134 startups submit proposals for RIF’s Pre-Seed programme

The submission of proposals for the Research and Innovation Foundation’s (RIF) Pre-Seed funding programme for startups wrapped on 3 November, with an increased number of participations.

In total, 134 proposals were submitted through the IRIS portal, of which 106 were first-time applicants, RIF said in a press release. It added that it was particularly encouraged by the increase in proposals compared with the previous Pre-Seed 2021 funding round, where 90 proposals had been submitted.

RIF will now assess and select the proposals that will be funded, with the procedure expected to be completed in the first half of 2024.

Once approved, startups are eligible for funding of up to €119,999 to help further develop their innovative ideas and create products and services capable of tapping the international markets. At the same time, RIF provides beneficiaries with innovation and knowledge transfer support services, further boosting their chances of success and laying the foundations for the creation of sustainable businesses.

Over €3.5m has gone to 35 startups since the Pre-Seed programme was first launched back in 2019, while it has helped create more than 75 new jobs. It is worth noting that one in four of the startups that received funding in the first round have managed to significantly increase their revenues through sales and/or investment of private capital from Cyprus and abroad.

RIF’s Director General Theodoros Loukaidis stated: “The startups of today are the backbone of the sustainable economy of tomorrow. They are a source of investment and jobs, while they boost exports of high-tech products. It is for this exact reason that we will continue to support their growth and development, but also enhance in any way possible their positive impact on the country’s society and economy.”

The Pre-Seed programme is funded by the National Plan on Cyprus Recovery and Durability “Cyprus of Tomorrow”