Cyprus innovation on the rise: Broadening participation and opportunity

By Marilena Paraskeva

Marilena Paraskeva is Head of Funding Programmes at the Research & Innovation Foundation

Cyprus is steadily strengthening its position as a regional hub for research and innovation. The Research & Innovation Foundation (RIF) has been at the heart of this transformation, providing businesses and researchers with the resources and guidance needed to bring innovative ideas to market.

Over the past decade, RIF’s programmes have supported a growing number of projects that are shaping Cyprus’s innovation landscape, from digital technologies and clean energy solutions to food tech and biotechnology.

One of the most notable developments within this ecosystem is the growing participation of women in research and innovation activities.

Between 2016–2020, women submitted 717 proposals to RIF programmes. In the following period, 2021–2025, this number increased to 1,094 proposals, demonstrating a clear rise in interest and engagement from women researchers and entrepreneurs.

Today, 21.76 per cent of funded projects are led by women, reflecting steady progress toward broader participation and diversity within Cyprus’s innovation landscape.

This upward trend signals not only increased access to funding opportunities, but also a cultural shift. Women are increasingly assuming leadership roles in research projects and innovative enterprises, contributing expertise, strategic vision and entrepreneurial drive across a wide range of disciplines.

For us, it is not just about women-led projects, but gender equality across the entire project lifecycle, from the design of research activities to the composition and contribution of project teams. This approach reflects RIF’s commitment to more inclusive research and innovation activities that lead to wider impact, in line with European policy frameworks.

The RIF’s funding programmes portfolio caters for the needs of researchers, startups and established enterprises at different stages of maturity. It supports idea generation, applied research, product development and market deployment, while fostering collaboration between academia and industry.

Some inspiring women-led RIF funding projects include:

Natallia Miranchuk – SOULA

SOULA is a digital health platform designed to empower women by giving them control over their health data, cycles and wellness journeys. Natallia Miranchuk’s leadership emphasises user-centered design and evidence-based development.

The project illustrates how RIF-backed innovation can combine technological excellence with real-world relevance, benefiting users while strengthening the ecosystem of female-led innovation.

Marianna Prokopi Demetriades – RSL Revolutionary Labs

In the field of biotechnology, Demetriades and her team are developing diagnostic and therapeutic solutions with global potential. By securing RIF funding, RSL has been able to expand its research capabilities, validate technologies and scale its operations internationally. This success story highlights the tangible impact of public support on women-led research enterprises.

Louiza Sophocleous – The Mighty Kitchen

As CTO and Co-Founder, Louiza Sophocleous has been instrumental in shaping The Mighty Kitchen’s mission to create sustainable, plant-based food products. Her expertise in technology and product development demonstrates how women leaders are driving innovation in sectors beyond traditional high-tech, fostering both environmental sustainability and entrepreneurial growth.

Eugenia Herodotou – EnergyIntel

Eugenia’s work focuses on smart energy solutions, optimising consumption and contributing to Cyprus’s green transition. EnergyIntel exemplifies how female-led projects can generate both commercial and societal impact, addressing pressing challenges in energy efficiency and sustainability.

Malloc

Malloc, one of Cyprus’s fastest-growing cybersecurity startups, is led by women in its executive team: Dr Maria Terzi (Co-founder & CEO), who focuses on vision, AI and product development, and Dr Liza Charalambous (Co-founder & CTO), responsible for technology strategy and implementation.

Their flagship AI-powered privacy protection technology has gained international recognition, showing how RIF-supported initiatives can scale to the global market while promoting women’s leadership in deep tech.

Theodora Krasia

Theodora’s projects in advanced materials and nanotechnology underscore the scientific excellence emerging from female-led research in Cyprus. Her work bridges the gap between high-level research and industrial applications, illustrating the breadth of opportunities created through RIF programmes.

They are part of a dense ecosystem in which RIF’s funding programmes actively encourage equal participation and diversity, reflecting both legal requirements and strategic policy goals.

Across all funded projects, teams are increasingly composed with attention to gender balance, ensuring that women have equitable access to leadership and decision-making roles.

For organisations and entrepreneurs that have not yet engaged with RIF, the message is clear: there are far more funding opportunities, participation is broadening – leading to more success stories.

By investing in research and innovation today, Cypriot companies and research teams can contribute to sustainable economic growth, enhance competitiveness and position Cyprus as a credible player in the global innovation ecosystem.