Deadline: 24 February 2020
Do you have an innovative idea? Do you have the determination to turn it into a business? If yes, then apply now for IDEA for Startups!
IDEA is an Incubator-Accelerator for Startups and and entrepreneurship hub. IDEA aspires to boost the entrepreneurial spirit and put Cyprus higher on the map of the international innovation ecosystem. While giving great emphasis on the entire spectrum and peripheral activities that support innovation in general, IDEA is proudly a strong part of the lobby that promotes innovation on the national level.
IDEA hosts startups for a period of 9 months, offering them the highest quality of training, workshops, mentorship, consultation and professional services so as to turn their innovative ideas into viable businesses.
Areas/Sectors of Activity
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)
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
- 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) IDEA offers 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.
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 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!
How to Apply
Applicants can apply online via given website.
For more information, visit https://ideacy.net/