Investment in technology and research allows even small states to develop sectors once dominated by bigger players. Space is one such field, and Cyprus now intends to test its strengths by backing entrepreneurial ventures.
The Eratosthenes Centre of Excellence has launched the first open call of Space BIC, Cyprus’s Space Business Incubation Centre, aiming to support startups and innovators working with satellite data and space technologies.
Cyprus’s first space-tech incubator
“Space BIC by the Eratosthenes Centre of Excellence is the first space-technology business incubator in Cyprus,” said Professor Diofantos Hadjimitsis, CEO of Eratosthenes, speaking to Politis. “It is implemented by the Eratosthenes Centre of Excellence at the Cyprus University of Technology (CUT), with support and funding from the Deputy Ministry of Research, Innovation and Digital Policy.”
“The incubator was created to help startups and individuals leverage satellite data and space technologies to build innovative solutions,” he added. “By fostering a dynamic ecosystem, Cyprus is, for the first time, linking space research with the market and opening doors to international collaborations. The space economy is expanding rapidly, and Cyprus has the opportunity to play an active role. With Space BIC, research connects to the marketplace, partnerships are strengthened and the country’s position in the space arena is enhanced.”
Funding and tailored support
Selected teams will benefit from funding, specialist mentoring by international experts, access to investor networks and end-to-end support, from concept to commercial launch.
Each successful participant or team will receive up to €50,000 in de minimis, non-dilutive funding to develop prototypes, validate technologies and scale innovative solutions. The incubation programme runs for 24 months across two planned cohorts; the second cycle will be announced mid-2026.
Support is tailored to the maturity and novelty of each idea, in line with approved incubation plans. It may include workspace, access to equipment and infrastructure, expert guidance, technology support, market access, funding opportunities, open-innovation partnerships and assistance for R&D&I projects.
Who can apply
Eligible applicants include startups under five years old, teams or individuals who have, or intend to establish, a company in the Republic of Cyprus, can demonstrate relevance to the space domain and present a viable business model.
Key dates and outreach
The first application window is open until 15 October 2025. Professor Hadjimitsis invites teams, startups and individuals with a vision to apply at www.spacebic.cy/apply.
In parallel, a public info event will be held in Limassol on 23 September 2025, offering detailed briefings on programme opportunities.
Why it matters
“For the Eratosthenes Centre of Excellence, innovation and entrepreneurship are foundational to our sustainability and growth,” Professor Hadjimitsis underlined. “With Space BIC we capitalise on our research excellence and state-of-the-art infrastructure to create new opportunities, strengthen Cyprus’s ecosystem in space technology and Earth observation, and cultivate an entrepreneurial culture that supports national and regional development.”