Often, the most difficult period for a start-up is the early stage where, usually there is just an idea, or a rough design of the service or product. During this period, it becomes more difficult to convince investors to invest in you since there is usually not enough evidence of the added value of your solution. During this stage, receiving support is one of the most important steps, as this can help you validate your idea, better develop it and provide the necessary information to convince investors and customers.
When it comes to early stage start-up support, incubators provide an optimal solution as they will accept you at an early stage, to guide you and help you grow.
Start-up Incubation benefits
Start-up incubators combine services which include guidance for all necessary activities (idea validation, business models development, prototyping, testing etc), funding and a place to work from without additional costs.
During the incubation period, start-ups can actually focus more on service/product development due to the reduction of other financial and managerial burdens; they have access to mentors who are specialised and have a vast experience in fields like developing companies and commercialising in international markets; they gain access to big networks which they can use to find investors and distribution channels; and they will have other people around them who are in the same “boat” with whom they can communicate and collaborate, whether on a professional or personal level.
Why apply to an incubator in Cyprus?
Although there are several countries providing stellar incubation programs, Cyprus is becoming increasingly popular among start-ups. The island is one of the biggest business centres in the EU, where foreign companies come to set up due to the many benefits the corporate system provides. The main driving factors when it comes to deciding where to incorporate a company is cost and efficiency. Cyprus provides for a liberal economy, a low-cost taxation system, a low income tax rate, as well as a speedy and simple process of incorporation which takes only a few days. Furthermore, the system allows for foreigners to fully own Cypriot companies, therefore, making the burden of using intermediaries void.
Especially when it comes to start-ups, you can be sure to find a friendly environment, since their growth and better development has been strongly incorporated with the National Policy Statement for Entrepreneurship offering competitive start-up and investment incentives. Furthermore, the long philosophy of the island in attracting foreign investments can come in very handy in terms of mentors’ experiences and effectiveness in the field.
Finally, as a start-up founder you will have a lot of fun with your peers as there is a significant number of meetups, hackathons and start-up events.
At Gravity, our team is here to answer your questions about incubation and Cyprus, as well as to guide you with establishing your start-up in Cyprus.
Drop us an email at firstname.lastname@example.org