Cyprus scales up innovation investment: nearly 800 projects in five years

Cyprus continues to strengthen its position in the field of innovation, research, and technological development. Between 2021 and 2025, the idek organization funded hundreds of projects aimed at developing entrepreneurship, science, and high technology, with the total volume of programs exceeding 200 million euros.

According to published data, 142 competitions were organized over five years with a total budget of 206.8 million euros. Following the programs, contracts worth 153 million euros were signed and 797 projects were approved in various sectors of the economy and research.

Funding was distributed almost equally between private companies and research organizations. As a result of the programs, 649 enterprises received support, and the volume of attracted private investment reached 47.2 million euros.

One of the key results was the creation of 1,330 new jobs. Authorities and innovation sector representatives believe these figures confirm the gradual formation of a more mature ecosystem for startups, science, and technological business in Cyprus.

Furthermore, the Republic has improved its position in international innovation development rankings. However, experts emphasize that the main task now remains turning statistics into real economic results — new products, sustainable businesses, and long-term economic growth.

idek notes that the further development of the innovation environment will depend not only on the volume of funding but also on the ability of companies and research centers to bring developments to market and create competitive solutions.