“The startup journey is a never-ending learning experience”

Speaking from his own experience, Constantinos Loizou, Founding CEO, Embio diagnostics, a designer and developer of portable, biosensor-based digital devices for rapid diagnostics, shares his view of the local startups sector.

What lessons have you learned while working in a startup ecosystem like that of Cyprus, and how have you stayed motivated and focused during challenging times?

The value of resilience and perseverance in the face of difficulty is one of the most crucial lessons I’ve learnt. Startups frequently experience unforeseen difficulties and setbacks, so it’s critical to maintain motivation and keep your eye on the big picture. Another important lesson is the value of collaboration and building a strong team. No-one can create a successful startup alone, so it’s important to surround yourself with smart, driven people who share your vision and are dedicated to making it happen. I’ve also discovered that it’s crucial to maintain your adaptability and willingness to change. Markets and industries are always changing, therefore you must be ready to change course and modify your strategy and objectives. Finally, I think it’s essential to stay connected to the larger purpose and vision behind the company. Any startup’s ultimate objective should be to have a beneficial impact on the world and enhance people’s lives in some way. Having this overarching goal in mind might aid in sustaining motivation and attention when things get tough.

How have you approached fundraising for your startup, and what challenges have you faced in securing investment?

In general, fundraising calls for a combination of perseverance, inventiveness and the capacity to persuade potential investors of your startup’s potential. It is also essential to be ready to fail. You just need one investor to believe in you. Also, as the cash pool rises, the legal documents and costs rise too. Be ready and know your numbers!

How have you adjusted your business strategy to account for the nascent nature of the local ecosystem, and what changes have you made to stay competitive?

Being in a highly competitive market has required me to be innovative in spotting new business opportunities and adjusting to difficulties. I had to keep up with the most recent trends and technologies to do this, as well as to be quick to adapt our business strategy as needed. My team and I have put a lot of effort into creating an innovative, collaborative and lifelong learning culture to remain competitive. In an increasingly crowded and competitive market, we’ve been able to stay on top of the game and provide value to our customers by giving these values top priority. You have to be ready to pivot all the time.

What advice would you give to other founders navigating this environment?

The startup journey is a never-ending learning experience, so hold fast to your vision while remaining receptive to suggestions and criticism. Some of the tips I would give are these: build a solid network, be adaptable, place an emphasis on team building, be persistent, look for alternative funding sources, keep an eye on the big picture, and continue to learn and adapt.

How would you like to see the Cyprus startup ecosystem evolve over the next few years?

As the founder of a startup in Cyprus, I would like to see the ecosystem develop with more funding options, stronger government backing, more chances for networking and collaboration, better access to talent, and a stronger focus on innovation and sustainability. Cyprus has the potential to develop into a centre for entrepreneurship and innovation, luring top talent and capital from around the globe by fostering a more encouraging and creative ecosystem. More importantly, we need to start using Cyprus-made technologies. We have to be proud of our technologies and share our feedback to improve them – this is the only long-term asset we should invest in!

What is it? A designer and developer of portable, biosensor-based digital devices for rapid diagnostics. Founded: 2016 Headquarters: Nicosia, Cyprus Number of employees: 15 Funding secured: €1,110,000

This interview first appeared in the April edition of GOLD magazine. Click here to view it.