Promising Research in Cyprus boosted by the Hellenic Initiative’s $120.000 donation
May 18, 2019
Innovative research at universities and research centers in Cyprus that have promising commercial applications will benefit from a $120,000 donation made by The Hellenic Initiative (THI) to the Cyprus Seeds funding program.
THI’s grant supports Cyprus Seeds’ efforts to help these research projects mature to a stage that can attract venture capital and funding. THI’s help will not be limited to the donation of $120.000, as the organization will also be actively participating in the program by offering mentorship and networking services.
Cyprus Seeds is the first initiative in Cyprus to be supported by THI, which seeks to fund research in Cyprus in any area and field provided it has the potential to be commercialized. The funds and services to be offered will aim to reduce uncertainty so that an external party would invest in the technology being developed. At the end of the 12-month funding period, in June 2020, Cyprus Seeds will organize a Demo Day, where the teams of entrepreneurs to be supported will pitch in front of investors, business angels, and venture capital funds in order to attract private funding for their business ventures.
Cyprus Seeds is a nonprofit organization set up in July 2018 to support the commercialization of academic research in Cyprus through the provision of pre-seed funding (in the form of grants), mentoring, business skills education, and networking with potential investors in the USA. Cyprus Seeds is also actively supported, with mentoring and networking services, by a number of Greek-American entrepreneurs and the Cypriot Diaspora in the USA.
Cyprus Seeds recently announced a Competition Call for all the Universities and research centers in Cyprus, and it has already received many applications.
Jeremy Downward, THI’s Board Member stated: “Universities and research organizations have a vital role to play in the Cypriot economy and Cyprus Seeds is engaging with them, as well as with the broader business community, to help commercialize the island’s best and most innovative research, through grants, training and networking. “
Michael Printzos, THI’s Program Director stated: “Our support towards Cyprus Seeds marks a very special moment in THI’s history. For the first time in the course of our work we are supporting an organization in Cyprus and we are pleased that this is happening with a great initiative like Cyprus Seeds. We firmly believe that assisting projects which focus on research boosts youth entrepreneurship and innovation.”
Maria Georgiadou, Cyprus Seeds’ Managing Director stated: “We are grateful to The Hellenic Initiative for its support to our Program. Cyprus Seeds aspires to be an important step in creating a sustainable ecosystem around the universities and research institutions and it’s vital for us to have strong partners with whom we share the same vision.”