Programme Category
Programme Name
Programme Description
The third Policy Axis aims to improve the competitiveness and resilience of the Cypriot economy. In addition to the other axes, it includes measures that contribute to the promotion of a new model of development and international competitiveness of the Cypriot economy, based on the results of the relevant study of the Cyprus Economy and Competitiveness Council.
Includes investments and reforms to expand the productive base by strengthening the primary and secondary sectors of the economy, improving competitiveness and the business environment, mainly by supporting small and medium-sized enterprises (SMEs), diversifying and strengthening the tourism product, modernizing public administration and local authorities, reform and improve the efficiency of the judiciary, fight corruption and enhance transparency, enhance research and innovation, and the resilience of the financial sector and the financial situation.
Identifier Code
Call
Summary
«DISRUPT» Programme aims to connect enterprises which develop cutting-edge innovations with the potential to create new or disrupt existing markets, with Venture Capitals who will support the further development and scale-up of these enterprises in international markets.
Through the Programme, the RIF funding – grant will be combined with the VC investment, with the aim to support the successful penetration of beneficiaries in the international markets, and as result to enhance the competitiveness and resilience of the Cypriot economy.
1st Deadline: 1 June 2023, 13:00
2nd Deadline: 1 December 2023, 13:00
There is not a 3rd Deadline.
Detailed Call Description
Through the «DISRUPT» Programme, enterprises with mature cutting-edge ideas are supported, which, at the proposal submission stage, have a signed binding agreement with an investment fund (VC Fund), which foresees for an equity capital investment of at least € 1 M in the company, to support its development in international markets.
Cutting-edge innovations are:
- Products or services based on new technologies and have the potential to create new international markets.
- Products or services based on adapting existing technologies and have the potential to create new international markets or to attract new customers in existing international markets.
- Products or services based on new technologies and have the potential to disrupt to a large extent existing international markets.
At the proposal submission stage, enterprises should have a Minimum Viable Product-MVP, for which beta testing of the product’s/service’s functionality, utility, and reliability by intended end users has already been completed and the good is currently available in at least one market. For innovations in the field of biomedicine, it is expected that at least the in-vitro testing stage has been completed.
Furthermore, by the proposal submission, the applicants must be able to justify that they have taken all appropriate measures to ensure the unobstructed commercial production, use and exploitation («freedom to operate»), including ownership of intellectual property rights (IPR) in a way that does not infringe third parties’ IPRs, any pending patent applications, as well as issues related to licencing of results.
In the frame of the RIF funded Projects, experimental development activities can be implemented which aim at the advancement of the technology readiness level of the innovation, the improvement/finalisation of the innovative product/service in a way to fully cover new functionalities/uses which the market seeks, and the completion of product/service development. The Programme also covers innovation activities, which may include the purchase of consulting services and innovation support services, which aim to further develop the innovative business idea towards a more commercial-ready product or service, as well as the costs of the beneficiaries’ participation in exhibitions/trade fairs for the promotion of the products/services. Through the Programme, the project team’s involvement in activities relevant to implementation of feasibility study of the project, as well as Marketing and Communication activities, are also supported. It is clarified that, the above refer to activities to be funded by the RIF.
The investment funds may cover any activities deemed necessary by the investorsfor the scaleup and market deployment of the innovation, including the company’s own contribution to the RIF funded project.
For further details:
FAQs DISRUPT_0123_GfE DISRUPT_0123_PART B_Technical Annex DISRUPT_0123_Call_EN_V3 DISRUPT_0123_Call_EL_V3
Call Total Budget
Financing percentage by EU or other bodies / Level of Subsidy or Loan
Up to €1 500 000
The Aid Intensity of the Host Organisation for Experimental Development Activities and Feasibility Study is calculated according to the provisions of Chapter 3.2 of the present Work Programme. Aid Intensity for Innovation Activities and Participation in Trade Fairs / Exhibitions is 50%, and for activities to be funded as De Minimis Aid is 100%. Furthermore, Aid Intensity for Large Enterprises, as Host Organisations, for Innovation Activities and Participation in Trade Fairs / Exhibitions which will be funded as De Minimis Aid will be 50%.
The final Aid Intensity for the Host Organisation, taking into account all of its activities, cannot exceed 70%.
Thematic Categories
- Small-Medium Enterprises and Competitiveness
Eligibility for Participation
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- State-owned Enterprises
Eligibility For Participation Notes
BENEFICIARIES: Enterprises
SPECIFIC RESTRICTIONS AND CONDITIONS FOR PARTICIPATION:
The Host Organisation (HO) of a project must be a Small, Medium or Large Sized Enterprise (B1, B2, B3)
Eligible organisations are local enterprises, regardless of their size or year of establishment, with mature cutting-edge ideas, which, at the proposal submission, have a legally binding agreement with a VC Fund, which foresees a direct investment in equity of at least € 1 M in the company, to support its scale-up towards the international markets. The investment should be made between the Call announcement date and until the end of the Project funded by the RIF.
Otherwise, the HO should return funding awarded back to the RIF. To justify the investment, the RIF will require relevant proofs for the transactions (e.g. documentation of issued share capital).
The investment fund should be regulated1 in a competent authority in Cyprus or in another member state of the European Economic Area.
The participation of Partner Organisations and Foreign Research Organisations is not permitted.
All beneficiaries that have not previously participated in the RESTART 2026-2020 Programmes, should make use of the simplified cost Method «Standard Scales of Unit Costs» for the calculation of personnel costs.
Each Enterprise can receive funding from the RIF for only one Project in the frame of the Programme during the 2022-2027 period.
Funding of same activities that have already been supported by the RIF in the frame of previous funded projects, is not allowed.
In the cases where the suggested project, requires to undergo a bioethical assessment by the Cyprus National Bioethics Committee, the relevant approval should be ensured as soon as possible and prior to the 2nd Stage of the Evaluation.
Call Opening Date
Call Closing Date
National Contact Point(s)
RIF Support Service
Telephone: 22205000
Email: support@research.org.cy.
(Publish Date: 23/03/2023-for internal use only)