IDEA Innovation Center: Accelerator for Startups in Cyprus

Deadline: 21-Feb-21

IDEA Innovation Center has announced a grant program to host startup companies offering them the highest quality of training and services, so as to turn their innovative ideas into viable businesses with a global outlook.

Today IDEA is the largest, non-profit, comprehensive organization in Cyprus which forms a cluster of private and public partnerships to support startups and innovative Small and Medium-sized Enterprises (SMEs).

IDEA Innovation Center was founded in 2015 as an incubator-accelerator for startups and an entrepreneurship hub for Cypriot young entrepreneurs.

Program Phases

The 9-month program is deployed in two phases:

Stage A: The accelerator stage is tied to specific deliverables where the training, classes and workshops take place and the teams are evaluated to ensure that they qualify to progress to stage B. Hard work and devotion is required by all teams on a weekly basis to maintain a passing rate.
Stage B: Incubator, where they will enjoy even more benefits while finalizing the first version of their product or service (MVP).

Benefits

Start-ups at IDEA enjoy a total estimated worth of up to €60.000 in benefits:

€12.000 seed capital from the Bank of Cyprus.
Business creation training & mentoring from industry experts.
Specialized mentoring in Financial Technology – fintech – and cultural / art proposals.
Consultation in legal, accounting, ICT & Marketing areas.
Business development opportunities, networking, access to investors.
Enthusiastic in-house staff, nurturing in-residence entrepreneurs.
The utilisation of fully equipped co-working spaces for 9 months.
Extraversion activities in order to internationalise and expand their business abroad (such as participation in conferences in Israel & Europe).
Weekly consultation sessions with a mature business person, so that the startups can receive customized feedback and personalised guidance.
In cooperation with Amazon Web Services (AWS) they offer the opportunity to provide startups with low cost, easy to use infrastructure needed to scale and grow any size business. AWS Activate is a program with resources designed to help startups get started on AWS.

Eligible Areas

Business concept ideas may fall under any one or more of the following categories:

Financial and insurance technology – Fintech & Insuretech;
Culture, Arts, Virtual museums;
Blockchain;
AI, AR, ML;
Health Sector;
Tourism;
Information and communication (software, video etc);
Agriculture, forestry, animal farming and fishing;
Mining and quarrying;
Manufacturing;
Electricity, gas, steam and air conditioning supply;
Sustainable Energy sector;
Water supply; sewerage; waste management and remediation activities;
Construction/ demolition;
Wholesale and retail trade; repair of motor vehicles and motorcycles;
Transporting and storage;
Accommodation/ Hotels and food service activities;
Real estate activities;
Professional, scientific and technical activities (legal, accounting, consulting, research);
Administrative and support service activities (renting/leasing etc);
Public administration; compulsory social security;
Education;
Human health and social work activities;
Arts, entertainment and recreation;
Other (as specified by the applicants).

Program Criteria

In order to be eligible for the submission of an application to IDEA, all of the following requirements must be met:

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 a 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!
Excluded Sectors or Persons:
- IDEA applies exclusions in relation to certain economic sectors and prohibits the establishment of a business relationship with certain persons (physical and/or legal), which are considered not to be compatible with the ethical or social basis of IDEA.
- IDEA considers these restrictions important. The excluded sectors and persons shall be updated from time to time, at the absolute discretion of IDEA.
Excluded persons / Legal entities
- 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.