The emphasis will be on companies that are in the early stages of development, web-based businesses, and businesses based on new knowledge and high technology.

The competing teams have to comprise two to five members, one of whom must be a student or a graduate (alumni) of the CIIM.  The competition will take place in two stages. In the first stage, the contestants should prepare a brief description of the business idea (Business Concept Statement), followed by a presentation of five minutes to the seven-member jury.

In the second stage, participants will develop a Business Plan of 20 pages, followed by a 10-minute presentation to the seven-member committee, which will be open to the public.
 The deadline for the submission of a brief description of the business idea is November 10.

CIIM Director Theodoros Panayiotou stressed the importance of innovation and entrepreneurship in the competitiveness of the economy, noting that it was the vehicle to exit the crisis. At the same time, he stressed the need to include entrepreneurship and innovation in society and in education from an early age.

The Director of Innovation and Development Services in CyTA, Michalis Papadopoulos, said in his speech that the main objective was to create new revenue streams, maximising the value of the organisation and creating a culture of innovation within the organisation, supporting at the same time youth entrepreneurship and indirect support of the country’s economy.

Source: Cyprus Mail