The submission of proposals for the new 'Pre-Seed' call by the Research and Innovation Foundation (RIF), which supports startups in their early stages of development, concluded with increased participation on Friday, November 3rd. A total of 134 proposals were successfully submitted through the IRIS online portal, with 106 from newly established businesses participating in the program for the first time. Notably, this total significantly exceeds the 90 entries recorded in the previous Pre-Seed cycle in 2021. The selection process for the funding of these proposals is expected to be completed within the first half of 2024.

New business ventures will receive funding up to €119,999 to further develop their innovative ideas and create products and services that can penetrate international markets. Additionally, RIF provides beneficiaries with complimentary innovation support and knowledge transfer services, enhancing their prospects for success and laying the groundwork for sustainable businesses.

Since its first announcement in 2019, the program has disbursed over €3.5 million to 35 startups, creating more than 75 new jobs. It is especially noteworthy that one in four Cypriot startups funded in the first cycle have managed to secure significant revenues through sales or private investments from Cyprus and abroad.

In a statement, the General Director of RIF, Mr. Theodoros Loukaidis, said, "Today's startups are the backbone of tomorrow's sustainable economy. They are a source of investment and new job creation, while bolstering exports of high-tech products. For this very reason, we will continue to support their development and evolution and strengthen their positive impact on society and the economy of the country."

The program is funded by the National Recovery and Resilience Plan.