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

Get involved.

#StartupCyprus

#StartupCyprus

BE THE CHANGE. BE CRAZY.

#StartupCyprus

#StartupCyprus

Thank you