Limassol Named One of the Best Cities for Starting a Business
The international research centre StartupBlink has released its annual report on the best startup ecosystems worldwide, and Cyprus has achieved impressive results. In 2024, Cyprus rose 9 places in the global ranking, positioning itself as the fastest-growing startup ecosystem within the European Union. Furthermore, Limassol has been recognized as the top city for startups in Southern Europe.
This remarkable success is largely attributed to active government support, favourable tax policies, the creation of an investment-friendly environment, and the influx of highly skilled professionals into the technology sector. Startups in Cyprus are thriving across various industries, including fintech, iGaming, cybersecurity, blockchain, and artificial intelligence (AI), among others.
When compiling the rankings, experts analyzed data from over 100 countries and 1,000 cities globally. Cyprus’ performance stands out with the following achievements:
- 6th globally for the number of startups valued up to €1 billion
- 9th globally for the number of investors per capita
- 39th in FinTech and 25th in iGaming
- The total number of startups in Cyprus has increased five-fold since 2020
- Cyprus is the only country with a population under 2 million to have four cities ranked in the Global Startup Index
The rapid growth of the startup ecosystem in Cyprus is a testament to the country’s commitment to fostering innovation and entrepreneurship. According to Theodoros Loukaides, CEO of the Research and Innovation Foundation (RIF), this recognition is a reflection of the country’s dedication to creating an environment conducive to startup success:
"Through strong government support, targeted funding programmes, investment incentives, and initiatives to attract top talent, we are creating a thriving ecosystem that empowers startups to develop innovative products, attract private investment, scale internationally, and ultimately succeed."
StartupBlink’s rankings are based on an extensive database that includes more than 1,000 cities, 70,000 startups, 2,000 co-working spaces, and 800 accelerators worldwide. The evaluation considers factors such as the number and quality of innovative companies, the availability of innovation infrastructure, and the volume of investment.
Source: Cyprus Mail