Eurobank Cyprus this week said that its five-year support programme for non-profit organisation Cyprus Seeds, which aims to bolster the island’s entrepreneurial and innovation ecosystem, has borne fruit, with numerous startups emerging from local academic research teams.
“Eurobank Cyprus acknowledges the importance of ESG factors for environmental sustainability, social responsibility, and corporate governance, actively supporting research and entrepreneurial innovation by backing Cyprus Seeds since its inception,” the bank said in a statement.
“The collaboration between the bank and Cyprus Seeds has been further strengthened in the past year following the signing of a cooperation agreement between Cyprus Seeds and egg-enter-go-grow, the leading startup accelerator in Greece supported by Eurobank Greece for the past ten years,” it added.
The bank explained that Cyprus Seeds’ role includes the offering of grants, mentoring, training in business tools, and international networking with the aim of supporting the commercialisation of innovative scientific research conducted at Cypriot universities on an international level.
“The investment of Eurobank Cyprus in research and innovation is now bearing fruit, as two research teams from academic institutions in Cyprus, which received support from Cyprus Seeds, have already established their own startups with significant prospects for the future and multiple benefits for the field of entrepreneurship, research, and innovation in our country,” the bank said.
According to the announcement, the first startup, named Gynetronics Limited, is the result of a scientific collaboration between Professor Vasilis Tanos of Womana Limited and Professor Julius Georgiou of the University of Cyprus.
Gynetronics Limited is developing an innovative medical device that performs electromyography of the uterus in non-pregnant women, analogous to electrocardiography for the heart.
“The electromyograph is expected to improve the diagnosis and treatment of uterine conditions and assist couples facing fertility difficulties,” the bank noted.
The second startup, called IQ3Solar Limited, is the result of innovative efforts by a research team at the University of Cyprus’ Research Centre for Sustainable Energy (FOSS).
The startup has developed a non-intrusive sensor that quickly detects possible damage in photovoltaic systems.
“This innovative technology results in energy and cost savings, with positive environmental implications as well,” the announcement said.
What is more, in addition to the creation of these innovative startups, Cyprus Seeds has also supported the ‘Gene Therapy’ project by the Institute of Neurology and Genetics, which has signed a licensing agreement with American pharmaceutical companies for the development of genetic therapies for various types of demyelinating neurodegenerative disorders.
“Eurobank Cyprus intends to continue supporting initiatives such as Cyprus Seeds that strengthen the Cypriot economy and sustainable development by contributing to the creation of new job opportunities for skilled personnel and scientists within Cyprus and promoting a shift towards innovative entrepreneurship,” the bank said.
“Such initiatives also encourage investment from abroad and provide intelligent and practical solutions to the needs of society, the economy, and the market,” it concluded.