator.com
Helix x
Error! Hyperlink reference not valid. Co
!!!!!
Ermis - ERIC x
http://www.talos-
rtd.com/en/participations/ermis-research-
and-incubator-center-(eric)
Chrysalis Leap x http://chrysalisleap.com/
Cyta Innovation
Center
x
https://www.cyta.com.cy/kentro-
kenotomias/en
CYBAN http://www.cyban.com.cy/
IDEA x x www.ideacy.net
10

11. University of Cyprus in the start-up
Ecosystem
• Contribute to the production and valorisation of
knowledge
• Engage in research and development
• Stimulate the complex process of innovation &
entrepreneurship
• Support new ideas- foster entrepreneurship
11

12. UCY - Internal ecosystem
12
Faculties
and
Departments
Research
centres
Admin
Diogenis
incubator
Cyprus
Entrepreneur
ship
Competition
Research
and
International
Relations
ServiceStudents,
Academic
staff,
Researchers,
Graduates,
Alumni
University
Industry
Liaison
Office
Academic
Affairs and
Student
welfare
Careers
Office
Cooperation
Networks
Industrial
partners
MBA
Program

13. Efforts to Develop
Entrepreneurship in UCY
• Supporter of the Cyprus Entrepreneurship competition- sponsor for the
organization of the annual entrepreneurship competition.
• Diogenis Business Incubator, owned by the UCY
• Participation in European research project InnoFun Interreg IVC
• Supported the 7th International Conference of Entrepreneurship, Innovation
and Regional Development
• Establishment of the Institute for Research, Innovation and
Entrepreneurship at the UCY
• Center of Entrepreneurship (C4E)
13

14. UCY– Research & Commercialization
Research activities
• European programs securing external
funding: “Horizon 2020”, ”EU Seventh
Framework Program”, “Lifelong Learning
Program”
• Unified European Research Area : ex.
“EUMEDIS”, “Marie Curie”.
• European research projects “GOFLEX”
and “InteGRIDY”
EXPLOITATION OF RESEARCH RESULTS
The Cyprus Research Promotion Foundation
focuses on the exploitation of research and
technological development results obtained by
research and academic communities.
Commercialization of patents
14
• Several advances and innovations
• Patents
CYPRIOT LAW : grey areas
cannot legally act as the creator of private
start-up companies

15. Legislative Framework of
Entrepreneurship in UCY
• UCY operates within a strict legislative framework as prescribed by the University of
Cyprus Law 1989 (144/89)
• Entrepreneurship and Innovation are not currently part of the objects of the UCY
legislation
• UCY is prohibited from participating in a private company which does not pursue
fulfillment of its objects
• The UCY Law is also restrictive in relation to the participation of the University in any
commercial activity or the participation in any start-up which pursues commercial
activity
• Limitations as to the participation of UCY academic staff in companies without prior
approval of the University
• IPR Policy – Revenue Sharing Scheme
15

16. Methodology
• Self-assessment tool, HEInnovate (developed by
OECD/EC)
– Better quantification of results
– Reaching more people
• Relative comparison with HEInnovate report of 2014,
answered as part of a workshop
• Targeted groups
– Academic Faculty (in research centers and head of schools)
– Governance and Administration
– PostDoc/PhD/researchers
16

17. Questionnaire segments
1. Leadership and Governance
2. Organisational Capacity, People and Incentives
3. Entrepreneurship Development in Teaching and Learning
4. Pathways for Entrepreneurs
5. UCY’s Business/External Relationships for Knowledge Exchange
6. UCY as an internationalised institution
7. Measuring the impact
17

18. Participation in the assessment
18
29%
20%
51%
Academic Faculty
Governance and
Administration
PostDoctoral/ PhD/
Researcher
• 39 answers out of 121 (32%)
• Averages by groups and frequencies of responses

19. Overall Average Scores
19
Overall average: 4.3/10
Highest score: UCY as an internationalised institution - 6.0/10
Lowest score: Entrepreneurship Development in Teaching and Learning – 3.7/10

