BANK OF CYPRUS AND CIIM SUPPORTING INNNOVATIVE IDEAS AND BUSINESSES

Bank of Cyprus and the Cyprus International Institute of Management (CIIM) have partnered up to bring you IDEA- Innovate.Develop.Excel.Accomplish - a Corporate Social Responsibility initiative. IDEA is the first integrated accelerator/incubator programme in Cyprus, aiming to facilitate the creation of innovative sustainable start-ups with a global outlook, whilst contributing in the further development of the Cypriot entrepreneurship ecosystem.

IDEA has on board as its strategic partners, four distinguished service providers in Cyprus: MTN, Innovation/Leo Burnett, Deloitte Ltd and  Lellos P. Demetriades Law Office LLC who will offer pro bono first level consultancy services to the resident teams.

Eligible for participation to the Programme are teams of 2 to 5 persons that have a creative and innovative idea, in nearly all economic sectors of the economy, provided they are willing and able to stay in Cyprus for the duration of the Programme that can last up to 12 months.

A maximum of 10 teams will be selected by a panel of experienced evaluators with a background  of setting up and managing start-ups and /or successful business persons from Cyprus and abroad through a rigorous 2 stage evaluation process.

The teams selected will be hosted, free of charge, for up to 12 months in a specially designed space at Bank of Cyprus’ historical building in Faneromeni (Nicosia) that has been recently renovated and appropriately equipped. The call for participation in IDEA is now open and teams can apply up  until the 23rd of July 2015. For more information, you can visit the Programme’s webpage at www.ideacy.net.

The IDEA resident teams will also have access to a wide network of distinguished mentors, hands-on business training during the first phase of the Programme (accelerator stage), consultancy services, as well as other supporting services, such as networking with potential investors.

The programme’s co-founders intend to provide €10,000 in seed funding to selected teams who complete the accelerator stage (stage 1) and successfully pass the review. The funds will be used towards the covering of the expenses arising in the initial stages of developing an innovative business. IDEA Programme shall acquire a 6% stake in the shares of each company, which will be used for the benefit of the Programme thus ensuring the IDEA’s continuity and support for new teams each year.

IDEA offers several long-term benefits to the Cyprus ecosystem. It will help tackle unemployment, especially amongst the youth, utilise the talents and skills of the workforce in Cyprus, and create the needed critical mass in order to draw foreign investors and especially venture capital to the island.

To learn more about the terms and conditions of participation or for any additional information or clarification you can visit www.ideacy.net, call 22128260, or send an email to info@ideacy.net.

CONTACT US 800 00 800 / (+357) 2212 8000 EMAIL US