Nicosia, Cyprus. State Aid Commissioner Stella Michaelidou has approved a state grant to Plug and Play Cyprus Innovation Centre to cover operational costs and other expenses. The decision, issued on April 9, was announced this week.
Scope of approved funding
According to the announcement, the state aid measure supports the innovation centre’s ongoing operations through public funding. The approved measure covers operational expenses including staff salaries and administrative costs, as well as promotional activities and specialised services.
The funding will also support the purchase of services from mentors and experts affiliated with Plug and Play Cyprus, along with other professional support functions.
Implementation and funding agreement
The Research and Innovation Foundation (RIF) has been designated as the competent authority responsible for implementing the measure. The measure is structured through a funding agreement between the foundation and Plug and Play Cyprus, including all associated annexes.
Strategic objective and service pillars
The measure is intended to contribute to the strategic objective of establishing Cyprus as a leading innovation hub in the Eastern Mediterranean. This objective will be pursued through three core service pillars: business acceleration programmes, corporate innovation services, and services for research organisations.
Incentives and supported activities
The measure provides incentives in the form of direct grant funding for coordination and operation of the innovation centre. These funds will support activities related to facilitating collaboration and information exchange, as well as the provision of specialised and tailored business support services.
How do you think this funding could affect Cyprus’ efforts to become a leading innovation hub in the Eastern Mediterranean?
