Cyprus’ Research & Innovation Foundation (RIF) on Friday announced that the country’s startup ecosystem has been acknowledged for its progress in recent years.
Specifically, Cyprus received the “Best Worldwide Climb in the Top 50” award, recording the largest jump—nine places—in the global ranking of startup ecosystems for 2024.
The award was part of the Startup Ecosystem Awards 2025, organised by StartupBlink, the world’s leading platform for evaluating innovation and startup ecosystems.
It should be noted that StartupBlink evaluates over 1,000 cities and 100 countries, based on more than 40 indicators related to innovation, startups, funding flow, and the supportive infrastructure of an ecosystem
The foundation explained that “this award highlights the country’s dynamic growth and strategic approach to fostering innovation and entrepreneurship“.
“Cyprus has made impressive progress in recent years,” said RIF director general Theodoros Loukaidis.
“We are working to further strengthen our position as a regional hub for research, innovation, entrepreneurship, and technology, acting as a gateway to Europe while offering access to high-growth markets,” he added.
Moreover, Loukaidis said that “Cyprus embraces a dynamic approach to supporting innovation and entrepreneurship, offering targeted funding programs, tax incentives, and talent attraction initiatives”.
“We are committed to supporting startups and scaleups in expanding globally by providing financial opportunities and a favorable framework for their success,” he concluded.
