Cyprus in the Top 40 Startup Ecosystems globally: Celebrating Progress, Powering What’s Next!

This week at Reflect Festival 2025, one of the most vibrant gatherings for startups, scaleups, and investors in the Mediterranean region, we had more than one reason to celebrate. Cyprus officially entered the Top 40 in the Global Startup Ecosystem Index 2025. We achieved the largest jump among EU countries for the second consecutive year with an ecosystem growth rate of +28.22%, marking a significant milestone for our innovation landscape.  What stood out to me most was hearing Eli David Rokah, CEO of StartupBlink, praise the State’s strong commitment to innovation. He pointed out how rare and impressive it is to see this level of public support.

With incentives that draw top talent and global investors, and funding programs that drive real growth, our country is clearly becoming a powerful engine for startup success. This recognition reflects the collective efforts of founders, investors, policymakers, funders and ecosystem builders working together to position Cyprus as a dynamic force in the global startup landscape.

Participating in various energizing panels, I had the opportunity to share how the Ίδρυμα Έρευνας και Καινοτομίας/Research and Innovation Foundation (RIF) is actively supporting Cyprus' startup ecosystem. More importantly, I listened closely to the real challenges founders face when turning ambition into impact. From regulatory friction and fragmented support systems to the chronic struggle of accessing capital, the barriers are real. And they are by no means unique to Cyprus. These are challenges faced by startups across the EU, making public support and coordinated action all the more critical.

At the RIF, we do more than fund innovation. We create practical tools and targeted support services that evolve alongside the real needs of entrepreneurs. We work closely with stakeholders, continuously mapping the gaps in the ecosystem and adapting our programmes accordingly. Our goal is simple: to ensure that promising ideas can grow into competitive businesses, and that no great solution is held back by lack of opportunity. The results speak for themselves. From Nodes & Links and Soula to Odyssey Cybersecurity, EMBIO and RSL Revolutionary Labs, the success stories the RIF showcased on the Reflect stage are living proof that we’re heading in the right direction. And they are just a glimpse, many more have already made their mark, with others quickly on the rise.

Reflect Festival reaffirmed that the future lies in synergy. Innovation does not thrive in silos. It requires coordination—between public and private sectors, academia and industry, investors and policymakers. At the RIF, this is the foundation of our approach. From our startup-centric funding schemes to broader ecosystem-building initiatives, we are building bridges that connect ambition with infrastructure, and ideas with investment.  Here are several key programmes that are currently open or soon to be launched:

• BOOST, our blended finance scheme that provides 50% of the private equity investment with up to €300K, is accepting applications (two deadlines: June 13th and December 12th 2025). It helps startups accelerate their growth while attracting private investment.

• Innovation Vouchers (€10K each) remain open until May 30th 2025, enabling companies to tap into valuable knowledge.

And in the coming weeks, we will be announcing the new STEP Call for setting up facilities and production lines for innovative products and services with up to €2M per project, SEED, €500K for startups that have been active for a while, and INNOVATE, providing up to €1M for high-impact R&D with market potential.

The Reflect Festival was a powerful reminder that what we’ve built is more than an ecosystem. It is a vibrant community of doers, dreamers and builders who are shaping the country’s future.   Together, we have created a space where collaboration thrives and ambition turns into action. And the best part? We are just getting started. The potential ahead is extraordinary.

The Future Is Ours To Build!