The growth of entrepreneurial activity in recent decades has increased the interest of scholars and practitioners around the world to the concept of the entrepreneurial ecosystem and start-up companies. Specifically, start-ups have proved to be an effective tool for promoting entrepreneurship, innovation, creating new jobs and boosting economy.
However, start-up companies are fragile and often fail to survive during the first year. There are many reasons for this, among them, the most common are unfavorable business environment, lack of proper financial and government support, insufficient managerial skills of the founders and many other issues. Therefore, for productive and long lasting effect, regional studies related to start-ups and ecosystem need to be conducted to detect the major difficulties faced by new ventures as well as monitor factors that contribute to their success.
In terms of these issues, Cyprus with its evolving and perspective entrepreneurial ecosystem is of a particular interest. Current studies are mainly focused on exploring characteristics and success factors of large, developed clusters like Silicon Valley, meaning that emerging and smaller regions like Cyprus are poorly understood. Taking this into account, I have decided to touch on the topics of innovation, start-ups and entrepreneurial ecosystem of Cyprus in my final year research project. With this research paper, I intend to explore the inner-workings of Cyprus entrepreneurial ecosystem, mapping the success factors that help local start-ups emerge and grow, analyze the existing networks and interactions among stakeholders within the ecosystem as well as determine the gaps and problematic issues within the ecosystem. I believe the results of this study can be used to develop programs and propositions aimed to maintain sustainable ecosystem as well as it will explain what has worked in Cyprus and what still needs to be improved.
As part of the research project, a survey is introduced to gather the most up-to-date and relevant first-hand facts and opinions from start-up founders and executives about the performance of entrepreneurial ecosystem in Cyprus. More specifically, this survey aims to analyze how each part of the entrepreneurial ecosystem affects the emergence and subsequent growth of start-up companies in Cyprus and measures how entrepreneurs perceive the usefulness of the ecosystem in which they are operating.
Dear start-up founders/co-founders and executives, you are all very welcome to respond to this survey until the end of June!
Let’s together make Cyprus a better place for start-ups!
Thank you, Dariia
Contributor @ DisruptCyprus.com
Dariia Robota has a background in International Economics and work experience in Management Accounting. Currently, she’s pursuing her second postgraduate degree - MBA at Frederick University in Limassol. The issue of start-up companies in Cyprus is of a particular interest to her.
With relevant academic background, experience and the results obtained from her research project she would like to help the local start-up community to develop as well as to contribute to the existing studies on the entrepreneurial ecosystem by analyzing small emerging regions and understanding the specifics of start-ups in such regions.