The RIF’s Innovation Programs have a direct impact on the real economy

The first workshop, of the “Innovation Factory”, a new initiative under the auspices of the Chief Scientist for Research and Innovation of the Republic of Cyprus, Dr. Nikolas Mastroyiannopoulos, on “How to pitch your Innovation idea”, which took place on Tuesday, September 29, 2020, was addressed by the Chief Scientist and Chairman of the Board of Directors of IDEK, Dr. Nikolas Mastroyiannopoulos, who referred to the importance of the “Innovation Factory”, emphasizing that through the provision of targeted educational programs and mentoring services, evaluation and networking will have a catalytic effect to the strengthening of the domestic ecosystem. He stressed the importance of extroversion and innovative entrepreneurship, stating that “last year RIF allocated a total of €24 million in order to develop innovative companies with an international orientation.”

Dr. Mastroyiannopoulos pointed out that RIF’s innovation programs have a direct impact on the real economy of the country, as from the very first cycle, in addition to the 63 companies, they received funding of € 11.9 million.” “These companies,” he added, “are investing an additional € 5.1 million, bringing the leveraged total to €17 million, while creating 89 new jobs in the country.”

The workshop was attended by more than 60 companies that funded under the RIF “PRE-SEED” Program, which focuses on the creation and early-stage development of startups with an international orientation.