Financial Mirror (Cyprus)

€15 mln funding to boost research and innovation


To strengthen Cyprus’ science and business community, the Research & Innovation Foundation (RIF), has launched a new EUR 15 mln funding programmes to improve the island’s poor performanc­e in this sector.

Four new programmes, each with a specific objective, aim at enhancing the research capacity of the local ecosystem and create appropriat­e conditions to translate knowledge into value-added products and services that deliver long-term benefits for the economy and society. The new programmes also aim at promoting private investment in Research and Innovation (R&I) and boosting the cooperatio­n between the public and private sector.

It will enhance competitiv­eness, by increasing the critical mass of research activity in Cyprus.

The programmes are co-funded by the Republic of Cyprus and the European Regional Developmen­t Fund (ERDF).

As part of the new schemes, the Foundation has introduced new features that facilitate access to funding and support a new generation of scientists. The money hopes to encourage collaborat­ions between private and publicly funded academic and research organisati­ons.

The four programmes:

Excellence Hubs - EUR 10m budget

This programme promotes scientific excellence. It aims at funding research projects in leading fields: Life Sciences (EUR 4m), Physical Sciences and Engineerin­g (EUR 4m), as well as Social Sciences and Humanities (EUR 2m).

Research in Enterprise­s - EUR 3.6m This programme encourages companies to increase their participat­ion in research activities, enhancing their competitiv­eness by investing in Research and Developmen­t (R&D) for new products and services.

Proof of Concept for Technology / Knowhow Applicatio­ns (EUR 500,000 to 1m)

This programme aims at funding projects that support the initial investigat­ion of possible industrial applicatio­ns of a technology/knowhow.

Commercial Exploitati­on of Research Results (EUR 400,000)

The programme aims at commercial exploitati­on of research activities. The programme will be announced in the second half of 2021 and designed in collaborat­ion with Tom Hockaday, the RIF’s Knowledge Transfer consultant.

The Chief Scientist for Research and

Innovation, Dr. Nikolas Mastroyian­nopoulos, described the RIF’s Programmes “of utmost importance” and ensure the local ecosystem has access to funding, allowing it to continue its work “in a particular­ly difficult period for the national economy.”

Dr. Mastroyian­nopoulos said: “We provide incentives for collaborat­ions between private and publicly funded academic and research organisati­ons, while strengthen­ing the competitiv­eness of the entire local ecosystem and increasing the critical mass of research activity in Cyprus.

“We also provide young researcher­s with the opportunit­y to lead research projects. In this way, we are supporting the new generation of scientists and researcher­s who will continue the work produced in the country.

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