(Source: CBN)   Cyprus achieved the largest jump within the top 50 of StartupBlink’s Global Startup Ecosystem Index, ranking 45th globally, with Chief Scientist Demetris Skourides welcoming the news and musing that the country’s hard work is finally paying off. ­ According to the report, Cyprus has maintained its positive momentum, leaping 9 spots to 45th globally, and jumping 7 spots to rank 27th in Europe. The island has ranked 30th globally in terms of the total impact of employees on the ecosystem. ­ With Larnaca rejoining the Index, Cyprus now has four cities in the global top 1,000, and all top-ranked cities improve their positions. ­ Limassol, meanwhile, has overtaken Nicosia to lead the island this year, indicating a healthy degree of competition among the ecosystems in the country. Efforts are paying off Commenting on the news, Chief Scientist Demetris Skourides posted on his LinkedIn: “As a strategist I often get asked on how I interpret the signals that a strategic vision and intent are working as desired creating benefits for the country, the answer is very simple, measure what matters. It is my core belief that we should build on data driven insight, and performance measurement and benchmarking are great tools that can help us zero in into what matters.” He added, “In less than 18 months since my appointment, as Chairman of the Board of Directors, and the government, we feel proud that our efforts in pivoting Cyprus’ research and innovation ecosystem are yielding outstanding results”.Under the Country Rankings Insights in the From 21 to 50 category, the report mentions, among other: “One of the biggest winners of 2024 is Cyprus, as it achieved the largest jump in the global top 60 this year, climbing nine spots to 45th and surpassing European contenders such as Ukraine, Latvia, Croatia, and Greece.” Source: Research in Innovation Foundation Innovation ecosystem now 4th globally among countries with population less than 2 million According to the Research and Innovation Foundation (RIF), the Cypriot innovation ecosystem now ranks 4th globally among countries with a population of less than 2 million, and 6th globally in startup exits under €1b. “In fact as of today Cyprus has 5x the startups that existed in 2020 and the numbers are expected to increase,” said Skourides. Cyprus, which ranks in the 201-1,000 tier of the Index where the researchers found higher volatility, was listed among the cities that inspired StartupBlink this year with their positive momentum. In this tier, there are 331 European cities ranked, with 115 cities showing positive momentum, and 22 newcomers to the Index. ­ Thirteen cities in the range of 201-300 of the Index have made substantial advances in their global rankings. Notable rises include Limassol, Cyprus up by 192 spots, Bratislava, Slovakia up by 46 spots, and Dresden, Germany up by 40 spots. Limassol records best momentum among top 250 worldwide Limassol's 192-spot global jump was listed as the best momentum among the top 250 worldwide. ­ Limassol ranked 61st in the EU, showing the best regional momentum among the top 100 by climbing 45 spots, and is now among the top 100 for the Social & Leisure industry, where it ranks 85th worldwide. ­ Nicosia moved up 46 places to join the global top 350 and increases 13 spots to enter the top 100 in the EU at 88th. And­ Larnaca replaced Paphos as the 3rd ranked ecosystem in Cyprus.­ Limassol is ranked 5th in the EU in the Gaming industry. “With attractive investments approved by the government, and a commitment to support the research and innovation ecosystem with funding and infrastructure support, we are implementing a core tenant of making Cyprus’ vision 2035 happen, fulfilling our commitment in creating new jobs, revenue streams and opportunities for our youth, particularly in Stem related fields,” Skourides said. He went on to thank all the stakeholders in the Cypriot research and innovation ecosystem, particularly researchers, research organisations and institutes, entrepreneurs and all the ecosystem stakeholders, including TechIsland, CITEA, Cyprus Computer Society, Employers and Industrialists Federation, Cyprus Chamber of Commerce and industry, “and of course the entire team at the Research Innovation Foundation. Cyprus has built a relatively modern, free-market, service based economy In its Startup Ecosystem Overview, StartupBlink said: “The island of Cyprus has built a relatively modern, free-market, service based economy. The country is a famous tourist destination, but lacks recognition for its startup activities, due largely to lack of funding. The resulting shortage of success stories does little to motivate the local population toward entrepreneurship. Recognising these challenges, the Cypriot Government has established a Deputy Minister of Research, Innovation, and Digital Policy to accelerate innovation on the island. Since its establishment in 2020, the deputy ministry has introduced attractive tax incentives for investment and innovation, increased the availability of funding opportunities, and offered a startup visa. Those steps should truly be commended and have a massive positive impact on the future of the Cypriot startup ecosystem. Further explore the industry insights on 1,000 cities and 100 countries using StartupBlink Pro. Additionally, the Cyprus Startup Visa program allows talented entrepreneurs from third world countries outside the European Union (EU) and the European Economic Area (EEA) to develop a startup with high growth potential in Cyprus. One strength of the island is the talent pool One strength of the island is the talent pool, as Cyprus has one of the EU's highest number of graduates per capita. The local talent has recently been strengthened by tens of thousands of Russian and Ukrainian IT professionals who migrated to Cyprus to escape instability created by the war. Moreover, numerous international companies, including NCR, Viber, Logicom, Semrush, and Amdocs have established operational or corporate management functions in Cyprus. Ironically, the presence of job opportunities in these global firms, along with appealing career paths in the public sector, poses a challenge for startups. This is because the mindset of many talented individuals is focused on securing fulltime employment, rather than taking risks. Notable initiatives to support entrepreneurs and attract foreign investors include Invest Cyprus and ARIS, a non-profit organisation established in association with Deloitte and sponsored by XM. As well, CYENS is a multi-stakeholder research and innovation center with the participation of the Municipality of Nicosia, three public universities in Cyprus, and two international Partners (the University College London and the Max Planck Institute for Informatics) to empower knowledge and technology transfer in the country. Contributing to innovation in Cyprus, Tech Island is an NGO on a mission to turn Cyprus into a world-class destination for tech talent. Another NGO with the goal of stopping brain drain, Cyprus Seeds offers an 18-month program that includes grants, mentorship, and training. Cyprus has established itself as a growing fintech hub Cyprus has established itself as a growing fintech hub. The dynamic fintech movement includes startups offering services from real-time investment portfolio securitisation and advanced performance analytics to automated order processing. Besides fintech, Cyprus is also home to some of the leading names in regtech, IoT, cybersecurity, and the gaming industry. Cyprus has also seen growth in Blockchain technology, and the University of Nicosia is the first university in the world to offer a Masters course in Digital Currency." Cyprus has unrealised startup potential Finally, the report says Cyprus has unrealised startup potential which is now being leveraged by an increasing number of start-up accelerators, incubators, and research institutions developing innovative projects. The government, it added, should create policies and incentives that support the launch of venture capital funds to promote entrepreneurship and startup culture. "In this way, the island can produce more success stories and become more recognisable in the global startup ecosystem,” it concluded.

Back from an amazing trip to India, where CPM was a proud sponsor of the Cyprus Business Forum Conclave in Mumbai at the National Stock Exchange Auditorium, BKC and at the Bombay Chamber of Commerce and Industry.The three-day event concluded with the Inauguration of the Honorary Consulate of Republic of Cyprus in Mumbai, Maharashtra. Our heartfelt congratulations to Mr. Viraj Kulkarni on his appointment as the Honorary Consul of Cyprus in Mumbai and wish him the very best of luck and success on this new exciting chapter!

