Cyprus Entrepreneurship Competition 2023: Celebrating Innovation and Success


The Cyprus Entrepreneurship Competition (CyEC) 2023 edition marked another successful year, showcasing a remarkable array of entrepreneurial talent and innovative concepts. The event hit its peak on November 27th with an exciting final pitching session, followed by the much-anticipated winner announcement at the 8th Innovation & Entrepreneurship Forum the next day, November 28th.

This year's CyEC highlighted the growth and vibrancy of Cyprus's startup ecosystem. From over 30 initial applicants, the competition showcased nine outstanding finalists, each exemplifying unique innovation and potential in their respective fields. These finalists included:

  • IQ3Solar: Leading the way in sensor technology and efficiency enhancements for solar panel installations.
  • Freyia Labs: Innovating in the realm of functional food products and nutraceuticals.
  • Park in Town: Revolutionizing urban environments with innovative parking solutions.
  • Groovit: Creating a comprehensive DJ ecosystem featuring a marketplace, community, streaming, and payment tools.
  • E-mbracelet: Developing cutting-edge sensor technology to assist individuals with autism.
  • Multians: Offering an online platform for content creators, enabling collaboration and market matching.
  • Design Inspiration: Building an online hub for property developers, architects, and designers.
  • The Aeons Project: Focusing on educational technologies with a historical narrative approach for young learners.
  • Playtask: Merging gaming with education in a virtual environment for children aged nine and above.

The competition's top honors were awarded to IQ3Solar and Freyia Labs, which were recognized for their innovative solutions and potential for global impact. IQ3Solar received the First Prize, with the amount of 17.000 euros, while Freyia Labs received the Second Prize with the amount of 3.000 euros.

This year, the 'Launchpad' segment was also introduced, allowing select startups to pitch directly to a panel of investors. Participants in this category included Medily, Bitloops, Intellar, Hello Radius, Answeropia, Atokes, 2050 Materials, and Efevretech.

The Pitching Event and the following Innovation & Entrepreneurship Forum, mainly focusing on artificial intelligence, provided invaluable insights and networking opportunities, further enriching the entrepreneurial spirit of Cyprus.

The successful organization of CyEC 2023 was made possible by the University of Cyprus Centre for Entrepreneurship (C4E) and the support from the Ministry of Energy, Commerce, and Industry of Cyprus. Their collaborative efforts have been pivotal in nurturing the next generation of Cypriot entrepreneurs.

As CyEC 2023 concludes, we extend our gratitude to all participants and supporters. We look forward to CyEC 2024, which promises to elevate Cyprus's role as a hub of innovation and entrepreneurial success.

  • Ministry of Energy, Commerce, and Industry of Cyprus


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