Crowdfunding, marketing etc.

Crowdfunding, marketing etc.

Title
The Startup ecosystem in Cyprus: Success stories of SSEs
Country
Cyprus
Description
Cyprus is rapidly becoming a hub for innovation and entrepreneurship with the number of start-ups in Cyprus increasing in recent years. Start-ups are an essential driver of the economy as a source of prosperity through the creation of new products and adding services, respecting the market, and creating more jobs. The development of an international start-up ecosystem that fosters innovation can contribute to sustainable economic growth and competitiveness. A start-up ecosystem is a complex social network created by a company interacting with other entities. Actors within such networks can be categorised into entrepreneurial entities, business support organisations, and investor groups. In this article, we focus on one organisation, Startup Cyprus, the flagship of the start-up ecosystem in Cyprus. Inspired by the European Startup Manifesto, the local start-up ecosystem of Cyprus united to draft the Cyprus Startup Manifesto, which includes ten suggestions for the further development of the ecosystem and the strengthening of start-ups. The Republic of Cyprus has actively adopted the recommendations of the Cyprus Startup Manifesto drafted by Startup Cyprus and invited the organisation to participate in the drafting of the National Entrepreneurship Policy Statement. This article also discusses social entrepreneurship and social enterprises in Cyprus. "Social entrepreneurship" addresses current economic, social, and environmental challenges through the development of sustainable employment, social inclusion, improved community services, and more. Social enterprises operating in the socio-economic sector follow a different business model than large enterprises.