Cyprus Startup Ecosystem The Now & The Way forward
Stavriana A. Kofteros Startup Communities
29/05/2014
#StartupCyprus
@Stavriana_k
Startup Catalyst. Entrepreneurship Evangelist.
• Curator Cyprus Startup Digest • Organizer Startup Live Cyprus • Organizer Cyprus Startup Weekend • F.M. Cypriot Enterprise Link Association • Startup Cyprus Initiative • Investment backed Startups Adviser • EU Expert Reviewer • Past Life:
– 12 years in Business Incubation; 6 as CEO @ www.diogenes-incubator.com
• Day Job: – Special Entrepreneurship & RDI Adviser @Democratic Rally – Deputy Press Spokesperson @Democratic Rally www.disy.org.cy
www.about.me/stavriana
#StartupCyprus
Democratic Rally & Startups
• Special Entrepreneurship & RDI Adviser
• DISY - EPP Resolution on Entrepreneurship
• LdV write up & partner: Innovative training material to INSPIRE and empower Young and Women to Startup
http://www.inspireyowup.eu/
TO ECOSYSTEM
From EGOSYSTEM
#StartupCyprus
Overall Business Environment
Funding
Support Structures
Startups
Entrepreneurs
#StartupCyprus
Gov
Funding
MECIT Entrepreneurial Innovation Program CyEC MTN Innovation Challenge
CyBAN
You…
International Market =
International Investors
#StartupCyprus
You = entrepreneur
Support Structures
• Startup Live
• Startup Weekend
•Open Coffee
•HackCyprus
• SpaceApps
•CyEC
• Desk&Co
• Urban Hive
• Coworkspace
• …
• Network to get to know them
•Diogenes
•Helix
•Ermis
•ChrysalisLeap
•Cyta Innovation Center
•CyBAN Incubators &
Accelerators
Mentors
&
Coaches
Startup Events
Co-Working Spaces
#StartupCyprus
Startups & Entrepreneurs & startup entrepreneurs in process
Its up 2 them!
#StartupCyprus
Cyprus Entrepreneurship Ecosystem +
• Innovative Startups • Entrepreneurial Innovation
Program • Cyprus Entrepreneurship
Competition • MTN Innovation Challenge • Business Incubators • Research Centers • World class research results • Youth & Women
Entrepreneurship Schemes • Micro-funding Schemes
(loan): JEREMIE, PROGRESS
• CyBAN • Change of Culture Initiated
• Open Coffee Cyprus • Cypriot Enterprise Link • Hack Cyprus • Startup Grind Cyprus • Connect
• Outreach • Cyprus Startup Digest • Startup Live Cyprus • Startup Weekend Cyprus
• Death • Cyprus Nightmare!
#StartupCyprus
Cyprus Entrepreneurship Ecosystem -
• Lack of Venture Funds • Lack of startup creation programs • Low Academic Entrepreneurship • Lack off spinoff creation procedures • Lack of funding • Very low investment on R&D(0.45% ) • Cyprus “Dream”: Public sector – career choice…. • Lack of Vision? Or Lack of confidence for a better
tommorow?
#StartupCyprus
Startup challenged? #StartupCyprus
The Road of Success
Startup Cyprus
#StartupCyprus
• Solid IP box
• Increase RDI spending
• Incentives to Industry for RDI spending competitiveness
• Patent funding
• Angel investing Incentives
• More favorable taxation of individuals as equity owners
• Favorable tax treatment of stock options (tax when sold vs. exercised)
• Lower rates of capital gains taxes – Tax Exemption on dividends from unlisted companies
• Labor market – Lower opportunity cost to transfer to self-employment
– To increase spill-over of knowledge between industries and firms
Startup Cyprus
From best Practices to Success
#StartupCyprus
• Increase Academic Entrepreneurship / Spinoffs – Communication of research results to students as part of regular instruction
– Internal reward systems encouraging excellence in teaching AND research
– Incentives to further develop and test the commercial viability of research projects
– Adjust curricula quickly to changing demand
– Efficient reallocation of research budgets across disciplines in response to changes in commercial potential
– Incentives for faculty to interact with industry in economically beneficial ways
– Spinoff Uniform Guidelines. University Procedures for invention disclosure to patenting to spinoff
– TTO Guidelines / Funding
– Fund proof-of-concept to aid in assessing potential value of embryonic innovations
Startup Cyprus
From best Practices to Success
#StartupCyprus
my two cents
Wrong Philosophy 1. We talk about third-party provided
employment… NOT job creation –ENTREPRENEURSHIP
2. When we do talk about entrepreneurship …
NOT an across the board approach
#StartupCyprus
recommendations
• Holistic Comprehension of Entrepreneurship – business & job creation
– Mindset
• Actively integrate in teaching & training – Entrepreneurship Development
– Entrepreneurial MINDSET • Creativity drive to innovation
• Out of the box thinking
• Problem solving
• Teamwork
#StartupCyprus
• UNDERSTAND the entrepreneurs!
• Get in the entrepreneurial mindset
…..
• Train the Gov to speak Startup
Above all
From best Practices to Success
#StartupCyprus
#StartupCyprus
BE THE CHANGE. BE CRAZY.
#StartupCyprus
#StartupCyprus
Thank you