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Place Category: Incubators
IdeaCY is an integrated acceleration incubation programme to support the development of innovative start-ups with a global outlook in a specially designed space
IDEA is the first integrated accelerator/incubator programme in Cyprus, aiming to facilitate the creation of innovative sustainable start-ups with a global outlook, whilst contributing in the further development of the Cypriot entrepreneurship ecosystem.
The Innovate Develop Excel Accomplish IDEA Programme (IDEA Programme) is an integrated acceleration incubation programme, founded by the Bank of Cyprus (BoC) and The Cyprus International Institute of Management (CIIM), aiming to develop and support innovative entrepreneurship and to create employment opportunities for people wanting to set base in Cyprus, ultimately boosting the competitiveness of the Cyprus economy at an international level.
IDEA has on board as its strategic partners, four distinguished service providers in Cyprus: MTN, Innovation/Leo Burnett, Deloitte Ltd and Lellos P. Demetriades Law Office LLC who will offer pro bono first level consultancy services to the resident teams. Eligible for participation to the Programme are teams of 2 to 5 persons that have a creative and innovative idea, in nearly all economic sectors of the economy, provided they are willing and able to stay in Cyprus for the duration of the Programme that can last up to 12 months. The Programme has two stages. The accelerator that lasts 3 months and the incubator stage that lasts a further 6-9 months.
A maximum of 10 teams will be selected by a panel of experienced evaluators with a background of setting up and managing start-ups and /or successful business persons from Cyprus and abroad through a rigorous 2 stage evaluation process.
The teams selected will be hosted, free of charge,in a specially designed space at Bank of Cyprus’ historical building in Faneromeni (Nicosia) that has been recently renovated and appropriately equipped. The IDEA resident teams will also have access to a wide network of distinguished mentors, hands-on business training during the first phase of the Programme (accelerator stage), consultancy services, as well as other supporting services, such as networking with potential investors.
Further to the CSR aspect of having assisted in the creation of new innovative ventures and hence assisting in combating unemployment, especially youth unemployment, and upgrading the competitiveness of Cyprus in the international market, the proposed Programme will bring BoC closer to the needs and ecosystem of start-up businesses.