Cyprus has once again been recognized as a “Strong Innovator” by the European Innovation Scoreboard 2024, marking its third consecutive year with this accolade. The report by the Research and Innovation Foundation (RIF) highlights Cyprus’ significant progress, with a remarkable 39% improvement since 2017, positioning it as the only country in Southern Europe to achieve such a status.

The foundation’s report underscores Cyprus’ leading role in fostering linkages among ecosystem stakeholders, boasting an attractive research system, and demonstrating increased collaboration between public research organizations and the private sector. This progress is attributed to the strategic policies, funding programs, and incentives provided by the Cypriot government, which have collectively strengthened the nation’s research and development (R&D) ecosystem.

One of the key areas of advancement is the increased number of innovative small and medium-sized enterprises (SMEs) and the enhancement of public-private partnerships. Cyprus excels in international scientific collaborations and innovation-driven partnerships among companies, which have significantly contributed to its strong performance.

Public and private investments in R&D have also surged, alongside a notable rise in venture capital investments targeting innovative businesses. These financial commitments are pivotal in driving Cyprus’ growth in the innovation sector. Moreover, the focus on environmental sustainability as a core area of improvement highlights the country’s commitment to integrating green practices within its innovation framework.

Nikolas Mastroyiannopoulos, Chief Scientist for Research, Innovation, and Technology and Chair of the RIF Board of Directors, praised the collective efforts of all stakeholders within the ecosystem. He acknowledged the high-quality work that has garnered international recognition and reaffirmed the foundation’s dedication to further developing Cyprus’ innovation landscape through strategic collaborations.

In conclusion, Cyprus’ status as a “Strong Innovator” not only reflects its substantial progress but also signals a promising future driven by innovation and collaboration. The concerted efforts of the government, private sector, and research community are paving the way for Cyprus to become a leading hub of innovation in Europe, setting a benchmark for other nations in the region.