ESIL Angel: Panayiotis Philimis

Bio at a glance

Panayiotis Philimis is the Managing Director of CyRIC Cyprus Research & Innovation Center (the certified BIC of Cyprus) and Gravity Ventures Incubator. He holds a PhD in Mechanical Engineering and an extended experience in research and innovation project and technical management with more than 100 applied research and industry projects. He is the President & Co-Founder of the Cyprus Association of Research & Innovation Enterprises (CARIE) and Member of the Board of Directors of European Business Network (EBN) , the Cyprus Research Promotion Foundation (RPF) and the Cyprus National Research and Education Network(CyNet).’’ he has several publications and patents in his name. He is an Angel Investor and Advisor/Mentor of several startups.

Works at

CyRIC, the only certified Business Innovation Center (BIC) in Cyprus, certified by the European Business Network. This certification assures that CyRIC belongs to an esteemed network of high-level professionals which deliver top notch services with high quality standards.  At CyRIC, as a Business Innovation Centre we are committed to propel innovation and nurture the entrepreneurial ecosystem in Cyprus and overseas.

Early stage investing in Cyprus today:

  • For early stage entrepreneurial activity, Cyprus comes third among EU Member States. The share of adults that intend to start a business is higher than the EU average.
  • The most problematic factors are cited as access to funding opportunities and bureaucracy.
  • Cypriot innovative enterprises are the most active in the whole EC with the highest participation of SMEs per capita in Research and innovation projects (FP7 and H2020) and is ranked first in EU with a 40% of the Country’s Budget won by SMEs in competitive calls the last 10 years (average in Europe is 20%).
  • Cyprus in an excellent pull of talent with the youngest population workforce and 46% of them having at least one degree
  • Local investors have a tendency to be more open in investing in real estate and/or tourism opportunities rather than technological and innovative products.

My goals in Cyprus

  • To consolidate and strengthen the role of Angel investors in the early stage investing arena.
  • To establish a solid and innovation driven entrepreneurial ecosystem.
  • To support aspiring entrepreneurs and ‘’help them create their future’’ providing them the means and opportunities throughout Gravity Ventures Incubator.
  • To bridge the Gap between start-ups and investors and provide significant value and access to funding to the local start-up value chain.

Connect with Panayiotis Philimis