“Demystifying & Unleashing AI” conference held with great success in Nicosia (pics)

Cyprus Innovation Technologies successfully held its first major conference on artificial intelligence, titled “Demystifying & Unleashing AI”, on 7 March at Royal Hall in Nicosia.

The conference focused on modern developments and applications of artificial intelligence, structured around four key areas:

• EU AI Act & Compliance: Presenting the latest European Union regulations and compliance requirements for businesses.
• AI Product Showcases & Implementation Strategies: Showcasing cutting-edge AI products and strategies for their implementation.
• AI Adoption in Large Organisations: Examining how large enterprises are integrating and utilising AI in real-world business environments.
• National AI Strategies & Governmental Support: Exploring national AI strategies and government initiatives shaping the future of artificial intelligence in Cyprus.

The discussions at the conference highlighted the transformative role of AI and blockchain in business and governance, reinforcing the need for strategic implementation and collaboration.

Below, a selection of presentations during the conference:

Andri Michael: Turning AI and Blockchain into practical tools for growth

In her opening remarks, Andri Michael, Chairwoman of the Board of Directors of Cyprus Innovation Technologies, emphasised that the promotion of artificial intelligence (AI) and blockchain cannot be done in isolation, as their combined potential can be effectively applied across various sectors.

She highlighted that connecting these two technologies and the organisations supporting them helps envision a future empowered by diversity. This, she noted, is a major advantage that comes from bridging AI and blockchain.

Talent development is a critical factor, according to Michael, who also stressed the importance of taking measures to enhance the country’s competitiveness.

She underscored that effective collaboration between technology and policy stakeholders is crucial in creating an ecosystem that can transform Cyprus into a flexible technology hub. Additionally, she pointed out that advancements in AI and blockchain should not remain theoretical concepts but must be turned into practical tools that drive growth.

Monica Odysseos: AI is no longer a choice, but a necessity

Monica Odysseos, AI and Data Lab Leader at Grant Thornton Cyprus, said that AI is no longer an abstract concept or a science fiction scenario, but instead is already transforming business operations, creating new opportunities and challenges.

In her presentation, titled “The AI Revolution: Why Should You Care?”, Odysseos explained the fundamental principles of AI in a clear and accessible manner, debunking common myths surrounding the technology. Using real-world examples, she demonstrated how AI has already reshaped decision-making processes, automation, and competitive advantage across industries.

The integration of smart algorithms and machine learning systems has turned AI from an innovation into an essential business growth tool, as evident in her compelling presentation.

From finance to manufacturing and retail, AI applications enhance efficiency, reduce costs, and improve the accuracy of strategic decisions.

For those still sceptical about AI, Odysseos emphasised that adaptation is no longer a choice, but a necessity for survival and success. Businesses that incorporate AI into their operations gain a significant advantage, while those that ignore this evolution risk falling behind, she warned.

Her message was clear: AI is not just about the future—it is about the present; and business leaders must understand, adopt, and leverage this technology immediately. As she aptly put it, “It is no longer big fish eats little fish, but rather the fastest fish that wins.”

Panayiotis Koussis: Compliance is a strategic advantage for businesses

The rapid advancement of AI has highlighted the urgent need for a clear regulatory framework that ensures transparency, security, and responsible use of the technology, said Panayiotis A. Koussis, Head of Tech & AI at Pelaghias, Christodoulou, Vrachas LLC.

During the conference, Koussis outlined the structure and compliance requirements of the EU AI Act, providing businesses with a roadmap to adapt to the new regulatory landscape.

In his speech, titled “EU AI Act: Compliance Obligations and Implementation Timeline”, Koussis broke down:

• The key compliance obligations,
• The classification of AI systems, and
• The phased implementation of the regulatory framework.

Compliance as a business imperative

The key takeaway was that the EU AI Act marks a turning point in AI regulation. Businesses cannot afford to wait until enforcement begins to adapt. Instead, a proactive approach and structured risk management are essential to integrating compliance into corporate operations.

A key focus was placed on the governance of AI and transparency. Companies must adjust their processes to meet the audit and reporting standards set by the new regulations.

At the same time, compliance should not be viewed as a barrier but rather as an opportunity to strengthen trust in AI. A clear and responsible legal framework will facilitate greater public and market acceptance of artificial intelligence.

According to Koussis, the future of AI in Europe is deeply linked to regulatory compliance. He concluded that compliance is not just a legal obligation but also a strategic advantage for businesses that choose to take a proactive stance.

Insights from Brussels

Following the presentation, a discussion took place between Panayiotis Koussis and Ondřej Kovařík, a Member of the European Parliament. Kovařík elaborated on the rationale behind the EU AI Act, adding that the goal is to ensure AI develops safely and transparently.

One of the key topics discussed was the balance between innovation and regulation. While the legislation aims to protect users, increased compliance requirements could burden small and medium-sized enterprises (SMEs) and potentially slow down innovation.

Finally, the conversation touched on the readiness of national authorities to enforce the new framework amid significant developments in Europe and beyond.

