cyprus startups — Cyprus startups need more risk-takers to truly flourish, asserts Dionysis Partsinevelos, a venture capital analyst at 33East. He argues that while the island’s startup ecosystem is maturing, significant challenges remain that could hinder its potential to grow into a self-sustaining environment.
Cyprus startups: Challenges in the Startup Landscape
Partsinevelos identifies key issues such as the quality of founders, access to capital, and the ability to scale internationally. In an exclusive interview with the Cyprus Mail, he elaborated on these challenges and shared insights on how Cyprus can avoid becoming merely a back-office hub.
A Culture Shift is Necessary
Discussing the evolution of innovation in Cyprus, Partsinevelos highlights the importance of risk-taking in building successful startups. “Many startups are still treated as side projects rather than full-time commitments,” he notes, emphasising that investors often hesitate to back ventures that lack full dedication.
Learning from European Success Stories
Partsinevelos draws parallels with successful European ecosystems, noting that private capital, rather than grants, plays a crucial role in fostering growth. He points to countries like Bulgaria and Estonia that have shown how visible success stories can shift cultural attitudes towards entrepreneurship. “Once founders see what is possible, they become more willing to take risks,” he explains.
Innovation Hotspots in 2026
As for the sectors showing promise in 2026, Partsinevelos indicates a strong focus on technology, particularly applied artificial intelligence, DeepTech, PropTech, and hospitality technology. “We are witnessing a surge in healthtech and medtech startups, along with exciting developments in robotics,” he shares, expressing optimism about innovation in the hospitality sector.
The Role of 33East in Supporting Founders
33East not only provides capital but also valuable support to founders, helping them navigate the transition from early-stage validity to scalable businesses. Partsinevelos describes their approach as “active investors” who offer strategic guidance and assistance in market access, rather than simply being hands-off financiers.
A Call for a Stronger Ecosystem
Partsinevelos stresses the urgency for Cyprus to build a robust startup ecosystem within the next decade. “If we don’t take this opportunity seriously, we risk becoming just another back-office hub,” he warns, urging a cultural shift towards risk-taking and full-time engagement in entrepreneurial ventures. The potential is there, and with the right mindset, Cyprus could emerge as a significant player in the global startup landscape.
