As part of a landmark effort to bolster the innovation and production capabilities of Cyprus-based startups, the Research and Innovation Foundation (RIF) has launched a major funding program, “STEP: Creating State-of-the-Art Production Facilities for New Products and Services” with a hefty budget of €10 million.
Set against the backdrop of the government’s commitment to economic reform as outlined in the 2025 Governance Program, this initiative underlines an enduring strategy aimed at fortifying the country’s industrial foundation.
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The program aspires to convert innovative ideas into high-value products or services by facilitating the development of contemporary production facilities—a sectoral push that promises broad commercial viability.
Who Can Benefit?
Cypriot businesses of all sizes looking to enhance their production capabilities can partake in this groundbreaking financial opportunity. Each project could receive up to €2 million, covering expenses from facility establishment to staff training.
The new funding opportunity aligns with the EU’s Strategic Technologies for Europe Platform (STEP) and is aimed at industries focusing on advanced digital technologies, clean technologies, and biotechnology.
General Director of RIF, Theodoros Loukaidis, emphasized, “STEP strategically invests in the evolution of Cyprus’s research and innovation ecosystem and industrial capabilities, empowering companies to transition from development to production, thus amplifying their global market presence.”
The program is open for proposals until September 5, 2025. For more details, interested parties can contact RIF’s Support Service at 22205000 or email support@research.org.cy.