20. • Q1: Entrepreneurship is a major part of the university strategy
• Q2: There is commitment at a high level to implementing the
entrepreneurial strategy
• Q3: UCY has a model for coordinating and integrating
entrepreneurial activities at all levels across the university
• Q4: The faculties and units have autonomy to act
• Q5: UCY is a driving force for entrepreneurship development in the
wider regional, social and community environment
20
1. Leadership and governance

21. 21
1. Leadership and governance – averages by
groups
• The level of commitment (Q2) has the highest score and the existence of a model
for coordination (Q3) had the lowest score along with the autonomy of faculties
• Academic faculty believe that there is lack of coordination (Q3), in a higher degree
than the other groups
• Increased level of commitment compared with 2014 report, no significant change
regarding the model of coordination

22. 2. Organizational capacity, people and
incentives
• Q6: The University’s entrepreneurial objectives are supported by a wide variety of
funding sources/investment, including investment by external stakeholders.
• Q7: The University has a sustainable financial strategy in place to support entrepreneurial
development.
• Q8: There are mechanisms in place for breaking down traditional boundaries and fostering
new relationships - bringing internal stakeholders together (staff and students) and building
synergies between them.
• Q9: The University is open to recruiting and engaging with individuals who have
entrepreneurial attitudes, behaviors and experience.
• Q10: The University invests in staff development to support its entrepreneurial agenda.
• Q11: There are clear incentives and rewards for staff who actively support the
university’s entrepreneurial agenda.
• Q12: The University gives status and recognition to other stakeholders who contribute to
the university’s entrepreneurial agenda.
22

23. 23
2. Organizational capacity, people and incentives
– averages by groups
• Q11 statement has the lowest score (3.4) (clear rewards and incentives)
• The question with the highest score was Q9 (4.6)
• Academic faculty seems more concerned about the lack of a sustainable financial
strategy to promote entrepreneurship (Q7)

24. 3. Entrepreneurial teaching and learning
• Q13: UCY is structured in such a way that it stimulates and supports the
development of entrepreneurial mindsets and skills
• Q14: Entrepreneurial training for staff takes place in all parts of the university
• Q15: Staff takes an entrepreneurial approach to teaching in all departments,
promoting diversity and innovation in teaching and learning
• Q16: Entrepreneurial behavior is supported throughout the university experience;
from creating awareness and stimulating ideas through to development and
implementation
• Q17: UCY validates entrepreneurship learning outcomes
• Q18: Collaborating and engaging with external stakeholders is a key component of
teaching and learning development in an Entrepreneurial University
• Q19: Research results are integrated into entrepreneurship education and training
24

25. 25
3. Entrepreneurial teaching and learning –
averages by groups
• Training for staff (Q14) statement has the lowest score (2.8) out of all questions in
the questionnaire
• All groups agree that engaging with external stakeholders is a key component of
teaching and learning
• Comparing with the 2014 report the situation remains the same or even worse in
some cases for this segment

26. 4. Pathways for entrepreneurs
• Q20: UCY raises awareness of the value/importance of developing
entrepreneurial abilities amongst staff and students
• Q21: UCY actively encourages individuals to become
entrepreneurial
• Q22: UCY provides opportunities to experience entrepreneurship
• Q23: UCY provides support for individuals and groups to move from
entrepreneurial ideas to action
• Q24: Mentoring by academic and industry personnel is available
• Q25: UCY facilitates access to private financing for its potential
entrepreneurs
• Q26: UCY provides access to business incubation facilities
26

27. 27
4. Pathways for entrepreneurs – averages by
groups
• Availability of mentoring (Q24) received the highest score in this segment (4.4). Is
significantly better than the 2014 report, meaning that the recently created
mentoring list is gaining awareness and credit amongst the academic community
• Despite the existence of Diogenis incubator the access to incubation facilities is
considered substandard

28. 5. UCY – business/external relationships for
knowledge exchange
• Q27: UCY is committed to collaboration and knowledge exchange with
industry, society and the public sector
• Q28: UCY demonstrates active involvement in partnerships and relationships
with a wide range of stakeholders
• Q29: UCY has strong links with incubators, science parks and other external
initiatives, creating opportunities for dynamic knowledge exchange
• Q30: UCY provides opportunities for staff and students to take part in
entrepreneurial activities with business/the external environment
• Q31: UCY specifically supports staff and student mobility between academia
and the external environment
• Q32: UCY links research, education and industry (wider community) activities
together to affect the whole knowledge ecosystem
28

