The document discusses Cyprus' startup ecosystem, noting both positives like support structures for entrepreneurs and funding programs, as well as challenges around a lack of venture capital and low R&D investment. It proposes recommendations to improve the ecosystem such as increasing academic entrepreneurship, incentivizing industry R&D spending, and adjusting policies to encourage job and business creation through entrepreneurship rather than solely focusing on third-party employment. The overall message is that Cyprus needs to shift its mindset from an "egosystem" to one that truly supports startups and fosters an entrepreneurial culture and mindset to help startups succeed.

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