Frequently Asked Questions
Cyprus Seeds aims to slow down the brain drain of Cyprus trained highly qualified researchers who leave our 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.
- It is a non-profit initiative.
- It is a national effort.
- It offers funding exclusively for Cypriot research groups.
- It is not just a funding program; Cyprus Seeds provides mentoring, business skills training and networking with potential investors.
- Fast and simple procedures.
- It has a network of evaluators and mentors who are experienced and successful serial entrepreneurs from abroad.
- It is supported by Cypriots and Greeks of the Diaspora who offer, pro-bono, time and opportunities for networking.
- It has very credible collaborators including MIT Enterprise Forum Greece.
- Through its network of experienced mentors from the USA and Europe, Cyprus Seeds offers a unique Mentoring Program whereby each Team is assigned between one and three mentors who advise regularly during the 12M Funding period of the Program. The Cyprus Seeds mentors also network the Teams abroad. Beyond mentoring, Cyprus Seeds offers to the participating Teams a series of workshops which aim to give practical training on areas which are critical to commercializing scientific research, including IP matters, market discovery and pitching to investors. Finally, Cyprus Seeds organizes a number of events to enhance and showcase the innovative work done by the Cyprus Seeds grantees.
- 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.
Cyprus Seeds finds inspiration in similar programs running successfully in the USA and Europe.
In particular, the Deshpande Centre for Technological Innovation at the Massachusetts Institute of Technology (Cambridge, MA, USA, https://deshpande.mit.edu/) has been running successfully for more than 16 years thanks to the generosity and voluntary support by philanthropist G. Deshpande and many organisations and corporations in the Boston area.
We have evidence that there is such talent in Cypriot Universities. This can be inferred from the competitiveness of Cypriot academics at the European level when it comes to acquiring research funding. This was also brilliantly demonstrated at the November 2017 Innovation and Entrepreneurship Forum at the University of Cyprus.
Finally, there is interest and appetite from Cypriot researchers to participate in the creation of spin-offs.
Cyprus Seeds is registered as a non-profit private entity. It is an independent organization that aims to support innovative academic research.
No, Cyprus Seeds does not have any age limit or restrictions.
Yes. Cyprus Seeds contributes to strengthening the economic conditions in Cyprus and creating promising jobs.
No. Nationality does not play a role – provided that you have the necessary work permits and plan to establish your company in Cyprus
Yes, research projects from any sector and area are eligible to apply.
A consortium is an association of several companies. Unlike other Funding programs, Cyprus Seeds is not placing a premium on applications where consortiums are in place.
No application fee is required to apply for the Cyprus Seeds Program
No, co-funding is recommended by Cyprus Seeds to the Host institution–it is, in no manner, a requirement for participation in the Program. Cyprus Seeds believes it is important for Host institutions to be engaged in the commercialization process of their research groups. To this effect, Cyprus Seeds suggests that Host institutions co-fund projects selected by Cyprus Seeds.
Cyprus Seeds offers a number of practical workshops:
- From the Lab to the Market
- IP matters
- Market Discovery
- Business Planning
- Pitching in front of investors
No. The host institutions will not deduct overheads from the grant amount to be approved by Cyprus Seeds.
A Non-Disclosure Agreement is signed by both the Evaluators and Mentors who offer services to the Cyprus Seeds Program.
- Applications are shared with Evaluators and Mentors under confidence.
- The submissions do not constitute a public release.
- ”We have been given unique opportunities to learn from the best globally!” – Professor George E. Georghiou, University of Cyprus
- “Mentoring and Funding from Cyprus Seeds has complemented our vision to bring our technology in the healthcare market with a well-designed strategy.” – Professor Christakis Damianou, Cyprus University of Technology
- “We believe that Cyprus Seeds is a great initiative and their support is vital for Cypriot Researchers.” – Assistant Professor Maria Antoniou, Cyprus University of Technology
- “What deviates Seeds from the rest of the funding bodies worldwide is their focus on entrepreneurial and commercializing science.” – Professor Kleopas Kleopa, Cyprus Institute of Neurology and Genetics
- ”Cyprus Seeds has provided us with the resources to accomplish our goals and targets effectively and efficiently.” – Assistant Professor Panayiotis Kolios, University of Cyprus.
- ”The mentorship provided by Cyprus Seeds is amongst the best in the world, and is tailored to each specific project.” – Dr Vasilios Tanos & Julius Georgiou, University of Cyprus