“Ignoring the Sirens’ song and staying true to one’s vision is essential”

Pavlos Loizou, CEO & Co-founder, Ask WiRE , a fintech that offers comprehensive profiles of every property in Europe, shares his experience of working in Cyprus’ startup ecosystem.

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?

It’s crucial to stay focused on the end goal while being flexible in how to achieve it. Confidence and belief in one’s vision are crucial for success. Established companies are reluctant to work with startups, which can pose challenges. The local market is small, making it easy to set up a business but necessary to expand overseas quickly. Founders must be discerning when taking advice and avoid input from those who have not undergone similar experiences. Ignoring the Sirens’ song and staying true to one’s vision is essential.

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

We used our own capital and offered advisory services to fund the development of Ask Wire’s technology and MVP (Minimum Viable Product). We took an assertive approach by reaching out to potential investors, sending nearly 1,000 emails and doing about 100 pitches. Hellas Direct, a fast-growing insuretech, backed us within six months of starting out. We then leveraged the tax breaks offered by the Certificate of Innovation to attract additional investors.

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?

We used Cyprus as a testing ground to develop our MVP and product. We recognised early that the local market was not sufficient to sustain us, so we prioritised expanding overseas. We continue to use the local market to develop new products that we then export to larger, viable markets. This approach has helped us stay competitive and expand our reach beyond the limitations of the local ecosystem.

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

Develop an MVP as soon as possible, reach out to people for feedback, iterate based on their input, and repeat the process. Don’t hesitate to ask for help; the tech ecosystem is open and paying it forward is quite common.

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

Established companies collaborating with startups, helping them create functioning prototypes. Every stakeholder can benefit from such an arrangement. Executives in Cyprus understanding the benefits of supporting and working with startups. Finally, standardised documents for setting up a company, hiring staff, financing, etc. being made freely available, customised to Cyprus’ legal and tax framework. This would simplify the process for entrepreneurs and create a more streamlined ecosystem.

What is it?

A fintech that offers comprehensive profiles of every property in Europe. This data is used to build financial products, facilitate ESG reporting, and monitor real estate market dynamics in real time.

Founded: 2020 | Headquarters: Nicosia, Cyprus & Athens, Greece | Number of employees: 18 | Funding secured: €1 million

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