€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.