The unique startup ecosystem of Cyprus and India’s participation at the Reflect Festival 2023

Cyprus with its unexplored potential and advantageous geographic position, provides an excellent environment for investment and the exchange of knowledge. This is especially appealing to Indian tech entrepreneurs and startup enthusiasts. It also offers a unique combination of business opportunities and innovation prospects, making it an attractive destination for those looking to grow their ventures and explore the untapped potential of this vibrant Mediterranean nation. Cyprus holds a strategic location at the crossroads of Africa, Europe, and Asia, vital for maritime trade between the Mediterranean Sea and the Indian Ocean via the Suez and Bab al-Mandab. It possesses untapped offshore gas reserves, an English-speaking workforce, and effective pandemic management, attracting global investments and talent.

The startup ecosystem of Cyprus is a promising one, and the 2023 European Innovation Scoreboard recognizes Cyprus as a strong innovation focused nation, with over 446 startups valued at 3.7 billion Euros in 2022. To further promote the ecosystem, Reflect Festival, an annual event is held in Limassol, Cyprus, and is considered one of the largest tech gatherings in the region. It focuses on fostering new projects, promoting collaborations among startups, and encouraging productive partnerships. The festival also features speakers from around the world, providing a global perspective to its audience. Reflect began in 2018 and earlier this year, Reflect Festival 2023 was organised from 20th to 21st September in Limassol, Cyprus and brought together industry leaders, innovators, and entrepreneurs from across the globe. India was the country partner for the festival which saw participation from global stakeholders and entrepreneurs from various sectors. 

Startup India took a delegation comprising of 8 Indian unique startups across various sectors showcased India's remarkable technological prowess and entrepreneurial spirit. Two of the eight startups were awardees of the National Startup Awards 2022. Mrs. Madhumita Hazarika Bhagat, High commissioner, High Commission of India, Nicosia (Cyprus), gave the keynote address at the festival where she highlighted the possibilities of synergies between the two countries in the startup ecosystem. Shri Sumeet Jarangal, Director, DPIIT further presented the successful story of the Indian ecosystem. 

In addition to the two-day festival, the Startup India team and the startups were hosted by PWC in Nicosia, Cyprus where startups got an opportunity to pitch and understand the business landscape in Cyprus. The PWC team also presented on the possibilities and regulatory requirements for Indian startups to expand to EU markets. Cyprus and India, with their unique, differential yet promising startup ecosystem, have high potential to strengthen economic, strategic and international relations amongst each other.

While Indian startups got a one-of-its-kind to network with the enablers in Cyprus and vice versa, this is only a stepping stone in taking Indian startups beyond the boundaries of India and leveraging promising startup ecosystems for the best of Indian innovators. As an entrepreneur, are you Interested in representing India? Get your startup DPIIT recognized and avail benefits of our multiple schemes to leverage the best opportunities Startup India has to offer. Visit www.startup.gov.in to learn more.