Deadline: 6-Nov-22
Cyprus Seeds is now inviting applications for its 3rd Cycle of the Seed Program to support research teams from any academic or research institution in the public and private sectors, and Centers of Excellence in Cyprus, to take their work from the lab to the market.
To achieve its objective, it offers funding in the form of grants, mentoring, entrepreneurial training, and networking with potential customers and investors in Cyprus and abroad.
Aims
Cyprus Seeds aims to slow down the brain drain of Cyprus trained highly qualified researchers who leave the country due to the lack of employment opportunities matching their qualifications. In addition, Cyprus Seeds aims to develop a new culture in Cyprus, to be known as a place where great technology is developed, nurtured and grown.
To this effect, Cyprus Seeds helps innovative academic research projects with potential for scalability to mature to a stage that can attract venture capital or funding from private investors.
A maximum of five teams will be selected to join the 3rd cycle of the Cyprus Seeds Program whose duration of the 3rd cycle will be 18 months, commencing in January 2023 and finishing in June 2024.
Benefits
- The establishment of a pipeline of technology companies in Cyprus, leading to the creation of highly skilled jobs and the retention of Cypriot scientists in the country.
- The slowdown of ‘brain drain’.
- The planting of the seeds to stimulate a new, technology driven entrepreneurial culture in Cyprus.
- Improved links between academia and the industry.
- Filling up of the funding gap for research in the lab that has the potential to develop to the next stage (the prototype) which will attract funding from private investors.
- An ecosystem of new companies which will make Cyprus attractive to international investors and industries.
Activities
- Cyprus Seeds offers pre-seed funding in the form of grants. The grant awarded to the teams, during each cycle, can be utilized for the following activities.
- Salary of a graduate student, post-doc, or researcher but not that of faculty.
- Filing for a provisional patent if required; eligible are only cases where no patent exists, or the patent funds provided by the Hosting Institution are insufficient. The amount dedicated to patent-related expenses will not exceed €15.000.
- Purchase of consumables and special equipment not available in the Hosting Institution. This expense will be subject to approval by Cyprus Seeds Management Team.
- Traveling to meet with potential clients or investors. Traveling expenses will be subject to approval by the Cyprus Seeds Management Team.
- In some cases, funding and non-financial support will be awarded to the same project for a second cycle. However, the award will be subject to the submission of the Application.
Eligibility Criteria
- Cyprus Seeds is targeting research teams who intend to take their work from the lab to the marketplace and wish to reach a stage where they can attract private investment. Research teams who do not intend to commercialise their work should refrain from applying.
- Only researcher teams, not individuals, are eligible to apply, and companies may be formed during the course of the 18-month cycle.
- Research teams should comprise, as a minimum, a Principal Investigator and a graduate student, or a post-doc, or a researcher from a university or research institution from the private or public sectors, and/or Centre of Excellence.
- Companies are not eligible to apply to the Cyprus Seeds Program.
- Only the following types of organisations that are established in Cyprus can act as the Hosting Institutions for the Principal Investigator:
- Private and public universities.
- Private and public research institutions, such as The Cyprus Institute, and The Cyprus Institute of Neurology & Genetics.
- Centers of Excellence.
- Research projects from any industry sector and technology field are eligible.
- The submission of the Application form should be in English.
For more information, visit http://www.cyprusseeds.com/how-to-apply/