On Monday, June 16, the Cyprus Research and Innovation Fund (RIF) announced the launch of a new program called STEP.
The initiative will be implemented as part of the government's 2025 plan approved by the administration of President Nicos Christodoulides.
The program reflects a strategic desire to move from theory to practice, from ideas to production, and from local to international success. The government scheme is aimed at Cypriot enterprises of all sizes that seek to implement innovative ideas in the form of new products and services with high added value. It will focus on creating the modern infrastructure and production facilities needed to launch industrial production of innovative solutions.
The program covers three key areas that are in line with the EU's priorities under the Strategic Technology Platform for Europe (STEP):
- high technology and digital solutions;
- clean and efficient technologies;
- biotechnology.
Each project is eligible for funding of up to €2 million, in accordance with the EU State Aid Regulation.
The total budget for the scheme is €10 million. Funding covers:
- design and construction of production facilities;
- purchase and installation of production equipment;
- staff training costs;
- technological modernization necessary to bring innovations to market.
STEP is an investment in the sustainable development of the Cypriot economy. We support companies that are ready to take the decisive step from the laboratory to production, from an idea to an export product. This is the path to creating a high-tech industrial base and strengthening Cyprus' position in the international arena," said Theodoros Loucaides, CEO of the Cyprus Research and Innovation Fund, emphasizing the importance of the program.
Applications for participation in the program will be accepted until September 5, 2025. Additional information about this initiative can be obtained from the RIF Support Service by phone at +357 22205000 or by email at support@research.org.cy.