Cyprus was ranked 56th on the list of the world's friendliest countries for startups in 2024 by business magazine CEO World.
A total of 62 countries were included in the rating. Interestingly, Cyprus was placed between Iran and Serbia.
It is worth noting that the assessment of each country's startup ecosystem was based on five criteria:
- Investment in human capital;
- research and development;
- infrastructure for entrepreneurship development;
- technical human resources;
- policy dynamics.
As a result, Cyprus received an overall score of 37. At the same time, in the categories "Investment in Human Capital" and "Policy Dynamics" Cyprus received 29 points each, in "Research and Development" - 33 points, and "Technical Personnel" - 32 points. Interestingly, Cyprus received the highest score in the category "Infrastructure for business development" - 37 points.
Topping the list of the friendliest countries for startups in the world was the United States with a total score of 92. It is noted that this year the US has once again secured the top spot thanks to the high growth rate of startups and an active funding industry.
They are followed by the UK (91 points), Canada (90 points), Israel (89 points) and India (88 points).
Rounding out the rankings are Vietnam with an overall score of 31, Qatar with a score of 32, Saudi Arabia with a score of 33, Kuwait with a score of 34 and Tunisia with a score of 35.
As mentioned above, the study assessed each country's competitiveness as well as its potential in a science and technology-oriented economy to arrive at the results. In the first category, the amount invested in developing and cultivating future human resources was determined. In the second, whether the state has the infrastructure to attract funding and create innovations that could be commercialized and contribute to economic growth. The third category determined the degree of success in translating research into commercially viable products and services, and the fourth category considered the availability of a highly skilled technical and scientific workforce. The fifth and final category was responsible for technological outcomes in terms of how effectively policymakers and other industry participants convert benefits into domestic wealth.
The 2024 rankings were based on a survey of 194,976 CEO World readers. The magazine's experts studied 130 economies around the world, but only 62 countries made the ranking.