Startups blooming in Cyprus
Cyprus was cited as an example to follow regarding its startups environment that is second only to tourism in contribution in the island’s economy at a major conference in Athens last week.
“Technology is everywhere; it is our future and the future of the next generation by promoting transparency and changing areas in our daily lives,” said John Georgoulas, independent director of Nicosia-based digital banking platform ECOMMBX.
He stressed the need for solutions to these issues, highlighting Cyprus as an example, at The Economist’s three-day 28th Annual Government Roundtable. The technology sector in Cyprus contributes 13% of the country’s GDP, second only to tourism. The country attracts new companies and human resources, with over 300 fintech companies operating there.
He emphasized the challenges of promoting innovation in Europe, identifying the lack of capital markets integration as a significant hurdle.
Georgoulas noted that this challenge drives startups to seek opportunities in the US market. Additionally, he pointed out that while strict regulations are necessary, over-regulation can increase costs to unsustainable levels for businesses.
