Diogenes, a Cyprus based business incubator focused on high technology, is a private entity wholly owned by the University of Cyprus aimed to support the development of the high technology sector in Cyprus.
Diogenes was incorporated in 2003 and began operations in 2004 under the Cyprus Government Program for Creating High Technology Enterprises through Business Incubators. The Ministry of Commerce provides seed capital of €200.000max to entrepreneurs for startup creation in order to develop and commercialize high tech ideas. The program ended on 31/12/2007 and the new program is expected.
In the last call of the program (31/10/2007) Diogenes had 60% (3 companies out of total 5) of the new companies approved for funding by the Ministry and an internal rate of success for this call of 75% (3 out of 4).
Diogenes has 8 portfolio companies of which two (2) have graduated from the program in the end of 2007. There are currently a total of six (6) companies in incubation.
Diogenes holds equity stakes in all portfolio companies and aims to enhance the value of the startups.