The establishment, management, and operation of the Space Business Incubator Center in Cyprus has been undertaken by the Eratosthenes Centre of Excellence.

According to an announcement by the Centre, the agreement for the creation of the incubator was signed on March 17, 2025, during the 11th International Conference on Remote Sensing and Geo-Information for Environment in Paphos. The agreement was signed by Georgios Komodromos, Deputy Director General of the Deputy Ministry of Research, Innovation and Digital Policy, and Professor Diofantos Hadjimitsis, CEO of the Eratosthenes Centre of Excellence.

"The establishment of the Space BIC marks a significant step toward the development of a dynamic innovation ecosystem in the space sector, offering multiple benefits for Cyprus," the announcement stated.

It added that the incubator will support Cyprus’s path toward full integration into the European Space Agency (ESA), contribute to the development of new space technologies and applications, support startups, and foster synergies with industries from other countries.

The Space Business Incubator will provide support to entrepreneurs with innovative ideas based on space technologies. It will also promote the formation of collaborative networks and clusters of space-focused startups, enhancing cooperation, knowledge exchange, and technological advancement.

"Through a structured selection process, startups will have the opportunity to apply for support in developing their space business ideas, whether in satellite and equipment development or in data and application sectors," the Centre noted. It added that the selection process will take place two to three times a year, ensuring continuous support for new entrepreneurial ventures.