In recent years, Cyprus has seen a growth in its startup ecosystem with a focus on industries such as technology, tourism, and fintech.
Some notable startups in the country include Limassol-based TouristEye, a travel app, and Financial Synergy, a fintech company offering online investment solutions.
The government of Cyprus has made several initiatives to support the development of the startup ecosystem, including the creation of the Cyprus Investment Promotion Agency and the establishment of the Cyprus Research and Innovation Foundation.
Cyprus has a growing pool of active investors, including venture capital firms and angel investors. Some of the most active investors in the country include JEREMIE Holding Fund Cyprus and Cyprus Venture Capital.
In terms of open innovation programs and incubators, Cyprus has a number of initiatives including Cyprus Innovation and Entrepreneurship Centre and E-Governance Accelerator.
Compared to the rest of the region, Cyprus is still in the early stages of development for its startup ecosystem, but with the growing support from the government and the private sector, it is poised for further growth in the future.