FAQ

1. What business plan is applicable to this competition?

The Competition aspires to nurture an entrepreneurial culture among - scientists, startup founders, and hi-tech entrepreneurs in Cyprus. CyEC invites business plans applications that have innovative solutions or services from one of the following areas:

  • Digitalisation, Digital Solutions, Digital Media

  • Cloud Computing

  • Artificial Intelligence

  • Big Data Analytics

  • Interactive Media and Computer Games

  • Renewable Energies

  • Intelligent Systems /Critical Infrastructures

  • Transportation Networks

  • Water Management

  • Green Tech

  • Bioinformatics

  • HealthTech

  • Travel & Logistics

  • Fintech/Insurtech

  • Martech

2. CyEC Eligibility and How to Apply?

The Competition is open to teams of participants from Cyprus, who wish to engage in innovation-driven entrepreneurship and develop their ideas into start-up ventures or social enterprises. No prior experience in founding startups is required, and there is no participation fee. Each team should be composed of a minimum of 2 individuals. All applicants must be over 18 years of age, with at least one applicant residing in the Republic of Cyprus.

Applications open Wednesday July 07, 2021 through Monday September 20 2021, at 11:59 EEST.

Apply: Application Form

Check: Terms & Conditions

3. Who are the judges of CyEC?

The CyEC Panel of Judges is published on the competition website alongside with bio links Competition (visit the judges here).

4. How will my application be reviewed?

Your application will be evaluated based on its business potential, novelty, and the potential of your team, as assessed by each judge. Please make sure you provide the information requested in the application forms (link).

5. The CyEC Mentors and their role and when can I have access to them?

Every team that succeeds in entering Stage 2, will be assigned a mentor(s). Mentors details, bios and expertise are published on the CyEC website.

The assigned mentor(s) of each team will deliver a final assessment report at the end of Stage 2. Mentors assessment report will be part of the final evaluation by the CyEC2021 panel of judges.

6. Is there a minimum or a maximum number of team members? Can I participate in more than one team?

Each team should be composed of a minimum of 2 individuals.

7. Is it compulsory to undergo the Stage 2 acceleration program?

Teams selected to proceed in Stage 2 must attend all required acceleration sessions. Furthermore, the teams are welcomed to attend other training events organised by C4E.

8. What is the content of the acceleration program?

The acceleration program comprises training in:

  • Design Thinking (From business idea to business model)

  • Marketing

  • Financials/Registration

  • Start-up Valuation

  • Pitching/Communication

  • Business Plan Workshop

9. Is participation in the pitching day and final conference compulsory?

All team members are expected to be present in the pitching day (closed session) and the final conference (first half of December 2020), in order to present their business idea, business plan and their team to the panel of judges and the general audience. Teams that are not present will not be eligible for the prizes.

10. What about securing Confidentiality & Intellectual property?

Any team that applies to the competition is in full agreement of and is bound by the relevant terms for Confidentiality and Intellectual Property Rights as these are described in Terms and Conditions.

A team that has any considerations/doubts on its IP rights protection and legal status should take prior advice and all necessary steps to protect its IP rights before submitting to CyEC.

11. Confidentiality during the mentorship program

Any information exchanged between the mentor and the teams participating in the competition, in one-to-one consultation meetings where the mentor is the consultant and, any member of the participating teams, is the consultee, will be treated as confidential, unless otherwise agreed between the two parties.

12. Publicity

Participating Teams are expected to take part in media and press opportunities related to the CyEC and led by the Organizing Committee. However, this exposure in no way requires Participating Teams to disclose any proprietary or otherwise confidential information related to their businesses. CyEC agrees to provide consultation to any team, upon request, to avoid such disclosures while participating in press related opportunities.

13. How will I be notified of my application status?

Teams will be notified by email for the outcome of their submission.

More information on the announcement of the results will be posted in the competitions website: www.cyec.org.cy