29. 29
5. University – business/external relationships for
knowledge exchange – averages by groups
• The university is committed to collaboration and knowledge exchange (Q27) and
has created partnership and links with a wide range of stakeholders (Q28)
• However, it fails to combine and bring together research, education and industry
(Q29)

30. 6. The Entrepreneurial University as an
internationalized institution
• Q33: Internationalization is a key part of the university’s entrepreneurial
strategy
• Q34: The University explicitly supports the international mobility of its staff
and students (including PhD students)
• Q35: The University seeks and attracts international and entrepreneurial
staff (including teaching, research and PhDs)
• Q36: The University demonstrates internationalization in its approach to
teaching
• Q37: The University, its departments and faculties actively participate in
international networks
30

31. 31
6. The Entrepreneurial University as an
internationalized institution – averages by groups
• UCY shows an extrovert behavior and is part of the international scene (through
networks, mobility and research projects)
• It seems there is some difficulty to attract international staff and this may be due
the language barrier (Q35)
• In 2014 report this segment also had the highest performance in the questionnaire.
This show a consistent effort towards internationalization

32. 7. Measuring the impact
• Q38: UCY assesses the impact of its entrepreneurial strategy and
the strategy is responsive to change
• Q39: UCY assesses the level of engagement in entrepreneurial
teaching and learning across the institution.
• Q40: UCY regularly assesses the impact of entrepreneurship
teaching and learning
• Q41: UCY carries out regular monitoring and evaluation of the
university's knowledge exchange activities
• Q42: UCY carries out regular monitoring and evaluation of the
impact of start-up support
32

33. 7. Measuring the impact – averages by groups
33
• There is a lot of room for improvement in this section as the overall average is 3.8
• It is crucial to understand the impact of actions taken towards entrepreneurship,
but there is not a consistent framework of doing this

34. Research Findings (1)
• Fostering entrepreneurship is part of UCY’s major strategy and there is high-level
management commitment towards that direction. In addition, an increase in this level
of commitment is noticeable compared to 2014.
• Collaborative culture, across departments of UCY, towards entrepreneurship is
lacking.
• There are no clear incentives to promote entrepreneurial behavior amongst academic
and research staff.
• Entrepreneurial teaching and learning and staff development is substandard.
34

35. Research Findings (2)
• Although UCY’s ties with external stakeholders seem to exist there are not strong
links with external incubators, accelerators or science parks
• The recently created mentoring list by C4E is gaining awareness and is considered
as a significant measure to create a pathway for entrepreneurship culture
• Internationalization is a significant aspect of UCY and its departments and faculties
actively participate in international networks
• Measuring the impact of changes is low and there is no regular monitoring or
evaluation of the actions taken to support entrepreneurship
• Current legislative background of the University is restrictive and limiting in
promoting entrepreneurial initiatives. Update: there is currently a proposed framework,
mutually agreed between public Universities,under discussion with all external involved parties.
35

36. Recommendations (1)
• The university should create a clear roadmap to coordinate and integrate all
entrepreneurial activities across existing structures. This could be able to
create economies of scale, increase the efficiency of operations but also
leverage the power of UCY towards entrepreneurship. (Update: UCY Council
approved C4E roadmap)
• Emphasis should be given to incentivizing staff as well as providing them
with the necessary time and support for training and development.
• Internationalization is a major part of UCY but this is not viewed under an
entrepreneurship lens. The international networks and the engagement with
external stakeholders should be further exploited towards the strengthening
of the entrepreneurship culture of the university
• The university should focus towards creating stronger links with
accelerators and incubators, both in the local and international horizon
36

37. Recommendations (2)
• Embed entrepreneurship courses and initiatives into undergrad and
postgrad curriculum in order to promote culture (paradigm of Hanze)
• Increased usage of the English language in order to attract non-
Greek speaking faculty and students and improve its international
presence
• Measuring the impact and taking into account any feedback
consistently to achieve sustainable entrepreneurship
• The legislative framework should be amended and enriched to
accommodate for academic entrepreneurship and innovation
37

38. Academic Entrepreneurship in
the University of Cyprus
Thank YOU!
March 2017