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The Government of the Republic of Cyprus in June 1999 has adopted a New Industrial Policy which consists of twelve chapters. The first two chapters refer to the promotion of high technology industries in Cyprus through the establishment of an incubator (Chapter 1) and the creation of a Center for carrying out applied research and development in high technology fields (Chapter 2).
The concept of the incubator for high technology companies is based on the realization that researchers or inventors may be very good in their field, but do not necessarily possess the necessary entrepreneurial skills and experience to make good businessmen. In addition, the initial stages of creating an enterprise in the high-tech field involve many risks, which act as a deterrent for external investors. As a result, many excellent ideas are left unexploited. Incubators aim at helping new inventors or researchers in the early stages in order to develop and market their innovative ideas and create new productive enterprises based on them.
The Government of Cyprus through the Incubators Programmes provides part financing for projects aiming at the development of new high technology products which will be approved to enter the incubator, up to a period of two years. Applications for such projects may involve the participation of non-Cypriot inventors or scientists.
A detailed study of all aspects relating to the creation, organisation and operation of the new institutions has been assigned by the Council of Ministers to a Technical Committee composed of representatives from the Ministry of Commerce, Industry and Tourism (chair), the Planning Bureau, the University of Cyprus, the Cyprus Chamber of Commerce and Industry, the Cyprus Employers and Industrialists Federation, the Institute of Technology and the Foundation for the Promotion of Research.The Technical Committee prepared a report based on visits to similar establishments in Israel, Ireland and Greece.