Cyprus startups should aim to become ‘agrinos’, commentary argues

Nicosia, Cyprus. A commentary has proposed calling ambitious Cyprus-founded businesses agrinos, arguing that the billion-dollar unicorn benchmark understates what successful startups can contribute to a country of its size. Its author says a business valued at €100 million could generate substantial benefits for the island.

A local measure of success

The author proposes using agrino to describe companies established and developed in Cyprus with ambitions to achieve major international success.

In the author’s view, assessing businesses solely against a billion-dollar valuation makes nearly all Cypriot ventures appear small, an approach the writer considers both unfair and unhelpful to founders.

The commentary argues that, for a country the size of Cyprus, a €100 million business valuation — well below one billion — could have a considerable impact. Such a company could provide high-quality employment, strengthen local skills, draw investment and nurture founders who subsequently establish further businesses.

From TechIsland to agrinos

The proposal builds on the author’s account of devising the name TechIsland in 2021 as a national brand for Cyprus. The intention was to connect the island’s lifestyle with its expanding technology sector, presenting it as somewhere entrepreneurs could develop internationally focused businesses while enjoying island life.

The writer maintains that language influences ambition and applies that reasoning to unicorn, a term the author says comes up at almost every business pitch, panel discussion and dinner.

American investor Aileen Lee introduced the term in 2013 for startups with valuations of at least one billion dollars, the commentary notes. Her choice of a mythical creature reflected how uncommon those businesses were.

While acknowledging the term’s appeal and demanding standard, the author argues that adopting it also means accepting its measure of success.

A symbol rooted in Cyprus

The author recalls the agrino as a familiar, though often overlooked, presence during a childhood in Cyprus. It appeared on coins in denominations of 1, 2 and 5 cents and on the tail of national airline Cyprus Airways, which the writer remembers many Cypriots using.

According to the commentary, the animal occurs nowhere outside Cyprus, and its name derives from Greek, meaning the wild one.

The author says learning more about the agrino increasingly brought to mind the experience of a business founder, making it the preferred symbol against which to assess Cypriot companies.