The Research and Innovation Foundation (RIF) has launched a new funding programme titled Future Founders Academy, aimed at supporting aspiring entrepreneurs in Cyprus to develop innovative technological ideas for the creation of startup companies. The initiative is part of RIF’s broader efforts to foster entrepreneurship and strengthen the local startup ecosystem.
The call was officially published on 23 July 2025, and applications are now open until 8 October 2025, 13:00 local time, or until the budget is exhausted.
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Supporting First-Time Founders
The programme is designed for individuals at the pre-startup stage, particularly those who have not yet registered a company. It targets recent graduates with innovative technological ideas and offers them the tools to validate these ideas and assess their business potential.
In doing so, the programme aims to reduce the early-stage risks often associated with startup development. It also helps participants build essential entrepreneurial and product development skills, setting the foundation for a new generation of startup founders in Cyprus.
Eligibility criteria and restrictions:
- Individuals who reside and are eligible to work in the Republic of Cyprus.
- Individuals who have graduated from a higher education institution within the last three years (from any field of study).
- Individuals with the intention of developing an innovative, technology-based product business.
- Individuals who currently serve or have served as Coordinators in RIF’s innovation programmes (such as PRE-SEED, SEED, INNOVATE, DISRUPT, BOOST, and FAST TRACK INNOVATION) are not eligible.
- Shareholders in existing companies are also excluded from applying.
- There are no restrictions based on employment status. Employed individuals may apply, provided their participation does not breach any confidentiality, data protection, or intellectual property obligations tied to their current job. If participation could affect their professional duties, applicants are responsible for securing permission from their employer. All legal and ethical obligations remain the sole responsibility of the participant.
Project details:
- Project duration must not exceed 6 months.
- Projects must be completed by the 31st of March 2026 at the latest.
- Eligible costs include costs for instruments and equipment (full cost), costs for external services, consumables, and special costs.
- Personnel costs and overheads are not eligible.
- The cost categories are defined in the RIF’s RESTART Work Programme.
Training Requirements and Certification:
All selected participants are required to take part in a series of Innovation Bootcamp seminars, delivered free of charge by RIF. These sessions will cover key topics such as innovative entrepreneurship and new product development. Attendance is mandatory, and participants who complete the training will receive a certificate of participation.
In addition, RIF recommends that participants pursue the NPDP (New Product Development Professional) Certification or Provisional Status, offered by the Product Development and Management Association (PDMA), following completion of the seminars.
What the Programme Offers
Each selected applicant will receive:
- Up to €25,000 in financial support, provided under the de minimis rule for state aid. This financial support is intended to help the development and validation of innovative technological ideas, as well as tasks such as the construction of an initial prototype, intellectual property protection, business development, and obtaining legal advice for patents.
- Access to training in entrepreneurship, business development, and innovation management.
- Mentoring and support services are provided through RIF’s established networks.
It is also noted that all projects must comply with the “Do No Significant Harm” principle, as defined in the RESTART Work Programme.
The total budget for the call is €500,000, and RIF anticipates supporting approximately 20 individuals under this scheme.
Application Procedure
Applicants are required to submit:
- A three-minute video pitch (in English), presenting their innovative idea, their motivation, and how the programme will help them develop their concept.
- A short written proposal in English, following the official application template provided by RIF.
Proposals must be submitted electronically via the following Google Form on a continuous basis until the deadline or until the allocated budget is exhausted.
Evaluation Process
Applications will be evaluated remotely by one (1) independent evaluator using four main criteria, each designed to assess the feasibility, originality, and entrepreneurial readiness of the applicant and their idea.
1. Innovation and Originality of the Idea
The proposed product or service must address a clear market need or gap in a way that is demonstrably different from and better than existing offerings.
2. Business Potential and Market Need
The proposal should represent a genuine business opportunity, not just a project, with a defined target market and accessible customer base. A realistic financial model should support the concept, and any regulatory or compliance requirements (such as licenses or certifications) should be identified.
3. Project Implementation
Applicants must demonstrate access to the necessary resources to carry out the project, including relevant skills, support networks (mentors, family, or friends), and basic funding or know-how. The ability to acquire missing skills quickly is also considered.
4. Suitability of the Applicant as an Entrepreneur
The applicant’s motivations and goals should align with the project. Evaluators will consider the applicant’s awareness of the risks involved, willingness to commit time and resources, and whether the venture fits within their “affordable loss zone,” meaning any potential failure would not be financially devastating.
Selection Process
Proposals will be evaluated and selected on a first-come, first-served basis, based on the order of submission. There is no competitive ranking, provided applications meet both the eligibility conditions and the evaluation criteria outlined in the call. This means that early, complete submissions that pass evaluation thresholds may be approved immediately until the call’s total budget is exhausted.
Strategic Purpose
The Future Founders Academy is part of RIF’s broader goal to create a pipeline of innovation-driven entrepreneurs. By focusing on early-stage individuals who are not yet part of the startup landscape, the programme seeks to address a critical gap in Cyprus’s innovation system.
RIF emphasizes that this is a pilot call, and the outcomes will help inform future iterations or expansions of the programme.
Contact and Resources
For detailed information, application templates, and the full text of the call, interested individuals can refer to the Official Call Document (English): RIF Website – Future Founders Call
For inquiries, RIF can be contacted at +357 22205000 or by email: support@research.org.cy