Elias Iosif: The success of AI lies in its harmonious collaboration with human intelligence

AI has evolved into one of the most dynamic and multifaceted areas of technology, sparking both excitement and concern over its capabilities and risks. In his presentation titled "The (Not So) Hidden Next-Door AI," Dr Elias Iosif, Assistant Professor, School of Business, Department of Digital Innovation Institute For the Future, University of Nicosia, provided a thought-provoking and multidimensional perspective on AI, unveiling aspects that are often overlooked or misunderstood.

Dr Iosif urged business leaders and experts to reflect on the deeper connection between knowledge, technology, and AI’s evolution. He said that understanding our actual needs and investing resources wisely is crucial. AI should be applied where it is truly necessary, as over-reliance on automation could lead to inefficiencies rather than improvements.

One of the key takeaways from his talk was the need to filter out the noise and exaggerations surrounding AI. He stressed the importance of recognising AI’s fundamental roots and real capabilities, rather than being swayed by unrealistic expectations.

Thrasos Thrasyvoulou: Artificial intelligence is more accessible than you think

Artificial intelligence (AI) is no longer a distant, complex, or difficult-to-access tool. On the contrary, it is now a technology that businesses of all sizes can leverage—provided they have the right business foundation in place, said Thrasos Thrasyvoulou, Managing Director at The Digital Value Group. He explained how AI has become widely available to businesses, dismantling the perception that companies need to build sophisticated algorithms and advanced models from scratch.

With the expansion of cloud services by major providers, he said, businesses can now "rent" pre-built AI capabilities, seamlessly integrating them into their existing IT systems and business operations. This eliminates the need for time-consuming and costly AI model training, as companies can leverage commercial AI solutions from a vast range of providers and cloud platforms.

According to Thrasyvoulou, successful AI adoption is not about the technology itself, but about having a strong business need. "First, you need to have a problem that requires a solution. If AI can solve it, then use it. If not, then AI is not the right tool," he said. He compared this to ancient times when people often tried to find problems that fit existing solutions rather than choosing the right solutions for real challenges.

He concluded by saying that companies don’t need to build AI from scratch—solutions already exist, offering unlimited potential for growth and innovation. What is required is strategic thinking and proper integration into existing operations so that AI can act as a catalyst for business transformation.

Nikolas Markou: AI as a Powerful growth tool – The critical strategic decisions organisations must make

AI is one of the most talked-about tools in modern business, yet its real-world application often falls short of the theoretical potential being promoted, according to Nikolas Markou, Head of AI & Managing Partner at Electi Consulting.

His presentation at the conference focused on practical lessons learned from AI adoption in the finance, shipping, and insurance sectors.

Real-world AI lessons

In his session titled “AI from the Trenches: Real-World Lessons”, Markou emphasised how strategic decision-making is the key to successful AI investments. Through case studies, he highlighted common pitfalls in AI adoption, including:

• Insufficient data preparation,
• Unrealistic expectations about return on investment, and
• Unforeseen second-order effects when integrating AI into business models.

He also discussed best practices for risk management and performance optimisation, stressing that AI’s true value lies in its ability to deliver measurable business outcomes rather than simply being a futuristic concept.

By presenting concrete examples, Markou demonstrated how companies can transform AI potential into tangible results. Rather than focusing on theoretical capabilities, his presentation offered practical strategies for effectively integrating AI, proving that successful AI implementation requires a mix of technological expertise, strategic planning, and realistic goal-setting.

Markou concluded that AI can become a powerful growth tool, delivering value and a competitive edge to businesses that adopt it with the right preparation and a pragmatic approach. The key to success, he said, is not just adopting AI, but doing so strategically, with a focus on real business impact.

Antigoni Sparsi Modestou: AI as the key to strategic business forecasting

Predicting the future is not just a goal—it is a necessity for business leaders and executives seeking to shape the market to their advantage, stated Antigoni Modestou, FCCA, MBA, during her presentation.

In her talk, titled “An AI Application Project: Transforming Data-Driven Insights Into Predictions of the Future,” Modestou focused on the strategic use of AI to generate accurate business forecasts, enabling companies to plan ahead with confidence.

A key takeaway from her presentation was that AI is not just another digital transformation initiative but a powerful mechanism for business optimisation and profitability management. She introduced a real-time predictive system that dynamically forecasts revenue, costs, and profitability by integrating:

• Internal and external data,
• Network insights, and
• Adaptive AI algorithms to optimise business strategy.

Elpidoforos Anastasiou: Einstein Junior integrates AI into the educational process

Elpidoforos Anastasiou, Head of Innovation and AI at Pascal International Education, introduced Einstein Junior—an AI-powered educational robot designed to enhance learning and prepare students for a world dominated by AI.

Einstein Junior has already been implemented in 12 different versions, operating in multiple schools and engaging with over 8,000 students. Its innovative approach has gained international media attention, with coverage from outlets such as BBC News and Reuters, highlighting the growing role of AI in education.

Anastasiou explained how tools like Einstein Junior can demystify AI, enabling both students and educators to understand and leverage its capabilities effectively. Discussing the need for education to adapt, he stressed that scalable AI learning models could benefit not only schools but also industries seeking professionals with specialised knowledge.

Anastasiou concluded by stressing the importance of educational programs bridging the gap between theory and real-world application. The goal, he noted, is to equip the next generation with the skills needed to embrace AI as an ally in knowledge and innovation—rather than seeing it as a challenge or threat.