The Cyprus Entrepreneurship Competition, CyEC, is a Business Plan Competition, organized on an annual basis since 2003. CyEC aims to nurture entrepreneurial culture among young scientists in Cyprus and challenge them to transform their ideas into real business opportunities and to leading companies of tomorrow. Over 100 teams have taken part in the annual competitions completed thus far. In its seven year history, CyEC alumni have successfully launched start-up companies, some with significant investments and revenues.
CyEC is open to teams of scientists and researchers who wish to transform their innovative ideas into Business Plans for the launch of leading high-tech companies of tomorrow. It aims at providing incentives for young talents to dare and offers them a unique experience through a process of learning. Although monetary rewards are given only to the first three finalists, all participants are considered to be winners as the CyEC is primarily an educational process. In addition, participants have the opportunity to be exposed to potential investors who may find their Business Propositions attractive and deserving of their financial and other support.
The CyEC participants are required to form teams with complementary skills for the development of their Business Plans for a high-tech start-up company. Prior experience in founding start-ups is not necessary. A jury of experienced entrepreneurs, academics and investors evaluate the submitted Business Plans and select the winners.
Participants submit a Summary of their idea no more than 3-5 pages long where they outline
- The Business Idea
- The Competitive Advantages
- The Target Market
- The Technology
- The Market Potential
- The Qualities of the Team
All submissions are evaluated by the CyEC Jury on their merits in developing successful businesses in the marketplace.
Emphasis is given in the innovation and feasibility of the Idea
Participants who pass Stage 1 are required to submit a fully-fleshed Business Plan of their project idea.
The CyEC Jury evaluates and rates the submitted Business Plans and selects the finalists.
The finalists are asked to defend their Business Plans with an oral presentation in front of the CyEC Jury.
Feedback is provided at each Stage.
CyEC strives in helping their Alumni in setting up their Companies
AWARDS AND PRIZES
- First Prize: €10,000
- Second Prize: €5,000
- Third Prize: €3,500
The Big Prize: Getting your Company project funded
- Government supported High Tech Incubators
- Cyprus Research Promotion Foundation and EU Grands
- Local and International VC
- Friends, Fouls and Family