In Europe, youth entrepreneurship remains a paradox: high aspiration, low activation.
In 2022, just 7% of Europeans aged 20–29 were self-employed, half the rate of the working-age population as a whole. Though 39% of youth (15–30) say they prefer self-employment to traditional work, only about 5% are actively working on a start-up, (nascent entrepreneurship), and 4% run a business under 42 months old, bringing the EU’s total early-stage entrepreneurial activity (TEA) for 18–30-year-olds to 9% (GEM 2018–2022).
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Nearly three in four young would-be founders, 73%, identify access to finance as their primary obstacle to getting their business idea off the ground, while fewer than half feel they have the practical skills to navigate even the earliest stages of startup life. Another factor, the fear of failure, is also on the rise, affecting 49% of potential entrepreneurs globally (GEM 2024), which can slam the brakes on potential.
The Cyprus story is a little more nuanced, though. The island’s youth early-stage entrepreneurial activity (TEA) for ages 18–30 stands at 9%, above the EU average of 7%—but hides the divergence among 18–44-year-olds, where TEA reaches 12.4%, suggesting a concentrated burst of early initiative.
More significantly, Cypriot youth report markedly higher confidence: 22% expect to start a business in the next three years (versus the EU’s 12–12%), and over 50% believe they have the skills to do so (compared with 40–42% across the bloc). Notably, only 7% of young entrepreneurs building on the island are driven by necessity. Less than half the EU average of 18%, suggesting instead an uptick of opportunity-led, ambition-driven ventures.
Aspiration alone won’t scale, unfortunately. With an estimated 1,000–2,000 young self-employed individuals across a 1.2-million population, structural gaps continue to limit both appetite and opportunity for scaling. Funding, while available through schemes like MECI’s Youth and Women Entrepreneurship (up to €120,000 for under-30s) and RIF’s Future Founders Academy, funds are unevenly distributed. Mentorship is few and far between. Culturally, entrepreneurship is still often read as deviation, not direction, and not encouraged.
Which is why what’s unfolding at ground level demands attention.
Across the island, a new generation of founders is stepping forward. They are not waiting for perfect conditions and are not relying on safety nets. They are bootstrapping in a high-cost, low-subsidy environment. They are building across the full spectrum of the island’s commercial fabric, from agile marketing studios and reimagining food and beverage for local and global palates, to opening unique retail concepts, and developing tech tools.
This Future Media Young Entrepreneurs Take The Spotlight series turns the lens toward those who are rewriting the script, not with venture capital backing or inherited advantage, but with inspiring determination, iterative creativity, and the kind of relentless hard work that transforms side hustles into scalable businesses.
Because the question isn’t whether youth entrepreneurship in Cyprus can scale.
But what happens when the ecosystem finally meets them where they stand?
This interview features Chariclea Paraskeva and Costakis Moushies, the couple behind WEARE KOOLMEDIA. Having personally experienced a gap in the Cypriot market for fresh, real content that feels human and not forced, the couple decided to turn their marketing and photography backgrounds into a shared business. Today, they pour their creative energies into building social media strategies and content for restaurants, bars, cafés, fashion brands, and lifestyle businesses.
1. What made you decide to start a business in Cyprus?
Cyprus has a growing creative scene and so much untapped potential. We saw brands that wanted to stand out but didn’t always know how, especially on social media.
Starting here felt natural; it’s home, and it gave us the chance to build something meaningful from the ground up.
2. What have been the toughest parts of building and running your business here, and how have you dealt with those challenges so far?
Building a business from scratch is definitely not easy. One of the biggest challenges has been wearing all the different hats — creator, strategist, manager, accountant, problem-solver — sometimes all in the same day.
There were moments where things felt overwhelming, but staying consistent, learning as we go, and trusting the process have helped us push through.
3. On the days when it feels hard to keep going, what keeps you moving, what really fuels your hustle?
Seeing our ideas come to life and watching our clients’ brands grow because of our work. That feeling makes everything worth it.
We also remind ourselves that self-doubt, even imposter syndrome, is something everyone experiences at some point, no matter their level of experience or success. Knowing that helps us keep going.
4. No one builds alone. Who or what has been part of your support system?
Other creatives in Cyprus who share the same mindset and goals have been incredibly supportive. Being surrounded by people who are also building, creating, and pushing boundaries makes a huge difference.
And of course, the clients who believed in us early on and trusted our vision, that support meant everything.
5. What advice would you give to another young entrepreneur in Cyprus who wants to start something of their own but is hesitating?
You don’t have to have everything figured out to start. Doubt is normal, and so is feeling unready.
Start anyway, learn as you go, and trust yourself. Growth comes from action, not waiting for the “perfect” moment.
