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Exciting Funding Opportunities for Cyprus Startups: €6.2 Million Budget Announced!

The Cyprus Research and Innovation Foundation (RIF) has unveiled two groundbreaking initiatives aimed at enhancing the competitive edge of both existing and startup enterprises. These initiatives, named the Seed and Innovate programs, are geared towards accelerating the development of cutting-edge products and services and broadening their international market presence. The total budget allocated for these initiatives stands at an impressive €6.2 million.

Innovate Seed Announcement

INNOVATE Program

Targeted at companies already active in the market, the INNOVATE program focuses on optimizing product or service development, kickstarting commercial production, and facilitating entry into the global market.

  • Total Call Budget: €3.2 million
  • Maximum Funding per Project: €1 million
  • Submission Deadline: September 9, 2025

For more insights, visit: Innovate Program Details

SEED Program

The SEED program aims to support the rapid development of dynamic, innovative startups seeking to create globally competitive products or services.

  • Total Call Budget: €3 million
  • Maximum Funding per Project: €500,000
  • Submission Deadline: September 12, 2025

Discover more here: Seed Program Details

These calls are co-funded by the Republic of Cyprus and the European Regional Development Fund (ERDF) under the Cohesion Policy Program “Thalia 2021-2027”. For further information, contact the RIF Partners Support Center at 22205000 or email support@research.org.cy.

Celestyal Cruise Line Revives Mediterranean Operations Amid Strategic Maritime Transit

Celestyal Cruises has returned its two main vessels, Celestyal Discovery and Celestyal Journey, to the Mediterranean following transit through the Strait of Hormuz and the Suez Canal. The return allows the company to proceed with its summer schedule, with sailings from Athens set to begin on May 1.

Strategic Passage And Operational Coordination

The cruise line reported that both vessels completed their critical transit with distinction, enabled by a well-executed plan that prioritized crew safety and meticulous coordination with international authorities. Celestyal’s operations team, led by industry veteran Captain George Koumpenas, collaborated with regional governments and even received oversight from the US Navy, ensuring a secure journey during uncertain times.

Revitalized Itineraries And Commercial Response

With both ships back in operation, the company is resuming its summer programme. Scheduled sailings include a three-night “Iconic Greek Islands” itinerary starting May 1 on Celestyal Discovery and a seven-night cruise covering Greece, Italy, and Croatia from May 2 on Celestyal Journey. Following a temporary slowdown in bookings, the company is preparing targeted pricing and promotional initiatives to support demand during the peak season, with planning also extending into the autumn period.

Leadership Insights And Future Outlook

Lee Haslett, Chief Commercial Officer at Celestyal, said the return of the vessels has supported booking activity. He noted that weekly business volumes have increased, reflecting improving customer confidence. While short-term demand has been affected, the company expects conditions to stabilize, supported by financial resources and travel partner networks.

Coordinated Maritime Collaboration

Close coordination with other cruise operators defined the return journey, with planning carried out in advance to support a controlled and secure transit. Celestyal Journey participated in a convoy of international vessels, contributing to an organized passage through key maritime corridors. This coordinated approach enabled operators to manage risks collectively and maintain operational continuity during a period of heightened regional uncertainty.

Experienced captains and operational crews played a central role, ensuring alignment across vessels and strict adherence to safety protocols throughout the transit. With both ships now back in service and a revised commercial approach in place, Celestyal Cruises is positioned to continue its summer programme while adapting to current market conditions.

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