Cyprus is making strides in business innovation and sustainability, with initiatives like Keve’s “Green Business Transition” seminar and startups like ROAR Games securing investments. Government proposals to support startups and efforts in STEM and sports industries are also driving economic development and environmental care in the country.
What initiatives are being taken to drive Cyprus’s business innovation and sustainability?
- Keve’s “Green Business Transition” seminar promotes sustainability in corporate sectors.
- Investment in Cypriot gaming and expansion into Dubai by startups reflects innovation growth.
- Government proposals to lift fees for startups to support the burgeoning business ecosystem.
- The EGI-STEM conference and new government bonds encourage STEM and economic stability.
- “Circular Economy Project” funds SMEs in eco-friendly projects, merging economics with environmental care.
Green Business Seminar by Keve
Cyprus is making concerted efforts to embrace sustainability in its corporate realms. The Cyprus Chamber of Commerce & Industry (Keve) is at the forefront of this green revolution. They’ve taken a notable stride by scheduling a seminar called “Green Business Transition.” In partnership with the Enterprise Europe Network Cyprus, the event is slotted for March 28, 2024. It’s a golden opportunity for local businesses to learn about the merits of green operations. The chamber’s initiative is a sure sign that Cyprus is on the cusp of a sustainable business overhaul.
The seminar plans to address the multifaceted effects of green transitions. By doing so, it hopes to catalyze a nationwide shift. This movement echoes a global trend where companies are re-evaluating their impact on the environment. A successful transformation within Cyprus’s businesses could set a precedent for others to follow, creating a domino effect of sustainability.
Startup and Innovation Boom
The Cypriot innovative sectors are bustling with activity, especially in the gaming industry. The homegrown ROAR Games has secured a whopping $1.5 million investment from The Games Fund (TGF). With TGF’s backing, the independent studio is poised to make waves in both local and international markets. It’s a clear indication of the robust confidence in the Cypriot gaming sector’s potential.
In addition, Moving Doors, a Cyprus-based prop-tech startup, is taking its business to new heights by venturing into Dubai. This expansion marks an exciting phase in their growth, as they aim to carve out a significant niche in Dubai’s real estate market. The company’s strategy to extend its innovative serviced apartments is a testament to Cyprus’s burgeoning reputation as a cradle of entrepreneurship.
Government Initiatives for Startups
The government is doing its part to stoke the flames of innovation and commerce. The House Committee on Energy, Trade, Industry, and Tourism has revisited a proposal to lift fees for innovative startups. This proposed abolishment is a clear indication of the government’s support for young companies. It reflects a broader policy to foster a fertile ground for startups, which are the backbone of any dynamic economy.
These efforts are crucial as they not only assist in the immediate growth of startups but also signal to potential investors and entrepreneurs that Cyprus is serious about nurturing a vibrant business ecosystem.
Strides in STEM and Financial Sectors
Cyprus is not just making headway in sustainable business and innovation. The Empowering Girls in STEM Project (EGI-STEM) conference is a recent example of Cyprus’s dedication to educational and gender equality. The conference highlighted the need for more female participation in STEM fields, an initiative led by the Cypriot Ministry of Education and applauded by international counterparts.
On the financial front, the Bank of Cyprus has received the green light from the European Central Bank (ECB) for a cash dividend distribution and a share buyback program. It’s a reflection of the resilience and growth within the banking sector. Moreover, the Cyprus Stock Exchange has introduced new government bonds, signaling continued economic fortification efforts.
Enhancements in SMEs and Sports
The Commissioner for State Aid Control, Stella Michaelides, announced an initiative dubbed “Circular Economy Project in Small and Medium Enterprises (SMEs).” With a fund of €400,000, it encourages SMEs to invest in circular economy projects, marrying economic advancement with environmental stewardship.
In sports, a partnership between Pafos FC and i-BrainTech is set to revolutionize athletic training through brain science. This venture demonstrates Cyprus’ innovative spirit in sports technology and neuroscience.
Tourism and Economic Development
Finally, tourism remains a linchpin in the Cypriot economy, with contributions of 12.8% to the GDP. At a recent tourism conference, the Deputy Minister of Tourism underscored the necessity of a sustainable approach to hospitality, balancing tourist satisfaction with resource conservation.
Each of these stories reflects Cyprus’s dedication to progress across diverse sectors, each interwoven to create a rich tapestry of economic and cultural growth.
What initiatives are being taken to drive Cyprus’s business innovation and sustainability?
- Keve’s “Green Business Transition” seminar promotes sustainability in corporate sectors.
- Investment in Cypriot gaming and expansion into Dubai by startups reflects innovation growth.
- Government proposals to lift fees for startups to support the burgeoning business ecosystem.
- The EGI-STEM conference and new government bonds encourage STEM and economic stability.
- The “Circular Economy Project” funds SMEs in eco-friendly projects, merging economics with environmental care.
How is Keve contributing to sustainability in Cyprus’s corporate sectors?
Keve, the Cyprus Chamber of Commerce & Industry, is spearheading the sustainability movement by organizing the “Green Business Transition” seminar. This event, in collaboration with the Enterprise Europe Network Cyprus, aims to educate local businesses on the benefits of transitioning to green operations. Scheduled for March 28, 2024, the seminar is a crucial step towards fostering a culture of sustainability within the corporate realm of Cyprus.
What recent developments have occurred in Cyprus’s startup and innovation scene?
Cyprus’s innovative sectors are experiencing a surge in activity, particularly in the gaming industry. Startups like ROAR Games securing investments and local prop-tech startup Moving Doors expanding into Dubai showcase the entrepreneurial spirit and potential for growth within the Cypriot market. These developments highlight Cyprus’s reputation as a hub for innovation and entrepreneurship.
How is the Cypriot government supporting startups and economic development?
The government is actively supporting startups by revisiting proposals to lift fees for innovative businesses. By abolishing these fees, the government aims to create a conducive environment for startups to thrive and attract more investors. Additionally, initiatives like the EGI-STEM conference and the introduction of new government bonds demonstrate the government’s commitment to fostering economic stability and growth in Cyprus.
