Experts assess Cyprus' potential to become a leading centre for AI

At the recent TechIsland Summit, an expert panel discussed Cyprus's potential to become a leading center for Artificial Intelligence (AI).

The session, titled "The Key in AI: Shaping Cyprus as the Center of Emerging Technologies," provided insights into the current AI scene locally, within the EU, and globally. It also highlighted the financial and other support available for AI startups.

The panel discussed Cyprus's potential to become a significant hub for artificial intelligence and cutting-edge technologies. As more AI startups establish themselves on the island, experts talked about the partnerships and tactics that would be necessary to keep Cyprus moving forward in this fast-paced industry. They looked at how the country might maintain its standing as a leader in global technological innovation.

Michael Tyrimos, Founder & Managing Director of Capacitor Partners, moderated the conversation with participation from Angelo Dalli, Chief Scientist at Umnai; Stavrinos Kyriakou, Startups and ISV Strategy Lead for Microsoft Southeast Europe; Theodoros Loukaidis, General Director of the Research and Innovation Foundation (RIF), and Ivan Sysoev, Business Unit Chief AI Officer at Quadcode.

When Tyrimos asked the audience if they had utilised artificial intelligence (AI) in the previous 24 hours, the majority of them said yes, starting the conversation.

AI is a big and long-lasting technical breakthrough, as Dalli said, and it's "an exciting time to be in the field".

Kyriakou concurred, pointing out that nothing as remarkable as the present advancements in AI had occurred in his 20 years of work. He made the point that eight out of ten companies that approach Microsoft concentrate on AI, demonstrating how AI is changing both daily life and business. He also emphasised the significance of upholding accountability and safety.

Loukaidis added that social sciences and humanities play a critical role in AI development. He announced that RIF would begin using chatbots, a first-time reveal at the summit.

As an AI consultant to the EU, Dalli stressed that possible threats come from humans using AI, not from the technology itself. He reassured that "AI is very far from a point where it is 'going to kill us,' and stressed that data availability is essential for creativity.

Cyprus is competitive with regional partners like Malta and Greece, but Kyriakou noted that in order to advance, the country needs a more cohesive and united approach.

The financial help from RIF, which ranges from €120,000 to €1 million, was described by Loukaidis. He said that in order for startups to grow, they would eventually have to interact with venture capitalists and private markets.

As someone who is among the last generations to have gone to school and university without the use of AI, Sysoev emphasised the need of encouraging young people to engage with technology.

By utilising local talent and strategic assistance to promote innovation and growth, the panel's findings and recommendations seek to establish Cyprus as a global leader in artificial intelligence (AI) and new technologies.