The Research and Innovation Foundation (RIF) of Cyprus is set to launch three funding programmes aimed at supporting both existing businesses and startups, with a total budget of €16.2 million, according to an official announcement.

These programmes aim to accelerate the development of competitive products and services, and to support the establishment of facilities and production lines for innovative offerings.

The new calls will be issued under the Cohesion Policy Programme “THALIA 2021–2027” and are co-funded by the Republic of Cyprus and the European Regional Development Fund (ERDF).

The first two grant schemes, INNOVATE and SEED, will be launched with a combined budget of €6.2 million.

• The INNOVATE programme targets businesses that are already active in the market or possess innovative products or services in testing or pilot phases. Funding is intended to support:

  • Product/service development and optimisation

  • Launch of commercial production

  • Promotion and international market access

  • Mobilisation of private investment capital
    The total budget for INNOVATE is €3.2 million, with each project eligible for up to €1 million in funding. Applicants must submit audited financial statements for the previous fiscal year and Social Insurance contribution records for the last three months prior to submission.

• The SEED programme focuses on dynamic and innovative startups aiming to develop internationally competitive products or services. It also promotes the mobilisation of private investment. The total budget is €3 million, with a maximum funding per project of €500,000.

RIF will also soon launch the STEP programme, with a €10 million budget, aimed at supporting the creation of production facilities and lines for innovative products and services in Cyprus.

STEP is aligned with the EU’s Strategic Technologies for Europe Platform (STEP) regulation, focusing on:

• Advanced and digital technologies

• Clean and efficient technologies

• Biotechnologies

Interested applicants are encouraged to begin preparing their proposals and collecting the required documentation to ensure timely and complete submissions once the call is announced.