CRITERIA

Over this six-week journey, your team will not only receive unparalleled support and mentorship but also compete for cash prizes. Culminating in a final event, you’ll have the opportunity to pitch your groundbreaking ideas directly to investors. Get ready to accelerate your startup to new heights! 

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• Commitment

Mandatory participation in in-person accelerator sessions with at least one team member present to ensure engagement and contribution to the program’s collaborative environment. 

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• Team composition

Each team must consist of a minimum of 2 individuals. At least one team member should be a resident of the Republic of Cyprus and all applicants must be over 18 years of age.

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• Company registration 

Applicants do not need to have a registered company to apply. However, if a team wins, they must register a company in Cyprus to receive the prize. If a team already has a registered company, it must have been established within the last 5 years and be registered in Cyprus. 

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• Funding limit, Investment Disclosure & Grand Prize Allocation

Companies or teams should not have raised more than €50,000 in equity capital or grants before applying, to ensure the program supports startups in their early and crucial stages of development. Teams that have received over €50,000 in investments or grants are required to disclose these funds in detail in their application, ensuring transparency and a clear understanding of their financial history and needs.

 

To ensure proper use of the grand prize, the winner must submit fully audited records, or invoices and receipts for the allocation of the funds, one year after the transfer. If the funds are not fully utilized within that year, the winner (if requested) must provide a plan detailing how the remaining funds will be allocated in the future. This ensures the prize supports MVP development or other actions that aid the startup’s progress.

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• Growth potential

Startups must demonstrate significant potential for growth in the global market, highlighting the opportunity for investment and scalability within the next 12 months. This ensures the program invests resources in ventures with a clear trajectory for development and success.

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• Capabilities for launch

Teams must possess the necessary skills and knowledge to successfully launch their product or service, ensuring they are prepared to move from concept to market with the support of the accelerator.

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• Business potential

Applicants must be able to communicate the business potential of their idea effectively.

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• Submission timeline

Adherence to the online submission deadlines is mandatory, emphasizing the importance of timeliness and organizational skills in a startup’s success.

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• Disqualification discretion

The organizing committee reserves the right to disqualify any application that does not meet the program’s standards or align with its objectives, maintaining the integrity and focus of the accelerator.