Cabinet approves creation of investment fund

The cabinet on Wednesday 21st of August approved the creation of an investment fund aimed at boosting economic growth, support startups and foster business innovation, according to a proposal put forth by Finance Minister Harris Georgiades.

The fund, which will fall under the regulation and framework of the Securities and Exchange Commission, will receive an initial sum of €20 million from the state, government spokesman Prodromos Prodromou said, but he specified the government will have no say in the fund, which will operate on strictly business criteria and will follow international standards on management and investment.

“It will be an innovation, a mechanism which will support efforts for growth and in particular innovation, startups, given that the state can take the initiative but will have no say in the decision making,” spokesman said to the reporters.

The proposal was put forth by Mr. Georgiades and is set to be an alternative source of funding so as to ensure the banking sector is not the only source of funds to entrepreneurship, according to Mr. Prodromou and is a practice carried out in several economically developed countries.

According to Mr. Prodromou, the finance minister had also told the council of ministers that the state revenues were significantly increasing in the first six months, with lower expenditures – or more specifically, half the expenditures.

This allowed the state to have a significant surplus during this period, with a low inflation rate of about 0.5 per cent, while public debt is around 96 per cent but falling – after a spike, following the co-op bank demise.

Philippos Patsalis interviewed about PreSENTIA

NBRI President and NIPD Genetics Founder and Chief Executive Officer, Philippos Patsalis has given an interview to philenews.com discussing about PreSENTIA a new generation test for identifying genetic mutations with cancer susceptibility.

Among other, Dr Patsalis explains that PreSENTIA has an extensive portfolio of 19 hereditary cancer panels. Each panel focuses on a specific set of genes that have high susceptibility to cancer predisposing syndromes, that in turn have increased risk of causing cancer.

Read the full interview here.

Presentation of the new National Strategy Framework for Research and Innovation 2019-2023

The Chairman of the National Board for Research and Innovation, Prof. Philippos Patsalis, presents “INNOVATE CYPRUS” the new national R&I Strategy Framework for the period 2019-2023, during an event at the Presidential Palace, in the presence of President of the Republic, Nicos Anastasiades and other governmental officials. The event was attended by various representatives and stakeholders from the Cyprus R&I ecosystem.

According to statements made by the President of the Republic, through a series of reforms the Government addresses the goal of creating new productive sectors for the economy, based on research, scientific excellence, innovation, technological development and entrepreneurship. Moreover, the President expressed his support to the Board and other institutions of the new R&I governance system in the implementation of the strategy, and welcomed any future suggestions contributing to the creation of fundamental conditions for the success of the R&I system.

NBRI Open Dialogue Event on new R&I Strategy Framework 2019-2023

Encouraging active participation and engagement of stakeholders and citizens in shaping the new strategy for research and innovation, the National Board for Research and Innovation (NBRI) organises an Open Dialogue Event.

During the event, Prof. Philippos Patsalis, Chairman of the Board, presented NBRI’s proposal for the national Research & Innovation Strategic Framework 2019-2023, launching an open dialogue with stakeholders and the wider public, including government, competent authorities, businesses and academic and research institutions, as well as experts in the research and innovation field.

Feedback submitted by stakeholders to NBRI was utilized to form the final proposal of the Board regarding the new “Innovate Cyprus” Strategy Framework 2019-2023 presented before the President of the Republic of Cyprus on May 16th, 2019.

The Chairman of National Board of Research and Innovation and the Chief Scientist at the General Assembly of University Rectors

The Chairman of NBRI and the Chief Scientist participate at the General Assembly of University Rectors discussing the way forward on research and innovation in Cyprus. The Chairman outlined the importance of transforming research into innovative products and services and into tangible benefit for the national economy and society, being one of the most significant challenges faced by our national research and innovation system.

NBRI Chairman addresses the 1 st Call Opening of the CYPRUS SEEDS

The Chairman of NBRI Prof. Philippos Patsalis addresses the event organized by the “CYPRUS SEEDS” for the 1st Call opening for the submission of proposals by academic researchers aiming to support commercialisation of research results.

The CYPRUS SEEDS (www.cyprusseeds.org.cy) is an NGO supporting research teams to develop entrepreneurial activity, transforming their research results into innovative products and services entering the market. The support provided by the organisation includes seed funding, guidance, mentoring and training of research teams with the support of a network of collaborators.

The CYPRUS SEEDS was created as an initiative of Mr George David, Yiannis Monovoukas and Marina Hatsopoulos and is implemented with the support of The Hellenic Initiative, A. G. Leventis Foundation, Eurobank Cyprus, EY Cyprus and MIT Enterprise Forum Greece (MITEF).

Conference on Digital Economy and Innovation “A Vision of Growth” / Panel Discussion with Commissioner Digital Economy & Innovation Mariya Gabriel

The Chairman of NBRI Prof. Philippos Patsalis and the Chief Scientist Mr Kyriacos Kokkinos discuss with Commissioner Digital Economy & Innovation Mariya Gabriel on the aspects of digital economy and its importance for Cyprus and Europe. The panel discussion took place during the Conference on Digital Economy and Innovation “A Vision of Growth” organized by the Cyprus Democratic Rally.

The NBRI attends the Chief Scientist Inauguration Ceremony

The formal inauguration ceremony for the appointment of Mr Kyriacos Kokkinos as the first Chief Scientist of the Republic of Cyprus took place on the 30th of January 2019 at the Presidential Palace.

The inauguration ceremony was attended by government officials including Minister of Finance Mr Haris Georgiades, Minister of Energy, Commerce and Industry Mr George Lakkotrypis and Minister of Interior Mr Constantinos Petrides, as well as the Chairman and members of the National Board for Research and Innovation.

The President of the Republic Mr Nicos Anastassiades congratulated Mr Kokkinos for his appointment, expressing his confidence in Mr Kokkinos readiness and determination to respond to the requirements of the Chief Scientist’s demanding role, while wishing him every success.

First official meeting for the National Board for Research and Innovation

The National Board for Research and Innovation (NBRI) had its official opening meeting on the 26 th of November 2018. The Board meeting was attended by the Minister of Finance Mr Haris Georgiadis, who stated that the promotion of a new governance framework for research and innovation has been identified as one of the top priorities of the government.

As the Minister said, facing as a country the most pressing consequences of the economic crisis of the past few years, we need to promote reforms, not only in the public sector, but also in our economy, aiming to expand our national productive base. This expansion, which will enable us to achieve sustainable economic growth, can come precisely through the promotion of research and innovative entrepreneurship.

The Minister of Finance, also talked about the adoption of the National Board for Research and Innovation as an international-level Board, comprised of scientists and professionals that combine vast academic, research and scientific experience with experience in entrepreneurship and innovation. He also said that the role of the Chief Scientist, who will have a coordinating and executive role, will also be important within the new governance system, as the main point for contact and collaboration among public services, ministries, the research and academic community and the private sector. According to the Minister, through the work of the NBRI and through the advice and initiatives we will have as a Government, we will be able to make significant steps towards this direction.

The Chairman of NBRO Prof. Philippos Patsalis stated that research and innovation are crucial factors for economic development and social prosperity for a country. As Prof. Patsalis mentioned, Cyprus can become a competitive and developed economy, driven by research and innovation, scientific excellence, technological development and entrepreneurship. He also mentioned that our country is in need of this new growth model and that the Government is making decisive steps for its implementation.

According to Prof. Patsalis, NBRI will develop and operate on a new and integrated governance system, that will coordinate all key stakeholders of the public and private sector, while defining direction on the basis of an ambitious vision and long-term strategy for research and innovation.

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