Cyprus is an emerging startup cluster, with numerous organizations collaborating together to provide continuous innovation and entrepreneurial initiatives to foster its startup ecosystem. The Cypriot people continue to encourage the development of local startup culture and an innovative and varied startup scene. In this article, we have compiled a comprehensive list of startup incubators and accelerators in Cyprus that are key players in the creation and growth of local startups. They have been subdivided into applicability for startups in their 'ideation' and 'launch' stages, so whichever stage you're in, you would be able to find a program that suits you!
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FULL LIST OF STARTUP INCUBATORS AND ACCELERATORS IN CYPRUS
Ideation Stage Startup Incubators in Cyprus
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: CleanTech
Chrysalis Leap assists entrepreneurs in bridging the gap between idea and business and helps them to commercialize their cleantech innovations. They have been an EIT Climate-KIC regional partner since 2016 and act as one of three EIT Climate-KIC Cyprus Hub partners. They provide a number of startup initiatives, including ClimateLaunchpad 2023, the world's largest green business ideas competition.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Multiple Sectors
IDEA Innovation Center was established in 2015 as a startup incubator-accelerator and entrepreneurship center. They are a non-profit innovation center that provides high-quality training and services to businesses at all stages of development, from idea to revenue and investment ready. Within their 9-month accelerator and incubator programs, startups are provided with the best quality training, seminars, mentorship, consultancy, and professional services to help them develop their creative ideas into sustainable businesses.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Gravity is a venture-building incubator that fosters startups from the early-stage to mature ventures by assisting them in all the necessary phases. They can assist startups in activities such as idea validation, prototyping, product testing, business planning, pitching training, and commercialization. They also offer mentorship and coaching support that will guide startups in areas such as intellectual property, fundraising, and more.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
The EIT Digital Venture Program is an international growth support for European entrepreneurs that will help them take off their ideas from concept to MVP, market validation, and funding. The program features boot camps and training that will assist startups in building their entrepreneurial skills and developing their business with the help from top international experts. The program aims to help startups in establishing their deep-tech ventures, developing their MVPs, and finding their first investor.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
CyRIC is the only Business Innovation Center (BIC) in Cyprus that is certified by the European Business Network. They cultivate a supportive environment for entrepreneurs to grow their businesses; offering high-quality services and access to cutting-edge technology equipment and infrastructure. They are the founders of Gravity Ventures, the incubator program listed above. Aside from the incubator, they also offer entrepreneurial services such as communication and pitching guidance, business support with creative design and business model canvas, innovation support by a team of engineers and scientists, and product design and prototyping support.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
The Founder Institute is the world's largest startup accelerator program and network for transforming ideas into global enterprises. Their highly structured programs are intended to provide focused assistance throughout your startup's lifecycle, from idea to exit. They integrate input from the world's biggest network of advisers within their accelerator programs to create an unrivaled framework that eases the business development process.
Launch Stage Startup Incubators and Accelerators in Cyprus
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: B2B Solutions, Renewable Energy, Shipping Fintech
ARIS, which stands for A Really Inspiring Space, is a home for innovation in Limassol that provides the space, support, and community for a thriving innovation culture. In collaboration with Deloitte, ARIS offers a startup accelerator program that provides entrepreneurs with the framework, guidance, and network required to create successful business ventures. The accelerator is aimed at entrepreneurs who want to expedite their time to market; offering support in designing, testing, and launching their product or service offering.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
CYENS Techhub is an extension of the CYENS Centre of Excellence, with the objective to stimulate innovation across various industrial sectors and the entrepreneurial community. They offer a range of services, serving as co-working spaces, R&D and prototyping space, and consultancy firms. Each year, CYENS Techub organizes different vertical-focused accelerators. One of the programs that were commonly offered is Nicosia2, a 3-month accelerator program that will assist founders in converting their idea into business proposals. The program will provide hands-on training and mentoring in business modeling, service design, project management, and finance, ultimately ending with a Demo Day with awards for the winning teams.
Closing Thoughts on Joining a Startup Accelerator or Incubator in Cyprus
Cyprus has established itself as a preferred business destination by continually strengthening and improving its startup ecosystem. Cyprus has become home to over 446 startups and scaleups, with a total enterprise value of EUR3.7 billion. With its convenient location, Cyprus has the potential to be an outstanding platform for entrepreneurs aiming to join the European market. Joining startup accelerators and incubators in Cyprus is a great way to begin establishing contact for opportunities to work with local and international enterprises.
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Frequently Asked Questions on Startup Accelerators and Incubators in Cyprus
What unique advantages do Cypriot startup accelerators offer?
Cyprus accelerators leverage the island's strategic position at the crossroads of Europe, Middle East, and Africa, providing startups with unique regional market access. Programs like Cypriot Enterprise Link and ARIS offer EU funding opportunities combined with Cyprus' favorable 12.5% corporate tax rate. Accelerators like Gravity Ventures and Cyprus Seeds capitalize on the country's robust financial services sector and emerging tech ecosystem. Most programs provide English-language support and connections to both Greek and Turkish markets, while the government's "Startup Visa" scheme facilitates non-EU founder relocation to the Mediterranean tech hub.
Which industries do Cypriot accelerators specialize in?
Cypriot accelerators demonstrate particular strength in fintech (leveraging the island's established banking sector), maritime technology (supporting the shipping industry), tourism innovation, and sustainable energy solutions. The IDEA Innovation Center specializes in digital transformation, while the Cyprus University of Technology accelerator focuses on deeptech ventures. Several programs emphasize blockchain and cryptocurrency applications, reflecting Cyprus' regulatory openness to digital assets. The Research and Innovation Foundation supports specialized programs in cleantech and agritech, addressing Mediterranean climate challenges.
What funding and resources do Cypriot accelerators typically provide?
Cypriot accelerators generally offer between €20,000-€75,000 in initial funding, often supplemented by EU structural funds and Horizon Europe grants. Most programs provide office space in innovation districts like Nicosia's RISE district or Limassol's tech park. Accelerators frequently connect startups with tax incentives including the Cyprus IP Box regime (2.5% effective tax rate on intellectual property income) and R&D deductions. Programs like Cyprus Seeds provide specialized support for commercializing university research, while most accelerators offer connections to Greek diaspora investors and Middle Eastern venture capital.
How does Cyprus' geopolitical position influence its startup ecosystem?
Cyprus' position as both an EU member state and a Middle Eastern gateway creates unique opportunities for startups. Accelerator programs leverage this advantage by connecting founders to both European Single Market access and Middle Eastern expansion opportunities. The country's established relationships with Israel's tech ecosystem result in knowledge exchange programs between Tel Aviv and Cypriot innovation hubs. Programs like Chrysalis LEAP emphasize cross-border collaboration across the Eastern Mediterranean. Cyprus' divided status has also spawned bi-communal entrepreneurship initiatives connecting Greek and Turkish Cypriot founders through programs like Startup Cyprus.
What networking opportunities do Cypriot accelerators provide?
Cypriot accelerators capitalize on the island's position as an international business hub with connections to both European and Middle Eastern markets. Programs typically organize monthly networking events with executives from financial services, shipping, and tourism sectors. Demo days attract investors from Greece, Israel, and the Gulf states. The annual Reflect Festival and Cyprus Entrepreneurship Competition connect the broader ecosystem, while many accelerators maintain formal links with other Mediterranean innovation hubs in Athens, Beirut, and Tel Aviv. Government initiatives like Invest Cyprus facilitate introductions to international corporations maintaining regional headquarters on the island.
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