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Chief Scientist’s Roadmap To Make Cyprus A Regional Research And Innovation Hub by 2035

In a bold vision for Cyprus, Chief Scientist Demetris Skourides presented a comprehensive roadmap to establish Cyprus as a regional hub for research, innovation, and technology by 2035. The strategy, developed through extensive consultation with over 650 stakeholders, aims to streamline processes, enhance transparency, and improve the overall research and innovation ecosystem.

Key initiatives include the introduction of a new grants management system by 2025 to reduce administrative burdens and promote scientific work and commercialization. The roadmap also emphasises the importance of public-private partnerships, with recent programs increasing collaboration between research organisations and industry.

Cyprus has maintained its 10th position in the European Innovation Scoreboard for three consecutive years, reflecting the country’s growing innovation capacity. This is supported by significant funding increases, with €177.25 million allocated for competitive funding between 2021-2027, a 34% rise from the previous period.

Public universities and research institutes have been pivotal in securing prestigious European Research Council grants, showcasing Cyprus’ research excellence. Notably, improvements in the operations of the Research and Innovation Foundation have significantly reduced the average time to pay and contract processing times.

Furthermore, the strategy includes targeted funding for research excellence, collaboration, innovation, and infrastructure. Specific focus areas include ICT, green transition, energy, shipping, agrifood, health, advanced materials, and environment.

Skourides also highlighted the importance of international collaborations, citing recent engagements with Japanese and international organisations to foster global partnerships. The roadmap sets a clear path for Cyprus to enhance its research and innovation landscape, positioning the country as a leader in the region by 2035.

Municorn Rockets To The Top Of Deloitte’s Fast 50 Tech Rankings In Cyprus

Emerging from Cyprus, Municorn has secured the pinnacle position in Deloitte’s Technology Fast 50 Middle East and Cyprus rankings. With a jaw-dropping revenue growth of 20,164% over four years, Municorn’s success showcases Cyprus’s growing influence in the tech and innovation realm.

The fourth edition of the Fast 50 programme recorded an astonishing record of over 200 applications from the region, demonstrating a maturing start-up ecosystem.

The roster recognizes firms for four-year revenue growth, spotlighting tech leaders catalyzing industry transformation. This year’s list displayed an average growth of 8,823%, with 29 companies achieving growth rates exceeding 1,000%.

Sector Dominance: Fintech and Software

Reflecting sector trends, fintech and software led the way with 22% and 31% representation, respectively. Cyprus joined Saudi Arabia and the UAE in driving regional tech growth, accounting for 16% of ranked companies.

In particular, Deloitte’s Fast 50 programme Leader, Kyriacos Charalambides, lauded the companies for using transformative tech to resolve global issues. “These entrepreneurs are pioneering industry-shifting innovations,” he remarked.

Diversity in Leadership

This year, women-led ventures increased to 18% from last year’s 15%, as Deloitte spotlighted thriving female-fronted companies. Newly introduced categories like Kiyadat celebrate local talent, highlighting trends in the tech sector.

The ESG-focused Impact category evaluated nominees on real-world impact and excellence, reflecting a commitment to sustainable practices.

With Fast 50 Connect events planned, winners can expect to network with investors, fostering further growth opportunities in May.

Stelios Kyriakides, Partner at Deloitte Cyprus, emphasized the region’s evolving fintech landscape, where tech is reshaping financial services, setting new standards.

Strategic Importance of Cyprus

This recognition not only spotlights rapid growth but also reinforces Cyprus’s strategic role in pushing the Middle East towards a tech-fueled future.

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