(Source: CBN) TechIsland has welcomed the government's implementation of the decrees issued by the Ministry of Labour and Social Insurance, aiming to enhance the attraction of highly skilled professionals from third countries. Noting that these decrees come through the EU Blue Card Directive and will expand access for foreign students to the labor market, allowing them to work in fields related to their studies, TechIsland Chairman Valentinos Polykarpou describes the initiatives as "a pivotal step in advancing the technology sector in Cyprus." Polykarpou's full statement can be seen below: "TechIsland welcomes the government's implementation of the decrees issued by the Ministry of Labour and Social Insurance, aiming to enhance the attraction of highly skilled professionals from third countries through the EU Blue Card Directive and to expand access for foreign students to the labor market, allowing them to work in fields related to their studies. These initiatives mark a pivotal step in advancing the technology sector in Cyprus. Developing human capital is essential for the growth of our industry. While Cyprus is already an attractive destination for foreign investment, the specialized skills required by technology companies are not yet sufficiently available within the local workforce. The ability to attract and retain global talent while leveraging their expertise to build local capacity is critical for the sector’s long-term sustainability. These measures are instrumental in creating the conditions necessary for Cyprus to establish itself as a true hub of technology and innovation. By investing in talent, we lay the foundations for a dynamic ecosystem that will attract investments, create jobs, and drive the country’s economic development. TechIsland remains committed in supporting initiatives that foster innovation, enhance competitiveness, and position Cyprus as a destination on the global technology map." What the decrees specify Decrees by the Minister of Labour, Yannis Panayiotou, on the employment of workers from third countries were published in the official gazette of the Republic on 20 December. The decrees allow, on the one hand, the employment of highly qualified personnel in specific sectors, with a minimum wage set, and on the other hand, they allow the employment of students from third countries, who were in the Republic on 1 December, in eight sectors.  In a statement, the Ministry of Labour notes that the provisions of the decrees aim at attracting more skilled professionals to Cyprus and widen the access of foreign students to specific sectors and professions, in order to effectively respond to the increased needs of the labour market. Specifically, it notes that in order to attract more highly qualified people from third countries the decree sets sectors in which a Blue Card may be granted, and sets the minimum earnings, in accordance with the provisions of the European Blue Card Directive, which allows them to live and work in the European Union. The minimum gross annual salary for highly qualified employment is set at €43,632, which is equal to 1.5 times the average gross annual salary in the Republic. Furthermore, highly qualified employment for third country nationals in Cyprus is defined as those professions belonging to the sectors of Information and Communication Technologies (ICT), Pharmacy for research purposes and Maritime (excluding captains and ship's crew). In order to widen the access of foreign students to the labour market, the Ministry notes that the date by which students from third countries must be in the Republic to obtain employment rights is updated to December 2024, instead of March 2024. The employment of students, according to the decree, is allowed in specific sectors of economic activity and professions, provided that they secure an employment contract with a specific employer, certified by the Department of Labour, in which the main terms of employment are stated. The student will be required to produce a full-time study certificate and a document stating the hours of study from a recognised study institution, as well as their residence permit. At the same time, there will be an obligation to notify the Labour Department of the student's monthly work schedule. The sectors of economic activity in which students are allowed to work include trade, health and social care, manufacturing, agriculture, catering and hotels.

(Source: CNA) The Cabinet has approved the revision of the "start-up visa" scheme, aiming to make it more substantive and more attractive, Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou has said. Speaking after the 18 December meeting, he also said that, to date, 21 start-ups have been active in Cyprus through the scheme. According to Damianou, the scheme allows owners and senior executives of start-ups from third countries, individually or as a group, to enter, reside and work in Cyprus with the aim of creating a new or transferring an existing start-up or branch to Cyprus. "The revised scheme supports our main strategic objectives, in terms of strengthening the innovation and entrepreneurship ecosystem in the country," Damianou said. It contributes, he continued, to the creation of many start-ups, new jobs in cutting-edge sectors with positive effects on economic growth and the enrichment of our economic model. The main changes in the plan, he added, include three years (from two) residence permit in the Republic of Cyprus while the renewal will be another two years instead of one year. In addition, the percentage of share capital by one or more members of the applicant group is reduced from 50% to 25%, the possibility of hiring foreign workers is increased from 30% to 50%, and the possibility of hiring additional foreign staff is introduced, provided that the start-up shows investments in Cyprus equal to or greater than €150,000, he said. “The revised plan allows for more flexibility and provides the opportunity to attract start-ups at all stages of their development from start-ups in their very early stages to more mature ones, which have revenue from sales or have raised private investments,” he added. Moreover, he said that more objective evaluation criteria are being introduced for the renewal of the start-up visa upon the expiry of the first three-year period. “It is expected that start-ups wishing to renew, will show at least a 15% increase in their revenue or investments of at least €150,000, during the period of operation in Cyprus,” he said. Damianou noted that businesses should have created at least three new jobs in the company in Cyprus or participated in a local innovation support structure program or have placed at least one product or service on the market. Its employees should have basic digital skills, he added. The provisions of the plan come into effect from 1 January, 2025.