Memorandum of Cooperation between the Ministry of Research, Innovation & Digital Policy and the IDEA Innovation Center

Two innovative start-ups that completed the IDEA non-profit hatchery

13052022 YfErevnas IDEA

A Memorandum of Understanding for the granting of a grant of € 100.000 by the Ministry to two innovative start-ups that completed the business creation program of the non-profit hatchery IDEA, was signed today, Thursday, May 12, 2022, by the Deputy Minister of Research, Innovation & Innovation. Kokkinos and the Chairman of the Board of the Innovation Center IDEA Dr. Harris Pougare.

The memorandum also addresses joint actions aimed at strengthening young, innovative entrepreneurship, a driving force for a sustainable and sustainable economic model, which opens up new perspectives for young people and businesses, encourages innovation and contributes to accelerating it. digital and green transition.

Welcoming the signing of the Memorandum, the Undersecretary congratulated IDEA for the rich action it has developed to promote innovative entrepreneurship in our country, the extroversion and the international networking of Cypriot start-ups and innovative companies, an action which is constantly expanding and enriching, which has established it as a valuable partner of the State. According to the Undersecretary, "Through the Memorandum of Cooperation we are signing today, which also provides funding of € 100,000 to support two start-ups that graduated from the annual cycle of the IDEA Program, we lay the foundations for an expanded and productive cooperation to strengthen of the local ecosystem of research and innovation and the contribution that this can and should have to the construction of a sustainable and sustainable future, but also to the emergence of Cyprus as a regional Knowledge Center in the Eastern Mediterranean region ".

The Deputy Chief Executive Officer of Bank of Cyprus Dr. Harris Pougare, referring to the role of the Bank, pointed out that, as the main helper and supporter of Cypriot companies, he could not fail to realize the obvious: That only through innovation and technology can economies be drastically upgraded.

He also stressed that the Bank of Cyprus will continue its multifaceted support to the economy and society, through its multidimensional work - and this is through the Oncology Center, through the Cultural Foundation, through SupportCY and through its many other activities. "After all," he noted, "as we prove, we are not just a financial institution, but much more."

In his statements, the General Director of the State Department, Dr. Stelios Heimonas, underlined the commitment of the State for the promotion of E&K as a horizontal pillar of development, which is clearly reflected in the increased state investment of € 150 million for the period 2021-2027. At the same time, he referred to a series of policies promoted by the Ministry of Ecosystem development, such as the formation of a framework for optimal utilization of research infrastructure, the revision of legislation for the establishment of spinoffs by public universities, and the creation of a central Knowledge Transfer Office. . "Our main concern," he said, "was and remains the creation of an environment that will allow our scientists to develop their creativity, develop business initiatives and gain professional recognition, with long-term and substantial benefit for themselves and the economy." and the society of the country ".

The Director of IDEA Angela Panagiotou, thanking the Deputy Minister Mr. Kyriakos Kokkinos, said that the co-financing of € 100,000 and other support granted today to young entrepreneurs in our country, is a strong support, both material and mainly moral, since is another incentive to come forward and start new businesses. Moreover, he added, such co-financing is a common practice in countries that are now considered by all of us as "startup nations" (USA, Israel, India, etc.).