Cyprus is becoming a major technology centre. Many companies are investing money there. The island's startup scene is getting noticed globally. In 2024, Cypriot businesses received almost $100 million. This shows strong belief in their work. Cyprus used to be known for finance. Now, it is a place for new technology ideas.
The island is now in the top 40 startup places worldwide. It has been Europe's fastest-growing place for two years. A report called StartUpBlink shows Cyprus moved up five spots. This is a big change for its global position. The number of startups on the island grew by 71% last year. The overall activity in the startup world increased by over 28%.
Many things are helping this growth. Investors from Silicon Valley are looking for new places. They want to invest outside of big tech cities. Cyprus is strong in artificial intelligence, fintech, and gaming. The government also has good policies. These include helpful taxes and special offers. Therefore, it is a good place for new businesses.
Local groups are also helping this growth. The Cyprus Research and Innovation Foundation supports new ideas. The CEO, Theodoros Loucaides, said new entrepreneurs are brave. They want to build global companies from the start. Venture capital firms are also giving money to good startups.
These changes mean Cyprus is now important in technology. Its good location and focus on new ideas are helping. This is a new time for Cypriot businesses. Companies in 2024 received an average of $4.4 million. This shows the quality of the new businesses from Cyprus.