Cyprus is increasingly becoming a preferred destination for founders looking to scale their startups. Yannik Schmidt-Grimm, a member of the Forbes 30 Under 30 Europe Class of 2026, shared his insights on why the island serves as a strategic base for entrepreneurs.
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“Cyprus gives you an escape from all that startup noise,” Schmidt-Grimm said in an exclusive interview with en.philenews. He is the founder of Pafos-based Dreamfactory Hospitality and the guest automation platform Foyera. For him, the tranquillity of Cyprus allows for focused growth and innovation.
A Journey to Success
Reflecting on his unexpected rise, Schmidt-Grimm recalled, “If you had told me ten years ago I will be a Forbes 30 Under 30, I would have said, okay, this can’t be real.” His journey began at the age of 16, when he started an apprenticeship at a large hotel in Munich. This early exposure to the hospitality industry laid the groundwork for his future ventures.
After gaining experience in various hotels in Vienna, including the Hilton and the luxury Hotel Imperial, Schmidt-Grimm pivoted during the Covid pandemic. After being placed on short-time work, he took a bold step into real estate, purchasing a dilapidated horse stable for around €90,000 and transforming it into a successful Airbnb unit. This venture propelled him into a new realm of possibilities.
Scaling the Hospitality Business
Dreamfactory now manages over 350 units across properties in Vienna and Krakow, including hostels, serviced apartments, and co-living spaces, all operated under a franchise model. With plans for expansion into Lisbon and Athens, Schmidt-Grimm’s business is thriving. In 2025, Dreamfactory aims to reach $3.5 million in revenue.
Alongside his hospitality ventures, Schmidt-Grimm developed Foyera, a platform designed to automate guest communication for hotels and short-term rental operators. “Foyera is the result of the pain we had during the growth of Dreamfactory Hospitality,” he explained. This innovative tool streamlines communication between guests and accommodation providers, ensuring a seamless experience.
Why Cyprus Stands Out
Schmidt-Grimm’s decision to relocate to Cyprus was influenced by multiple factors. “I convinced my wife to move to Cyprus because I had been here a few times already and I saw that the infrastructure was there to build,” he mentioned. His appreciation for the island’s isolation from the hustle and bustle of startup culture allows for a more focused approach to business development.
Cyprus’ status as a member of the European Union is also significant. “There isn’t a different currency here, which is actually a challenge when you run a business in multiple countries,” he noted. The island’s robust infrastructure, including healthcare and services, in addition to its favourable tax regime, further enhances its appeal to entrepreneurs.
Future Aspirations
For Schmidt-Grimm, the path to growth extends beyond simply adding more properties. He envisions Dreamfactory evolving into larger hospitality formats and possibly franchising in the future. “There is always a next level,” he stated, highlighting a progressive mindset aimed at continuous development.
Foyera’s potential applications also excite him. He sees opportunities not just within hotels and serviced accommodations but also in cruise operations, where disconnected systems pose challenges. “I believe that cruise operations, hotels on cruises, could really benefit from it,” he said, addressing significant gaps in guest relations.
Empowering Operators
Schmidt-Grimm emphasised that Foyera is not about replacing jobs but empowering hosts, especially smaller Airbnb operators who struggle to manage guest relations effectively. “What we do here is we do not replace jobs, but we give the host the time back to take care of the guests,” he explained, reinforcing the core essence of hospitality.
Lessons in Persistence
Having built his companies without major financial backing, Schmidt-Grimm’s journey underscores the importance of persistence. “The main message I have, which has been proven to me, is consistency,” he advised fellow founders. He believes that success is driven more by tenacity and dedication than by financial resources alone.
