Ready Set Go: STEP into a new world

Over the past five years, the RIF has led the transformation of our ecosystem and we are committed to continuing this momentum in 2025 with EUR 45.3M new investments

Our calendar of Calls for 2025 -released earlier this week- includes several first-of-its-kind funding programmes to support those who dare to act big to go bigger!

STEP will be announced in Q1 with a budget of €10M. It unlocks the country’s manufacturing potential by offering grants of up to €2M for setting up facilities and production lines for innovative products across high-potential areas. This is the very first time we will be funding “manufacturing” with public money. This was a persistent challenge which we have been working methodically to address: As soon as the STEP regulation was approved by the European Parliament and the Council at the end of February 2024 we moved swiftly, secured the funds and we are an “early adopter” making the most of what this new regulation allows us to do through this new funding scheme. Now we are ready to go!

For the first time, we are also providing funding for the development of innovative Artificial Intelligence solutions to address challenges faced by the public sector. We have been looking into such a funding scheme for some time now, we are now ready to tap into the transformative power of AI to help improve efficiencies and improve offered services.

Product/Service development time has significantly decreased in the last decade! Companies move at greater pace to bring products and services to the market, respond more quickly to customer needs and stay competitive and relevant in a rapidly changing environment. The Fast Track Innovation programme, yet another new addition, does what it says on the tin: Put companies on steroids for the rapid development and commercialization of innovative products and services.

Companies looking to boost their R&D activities can apply for €200K through the Research in Enterprises programme to develop new or enhanced high added value products, services and production methods.

Those with existing products or services in the market can secure funding of up to €1M through the new round of the INNOVATE programme to further develop or build a new product/service to take it into the international markets.

For those in startup mode and further ahead in their product or service development journey, the SEED programme offers €500K equity-free.

We are also continuing to enhance cybersecurity capabilities of SMEs. We are also looking at supporting startups in the cybersecurity domain develop and enhance their service offerings.

To support talent, we have upcoming Calls for Vision ERC for projects of €100K, preparing excellent researchers for the EU’s European Research Council, MSCA – 2nd Opportunity to fund high quality projects for researchers moving to Cyprus and Post-doc for postdoctoral researchers looking to undertake frontier research in the country.

Excellence Hubs, a programme funding pioneering research projects in cutting-edge fields, also returns to support excellent research across sectors.

For young talent, specifically University Students, we are announcing R&I Internships for the fourth year in a row, allowing university students to take on internships at innovative enterprises across Cyprus during the summer period. A great tool to channel young talent to our innovative companies. Do try it!

And for those interested in leading EU-funded projects under Horizon Europe, there’s a new BRIDGE2HORIZON call in Q4.

Bit by bit, RIF is helping build a more resilient and dynamic R&I innovation ecosystem. It supports diverse research and innovation paths, adapts to change and it keeps coming back with new approaches and first-of-their-kind funding tools. ?

We are encouraging more risk-taking, supporting ideas and fulfilling needs that may not fit traditional funding models and programmes. Afterall, transformative progress requires more than ideas – it takes clear vision and steadfast perseverance, and we have both.