CyRIC as a private organisation mainly focusing on Research, Innovation and Entrepreneurship has been working, since its beginning in 2013, on finding solutions, for the public sector as well as for businesses. Through the years, it has achieved to be one of the 34 companies in Cyprus to be awarded by the European Business Award in the innovation category and has gained a long experience in successfully managing  several National and European Research programs. However, its biggest achievement yet, has been its certification as the only EU Business and Innovation Centre (EU|BIC) in Cyprus, by the European BIC Network (EBN). This certification assures that CyRIC belongs to a wide and esteemed network of professionals committed to drive innovation and support innovative SMEs.

It is understandable that, as a general term, Business Innovation Centre (BIC) doesn’t mean much, since this it is commonly used. The difference and the importance in the EU|BIC categorization, lays in the fact that it is a label  officially recognized by the European Commission (DG REGIO), through a quality certification scheme which was set up in the late 1980s.it’s important to note that EU|BICs around Europe share the same values, aims and quality levels which provides for a specialised approach to entrepreneurship and innovation.

EU|BIC and its activities

In all simplicity, an EU|BIC is an organisation supporting innovative SMEs and entrepreneurs. This includes the creation and development of new start-up ventures but also the support of existing companies, in the sense of driving them towards innovative methods, services and products. Overall, their primary focus is assisting and advising innovative companies to ensure their success in an ever-competitive market, which is becoming more and more demanding.

A BIC’s services include project evaluation, strategic assistance and advisory, access to finance, internationalisation, start-up placement into incubation programs, training and monitoring. Furthermore, it can provide assistance and services to public bodies such as needs’ analysis, implementation of measures supporting SMEs and launching new schemes to promote and support entrepreneurship.

The European BIC Network

All EU|BICs are under one “roof” called the European BIC Network (EBN) which was created in 1985 with the aim of managing their relations, collaboration and activities. This was also the main factor, which drove to the development of the common standards and the quality certification which is now applied. All members of the network are carefully vetted and implement their services at the same European quality standards, ensuring maximum success for their clients.

CyRIC as an EBN member, delivers carefully developed services in-line with the aforementioned standards and, like its peers, focuses on driving innovation, creating next generation innovation companies and assisting existing ones, all the while ensuring their needs are met by national authorities.

CyRIC launches Gravity Ventures Incubator

Through its experience in the field, and following its certification as an EU|BIC, CyRiC launched, this October, its own incubator, Gravity Ventures.

The incubator is characterised by the high-quality standards applied by CyRIC and is committed to support entrepreneurs in the long-run and following their incubation period.