CIIM and CYTA present business competition for start-ups

The Cyprus International Institute of Management (CIIM) and the Cyprus Telecommunications Authority (CYTA) presented on Wednesday a business competition for 2014-2015 with a view to creating innovative independent business with a global perspective (start-ups) and with an emphasis on companies that are in the early stages of development, web-based businesses, and businesses based on new knowledge and high technology.

The competing teams have to comprise two to five members, one of whom must be a student or a graduate (alumni) of the CIIM. The competition will take place in two stages. In the first stage, the contestants should prepare a brief description of the business idea (Business Concept Statement), followed by a presentation of five minutes to the seven member jury.

In the second stage, participants will develop a Business Plan of twenty pages, followed by a ten-minute presentation to the seven-member committee, which will be open to the public.

The deadline for the submission of a brief description of the business idea is November 10, 2014.

CIIM Director Theodoros Panayiotou stressed the importance of innovation and entrepreneurship in the competitiveness of the economy, noting that it is the vehicle to exit the crisis. At the same time, he stressed the need to include entrepreneurship and innovation in society and in education from an early age.

The Director of Innovation and Development Services in CYTA, Michalis Papadopoulos, said in his speech that the main objective is to create new revenue streams, maximizing the value of the organization and creating a culture of innovation within the organization, supporting at the same time youth entrepreneurship and indirect support of the country`s economy.