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FROM CYPRUS SEEDS GREAT DREAMS GROW


Interview with Cyprus Seeds Chairman Jeremy Downward

Cyprus Seeds is a non-profit organization with the mission to help commercialize
innovative academic research in Cypriot universities and researcg institutions.
In addition to grants, it offers mentoring, business skills training and
networking with the business community and potential investors outside Cyprus.
Here, Cyprus Seeds Chairmaan Jeremy Downward tells GOLD why he is optimistic
that the organisation’s continuing support for innovative ideas will lead to
great things for entrepreneurship and the country.

 

Later this year, Cyprus Seeds will be announcing its third call to Cypriot
researchers to apply to its programme. As you look back on the previous two
years, how would you assess the experience?

We are now close to the end of the second 12-month cycle of Cyprus Seeds and I
must say that it has been a great journey! I feel honoured to have been involved
as Chairman of the Board. The past 24 months have demonstrated that Cyprus Seeds
is an idea with substance. There are currently 12 projects moving towards
commercialization and this is a clear indication that something serious is
taking place here. I make special mention of three teams: From the first cycle,
Gene Therapy for Inherited Neuropathies (Kleopas A. Kleopa, Cyprus Institute of
Neurology & Genetics) and from the second cycle, Innovative early detection of
faults in Photovoltaic (PV) Systems – SOLEX (George E. Georghiou, Professor

University of Cyprus) and ABLASONIC: MRI-guided robotic system for non-invasive
focused ultrasound surgery (Christakis Damianou, Cyprus University of
Technology).

These three examples show great diversity and show how Cyprus Seeds’ teams
participate in a range of industries. Moreover, bearing in mind that Cyprus
Seeds consists of a relatively small group of highly energetic people, we can
recognise the great value of the current results and the huge prospects that
exist.

As we now have substantial results and evidence of our successful journey, I
truly hope that this will impact those in academia, researchers and of others
pursuing their PhDs. There is now a proven path for them to follow and join
Cyprus Seeds for the successful commercialisation of their innovative ideas.
Cyprus Seeds, with its softer, more qualitative impact, can act as a beacon
leading to the involvement of new promising teams and individuals. Mindsets are
changing and this is for the benefit of all. Further proof of Cyprus Seeds’
great ‘legs’ is the fact that it has attracted and retained some great sponsors
who believe in the positive impact of our mission. The AG Leventis Foundation
has been one of the main sponsors, as has The Hellenic Initiative (THI), which
has two sides to its operations: philanthropy and offering support in times of
crisis (outside Cyprus) and being a catalyst for entrepreneurship in order to
encourage young people to enter the business world. We are also proud that THI
will continue to support us, together with the Cyprus Government.

In view of all this, I believe that we can be justifiably proud of our journey
so far.

 

Will the new call for applications differ in any way from the previous two?

The new call, which will take place in the last quarter of 2022, is similar to
previous ones but it will finesse our thinking, based on what we have learned
and experienced to date. Our profile today is highly respected and we wish to
attract ‘the best of the best’, offering not only funding but also mentoring,
which is equally important. We have two ideas continuing with us from the
previous cycle, which shows continuity but also indicates that 12 months is a
relatively short period of time. Nonetheless, we are doing our best to make the
most of it.

In general, young startups find it very difficult to obtain access to finance
for new ideas that need to be commercialized. These can be capital-intensive
and, of course, there are limits on what can Cyprus Seeds, as a non-profit
organisation, can offer in terms of funding in such a short period of time. Our
remit does not allow us to provide further financial support, so the upcoming
London event is one of the initiatives that we shall be taking as part of the
process to raise our profile and push our teams towards more dynamic scenes and
international audiences, enabling them to present their ideas and results and
gain access to financing.

 

Tell us more about the upcoming event. Why London?

There are two main ports of call for financing for our teams: Greece and London.
We would like our teams to receive funding from one or the other, as we strongly
believe that they have what is necessary to become success stories. Greece has
moved from the call stage to a working stage. Those involved saw opportunities,
became entrepreneurial due to the financial crisis and now have the seeds of a
thriving, young, dynamic startup community, which simultaneously led to the
launch of a forward-thinking VC industry in Greece. Early successes led to more
money coming in and a need to expand their geographical presence, and Cyprus was
the first expansion point for many of the Greek VCs. We are looking forward to
seeing our teams become part of this.

However, though exciting, VCs in Greece are not as established as their London
counterparts, which is why we have chosen to hold events at the Science Museum
there and other similar initiatives will take place to give our teams access to
London-based VCs. The next event will give an opportunity to four of our teams
to tell their story to a more international and well-established industry, which
can help them progress further.

 

You have already mentioned Cyprus Seeds’ three major sponsors. What would you
say to other companies/VCs that might consider becoming sponsors?

The AG Leventis Foundation, THI and the Cyprus Government will continue to
support our mission aimed at the commercialization of innovative ideas. These
three entities have very different purposes but, when it comes to Cyprus Seeds,
they are united. Cyprus Seeds has good governance and management and the
sponsors know exactly where their money is going and that it is being well spent
on a great mission that will impact society and the country. By supporting our
goal of creating a fledgling startup culture in Cyprus, they are also helping
prevent a brain drain and increase employment. VCs can support this platform,
which now has three years of proven track results. We are speaking about
commercially viable ideas, which may have begun their journey in Cyprus but have
a broad, universal application. Our teams have world-class ideas with worldwide
applicability, which is why I firmly believe that the quality of their work will
attract the interest of VCs and lead to them providing tangible support to our
best researchers.


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