Stelios’ Offer to Cypriot Businesses

Cyprus News 7.9.09

This week, the Financial Mirror in Cyprus reported on an innovative new business award, which is being financed by the well-known entrepreneur and founder of easyGroup, Sir Stelios Haji-Ioannou.

The Stelios Award for Business Co-operation in Cyprus has received an overwhelming response from new Cypriot businesses, especially as Stelios has promised to give away €1 million of his own money over the next four years. His aim is to encourage entrepreneurship and bi-communal business teamwork across the island and the initiative is targeted particularly at young, dynamic businesses which need growth funding.

Stelios hopes that the award will not only encourage island-wide entrepreneurship, but will also help to foster cross-border business relationships between communities on both sides of the Green Line in south and north Cyprus. The finance awards will go to those who are best able to demonstrate effective teamwork, mutual trust and prospects for business viability.

What makes this award different is that entrepreneurial teams applying for the award must prove island-wide business activity, and the company must consist of at least one Greek-Cypriot and one Turkish-Cypriot, each born on Cyprus. Stelios will review the applications himself and up to five winning teams will be presented with a personal cheque for €50,000 from him in a ceremony in Nicosia at the end of the year – and even better, each year thereafter for up to four years, depending on the calibre of the applicants.

According to the organisers of the award, interest has been so high that they have decided to extend the deadline for entry to September 11th. Commenting on the initiative, Stelios said: “I am delighted at the response we have received so far for the award. I set it up in the hope that it could help to break down the barriers that exist between the island’s north and south – which are currently divided by different languages, religions, and cultures. The volume and quality of applicants demonstrates that the potential is there to foster a long-term spirit of business co-operation.”