Cyprus unveils €10 million scheme to bring innovation to market

Cyprus is investing €10 million to support innovation and help local businesses bring new ideas to life. Through a new funding program called STEP, companies can receive up to €2 million to build facilities, develop production lines, and train staff for innovative products and services. The initiative focuses on key sectors like advanced digital tech, clean energy solutions, and biotechnology.

The program is part of Cyprus’ 2025 national strategy to boost economic growth through innovation. Backed by the EU, it’s open to businesses of all sizes and is designed to help companies not only develop new ideas but also bring them to market. Applications are open until September 5, 2025.

This is a strong signal that Cyprus is building a more modern, future-ready economy — one that encourages innovation, supports industry, and strengthens its position on the global stage. It’s a promising sign for both entrepreneurs and investors looking for growth potential in the region.