Building a successful start up is by no means an easy task. For many entrepreneurs, their first attempt at building a business results in some form of failure. Either running out of funds, making costly mistakes, not being able to identify the right talent, or missing a piece of their product-market fit puzzle. Many people claim that failure is the best teacher, as Michael Jordan said, “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games… I’ve failed over and over and over again in my life and that is why I succeed.”

Failure in business, however, can be avoided with preparation, knowledge, access to funding, and a well thought-out plan. Though, not all of these elements can be met by every entrepreneur. This is where innovation centers, accelerators, and incubators step in to fill these gaps. 

It is critical for any economy to foster cultures and environments for innovation and collaboration for startups to launch. Startups yield great value, not only for job creation, but as Ariel Katz, CEO and Co-Founder at H1, stated “the most successful startups give hope, create community, and build the future.” Cyprus is seemingly headed towards a direction of hope for entrepreneurs, founders, and creators. 

For just under a decade, startups in Cyprus have been gradually gaining ground in funding, with more entrepreneurs fleshing out their ideas, with total startup valuations reaching €5.2 billion in 2021.

Startups are critical to a nation’s economy, and founders need all the help they can get. Helping entrepreneurs build successful startups is a commitment made by innovation center IDEA, Cyprus’ largest non-profit startup accelerator and incubator supporting small and medium-sized enterprises (SMEs) and startups gain access to resources and networks.

Ensuring that Cyprus-based founders and entrepreneurs have access to resources is critical in supporting their success. Stakeholders in both public and private spheres who either volunteer their time or join an organization geared towards helping entrepreneurs gain access to resources are needed in Cyprus. 

As the Organization for Economic Cooperation and Development (OECD) reports that in Cyprus, “the regulatory environment is often regarded as difficult for entrepreneurs and access to finance remains a challenge.”

IDEA’s journey began in 2015, founded by the Bank of Cyprus. Their mission is to drive innovation and entrepreneurship across industries, acting as a platform for founders to launch their companies and bring their ideas to fruition. The Bank of Cyprus has formed various partnerships with both private and public stakeholders to ensure that members have access to the various resources they may need.

Until today, IDEA has brought in over 85 startups and is exceeding €7 million in revenue in their startup portfolio valuation across 25 different industries. IDEA has been, and is continuing to contribute to the success of Cyprus-based startups and the startup ecosystem as a whole. Their support, however, would likely not be possible without the contributions of their partners and mentors, who help IDEA facilitate funding, mentorship, and access to further resources.

Tapping into Cyprus’ potential for fostering a culture for innovation and economic development is a reality pursued by several organizations. Some of which have joined IDEA’s journey to offer mentoring and their support in resources to startups. 

Their partners include DeLeMa McCann, a leading branding agency helping founders share their vision with the world; Cyta, Deloitte, and Lellos P. Demetriades Law Office LLC, offering their knowledge and networks to further develop startups into viable businesses ready for market entry.

To support the startups that join the accelerator’s programs, IDEA offers a support package structured through strict milestones and criteria. Their support includes training, seed capital of €20,000 per startup, mentoring, consultations across the various moving pieces of businesses, fully-equipped office spaces, and vast networks.

Speaking with IDEA’s Maria Evgeniou, she highlighted some of IDEAs milestones, achievements, and vision, “Over 8 years, at IDEA we count numerous achievements and awards, most notably receiving the European Commission first award for Investing in Entrepreneurial Skills. 

Yet, our most prized distinctions rest in our alumni’s successes. Malloc (AI-Cybersecurity), the pioneering Cyprus startup that penetrated Y-Combinator, Hegemonic (Academic Game Creation), Syndeseas (Shipping), Ascanio (MR-VR Software), Heroes Made (SEL Education platform), Soft Surge (Property Market), ApoPou (Marketplace) and Picado (Restaurants-Entertainment), have all secured significant investments and business partnerships. 

At the same time, several other of our startups have attracted capital and business partnerships from Cyprus and abroad, establishing their own offices and hiring staff.

The journey ahead is exciting. Young Cypriots possess innovation-oriented minds with an innate entrepreneurial spirit. At IDEA, our steadfast commitment is to continue providing a supportive environment, allowing these enterprising individuals to fearlessly navigate challenges, embrace successes, learn from failures, and persistently strive for excellence.”

Startup founders and entrepreneurs are not superhuman and they do not have solutions for every challenge. Having a mentor can be the key to helping entrepreneurs accelerate their growth, overcoming seemingly insurmountable tasks. In fact, small business owners who receive mentoring improve their survivability and success by twice as much when compared to business owners who haven’t received any mentoring at all.

This is why IDEA’s mentorship and coaching programs come in clutch for new and experienced business owners, enabling them to leverage other professional’s experience and knowledge.

IDEA is passionate about the journeys of the startups it is helping. They share insights on their training sessions, highlighting key learnings and experiences shared by entrepreneurs. 

For example, in their business creation training program in April 2022, attendees learned about business ethics, team building, basic accounting skills, presentation skills, and the foundations of a business plan. They learned these elements through one-on-one consultancy for more direct and focused suggestions, as well as group mentoring with resident entrepreneurs.

As Cyprus continues forging its path into technology, IDEA is enabling technology startups to grow, enhancing the island’s reputation as an aspiring technology hub. One such business is an IDEA alumni startup, Ascanio, focused on delivering safety and critical risk management data through mixed-reality software development.

Continuing to expand Cyprus’ expertise and development in AI, IDEA is engaged with an AI-driven startup Hello Radius dedicated to enhancing the job searching experience. Hello Radius is currently one of five startups in IDEA’s program, as the accelerator embarked on its 8th cycle which kicked off this year in March.

It is clear that accelerators such as IDEA are needed in Cyprus. Their partnerships enable access to key resources such as funding and knowledge, ready to be delivered to entrepreneurs who are driven and have their “eyes on the ball”. Supporting more than 85 startups over the course of 8 years is a notable achievement, and one that will surely continue fostering a culture of innovation and development across the island.

As the world shifts towards digital solutions and exploring with emerging technologies, IDEA’s role, and other accelerators alike, play a critical role. Not just for the economy, but in talent growth and knowledge dissemination as well. With 2023 inching closer to its end, eyes are on accelerators, incubators, and innovation hubs as they assist startup’s journeys in Cyprus and beyond.