Cypriot Entrepreneurs Fueling Start-Ups But Women Left Out

NICOSIA – Women have largely been excluded from the otherwise success of some 55 startup companies on Cyprus that employ only a handful of people, said a study by the University of Cyprus’ Center for Entrepreneurship.

“Cyprus’ entrepreneurial ecosystem has achieved great progress in the past decade but there is still a lot to do to fully utilize the tremendous potential this field can give the country’s economy,” PwC Cyprus, which supported the study, said.

Of the startups, 31 are in the capital Nicosia, 13 in Limassol and three in Larnaca with only 4 percent called pre-startup companies, the report saying that 91 percent have been in operation an average of 3 ½ years.

Many are spinoffs from research and while they have a product still aren’t registered though, said to be because of legislation that puts restrictions on those that began in public universities.

Only 17 percent have either a female founder or co-founder, and 64 percent have only two to five employees, 25 percent with 10-50 workers and only 2 percent with more than 100, reported Kathimerini.

The study found that 60 percent of entrepreneurs on Cyprus believe local conditions are favorable and the infrastructure is good for startups, while 40 percent thought there is still “huge room for improvement,” the paper reported.

The survey showed the best areas were in “information and communication technologies” and “favorable conditions for starting a business,” followed by the “level of regulation” and “access to research facilities and universities.”

But limited access to funding and qualified staff is holding down more startups and entrepreneurs and many said they have trouble finding investors to take a chance on them.



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O oceanic you sing and sail White on your body and yellow on your chimeneas For you're tired of the filthy waters of the harbors You who loved the distant Sporades You who lifted the tallest flags You who sail clear through the most dangerous caves Hail to you who let yourself be charmed by the sirens Hail to you for never having been afraid of the Symplegades (Andreas Empeirikos)   What traveler has not been fascinated by the Greek islands, drawn by the Sirens’ song of a traveler’s dreams? TNH and our video show ‘Mission’ marked the change of the season by transporting viewers into the heart of summer.

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