In the dynamic landscape of entrepreneurship, navigating the startup ecosystem in Cyprus poses unique challenges and opportunities. The country endeavors to strengthen its position in the global startup landscape, to a path towards a vibrant and thriving entrepreneurial ecosystem. Therefore, every part must contribute to this.
The startup community and the academia, have a symbiotic relationship between them, and both sides know it well, as universities offer invaluable contributions and entrepreneurs fresh ideas. From cultivating entrepreneurial mindsets through specialized courses to bridging the gap between academia and industry, academic institutions serve as catalysts for innovation and talent development.
It is well-known; how beneficial this relationship is for every country. This synergy between academia and startups has emerged as a vital force propelling technological advancement and societal progress. The boundaries between academic research and entrepreneurial ventures blur, and a rich interplay of knowledge exchange, resource sharing, and talent cultivation unfolds.
From his position, the CEO of CIM-Cyprus Business School, Mr. Yangos Hadjiyannis describes to The Future the the ecosystem for startups in Cyprus as underdeveloped, something that is normal in a way because of the size of the country. “Most importantly the problem pertains to the lack of a financial structure for the funding of startups that is attractive to both investors and entrepreneurs” he notes and positively adds the growth of Higher Education as a sector and related Centres of Excellence has contributed to the development of an ecosystem in the past decade.
A great value
A strong and innovative startup community will benefit any country and Cyprus, and since a part of the Cypriot economy is based on the service industry, it would be legitimate to strengthen this and rip the fruits.
“Such a community can play a fundamental role in the development of any economy” Mr. Hadjiyannis explains.
“It can promote Research & Development and enhance innovation and digital transformation. Moreover, a thriving community can attract top talent to the region, providing startups with a pool of skilled workers to hire. Furthermore, a supportive ecosystem can help entrepreneurs build networks and connect with potential investors, partners, and customers” notes.
The role of the academia
It is not just the investors or the government who can help startups and entrepreneurs to flourish, it is the academic community too, which has a pivotal role according to Mr. Hadjiyannis, in the development of entrepreneurship and the growth of startups.
Such an example is CIM-Cyprus Business School, a leading Business School in Cyprus for the past 46 years and many of the alumni are successful entrepreneurs and innovators.
The school provides a solid academic foundation to future entrepreneurs and at the same time through our Executive Training & Consulting Department, we offer continuous development opportunities to entrepreneurs. Moreover, through our network of Strategic Partners, we remain very closely connected to the leading corporations in Cyprus.
But what startups and entrepreneurs can gain from universities and colleges? Mr. Hadjiyannis lists a few points. “Firstly, academic institutions can introduce subjects related to entrepreneurship and innovation thus promoting the academic foundation of entrepreneurship. Secondly, academic institutions promote the dialogue between academia and the industry. Finally, they can provide a source of talent for startups”.
Be agile
The past decade alone has created a troubled economic environment not only for Cyprus and Europe but for the entire world. To create a new business and utilize an idea these days, seems impossible for any young person. For Mr. Hadjiyannis, agility, and resilience are fundamental qualities for one to have to succeed.
The journey for any startup or young entrepreneur is by default extremely challenging and only a few will survive to the end, he underlines.
“As such, agility and resilience are fundamental qualities of any successful entrepreneur who needs to come up stronger when facing obstacles. The journey as well as the result are equally important” sums up his message
