Cyprus has made a significant leap in the global startup landscape, securing its status as one of the fastest-growing ecosystems worldwide. According to the latest StartupBlink Ecosystem Index 2024, the country climbed nine places in the rankings, marking the most substantial rise among all nations. This achievement also positions Cyprus as the fastest-growing startup ecosystem in the European Union.
Remarkable Growth and Key Achievements
A recent press release by the Research and Innovation Foundation (RIF) highlights the nation’s remarkable performance across multiple indicators. Among the key accomplishments:
These impressive figures underscore the country’s rapid ascent and its growing reputation as a dynamic startup hub.
A Thriving Startup Ecosystem
Since 2020, Cyprus has witnessed a fivefold increase in the number of startups, highlighting the sector’s accelerated expansion. Notably, it is the only country with a population under 2 million to have four cities ranked in the global startup index, further solidifying its competitive edge.
Beyond sheer growth, Cyprus is also making strides in specific industries. The country now ranks 39th globally in Fintech and 25th in Gaming, with Limassol standing out as the top-ranked startup city in Southern Europe.
Government Support and Strategic Vision
Theodoros Loukaidis, Director General of RIF, emphasized the rapid evolution of Cyprus’ startup ecosystem and the driving forces behind its success.
“This recognition reaffirms our commitment to strengthening innovation and entrepreneurship. With strong government support, targeted funding programs, investment incentives, and talent attraction initiatives, we are fostering a favorable environment for startups to develop products, secure private investment, scale internationally, and succeed,” he stated.
He further noted that Cyprus’ ongoing efforts to position itself as a regional hub for research, innovation, and technology are yielding tangible results. The latest rankings validate the nation’s strategic vision and ability to turn ambition into reality.
Source: www.stockwatch.com.cy.