Rapid Growth of Cyprus’ Startup ecosystem

Cyprus has emerged as the fastest-growing startup ecosystem in the European Union, according to the 2024 StartupBlink Global Ecosystem Index​. The island nation jumped nine places in this annual global ranking, demonstrating a remarkable surge in its innovation landscape​.

Key metrics from the report illustrate Cyprus’s strong performance and outsized achievements for its size:

• Fastest-growing ecosystem in the EU: Ranked as the European Union’s fastest-growing startup ecosystem in 2024​
• Global ranking leap: Climbed nine spots in the worldwide startup ecosystem rankings, reaching 45th place globally​
• Top among small countries: Placed 4th globally among countries with populations under 2 million​
• Startup exits: Ranked 6th in the world for the number of startup exits below $1 billion​
• Investor density: Ranked 9th globally for the number of investors per capita​
• Booming startup count: Achieved a fivefold increase in the number of startups since 2020​
• Multiple cities in index: The only country under 2 million people with four cities listed in the global startup index​
• Sector strengths: Demonstrated strong industry niches, ranking 39th worldwide in FinTech and 25th in Gaming, with Limassol now the leading startup city in Southern Europe​

This rapid ascent in the global startup ecosystem has been fueled by a supportive environment for innovation. Industry leaders credit robust government support, targeted funding programs, and investment incentives for creating favorable conditions for entrepreneurs​.