Research and innovation have become a measurable growth engine for the Cypriot economy, with hard data confirming a sharp strengthening of the national ecosystem, according to figures presented this week by Chief Scientist of the Republic of Cyprus and Chairman of the Research and Innovation Foundation (RIF), Demetris Skourides.

Speaking at a comprehensive briefing for media representatives in Nicosia, marking two years since assuming office and ahead of Cyprus’ EU Council Presidency in 2026, Skourides outlined a transformation driven by funding scale, international rankings and operational efficiency.

Cyprus now ranks 25th worldwide in the Global Innovation Index, reflecting a steady improvement in research output, innovation capacity and international competitiveness. At the same time, the country’s startup ecosystem climbed five positions, according to StartupBlink, underlining growth in innovative companies and entrepreneurial activity.

These gains are backed by extensive international engagement. Since September 2023, Skourides has held approximately 1,700 meetings in Cyprus and abroad, supporting partnerships with advanced research and innovation economies including the United States, Japan, Israel, India and Australia.

At the core of this progress are RIF-funded programmes. Between 2023 and 2025, the Foundation:

• Launched 90 calls for proposals

• Signed contracts worth €100 million

• Created 739 new jobs in high-tech and research-intensive sectors

  • 209 of these positions were filled by women

• Supported 372 enterprises

• Formed 187 collaboration networks

• Enabled 184 companies to work directly with research organisations

Funding was aligned with the four pillars of the National Research and Innovation Strategy:

1. World-class research and infrastructures

2. Business-driven research and innovation

3. New generation of researchers

4. Internationalisation

RIF has invested €25 million in strategic research infrastructures, funding five major facilities aimed at strengthening national research capacity.

At the same time, emphasis has been placed on early leadership opportunities. 48 young researchers are already leading cutting-edge national research projects, while additional funding through Vision ERC and ERC Fellowship programmes has positioned Cypriot researchers competitively for European Research Council (ERC) grants.

One of the strongest financial multipliers comes from the Disrupt programme, Cyprus’ first blended finance initiative for fast-growing companies.

Key figures include:

• €10.5 million invested by RIF

• €12.5 million leveraged from venture capital funds

• 7 high-growth companies funded

• Combined valuation exceeding €150 million

• 58 new jobs created

Institutional reforms have significantly improved RIF’s execution speed:

• Contract signing time reduced to 7 months, from 21 months in 2019

• Payment processing time cut to 61 days, from 275 days

These improvements have allowed RIF to secure and channel additional funding into the ecosystem, reinforcing its role as the state’s executive arm for research and innovation investments.

Targeted policy changes have produced striking results in postdoctoral funding programmes:

• 61.16% of submitted proposals had a female coordinator, up from 29.67%

• 76.4% of funded projects are now led by women, compared with 23% previously

The framework aligns with the European Commission’s AI White Paper, embedding non-discrimination, gender equality and EU fundamental values.

Artificial intelligence has emerged as a strategic national priority, with Skourides chairing a 10-member AI Task Force responsible for drafting and implementing Cyprus’ updated AI strategy.

The focus is on human-centric, ethical and responsible AI, positioning Cyprus as a regional innovation and technology hub, while strengthening links between research, commercialisation and public policy.