Cyprus continues to show strong performance in terms of entrepreneurial perception and intention, according to the 9th National Report on Entrepreneurship 2024/2025 of the Global Entrepreneurship Monitor.
The report was presented at the University of Cyprus, with participation from academics, business representatives and government officials.
High confidence and opportunity perception
According to the findings, 40.2% of adults in Cyprus believe there are good opportunities to start a business, while 47.8% say it is easy to launch one.
Nearly 59.9% of respondents say they have the skills and experience needed to start a business, while 68.3% personally know an entrepreneur, highlighting strong business networks.
High intention but fear of failure remains
The report shows that 24.1% of adults expect to start a business within the next three years, above the European average.
However, 50.8% say fear of failure influences their decision to pursue entrepreneurship, acting as a major deterrent.
Start-ups and established business activity
Early-stage entrepreneurial activity (TEA) in Cyprus stands at 9.7%, while established business ownership has risen to 8.4%.
The report also notes that entrepreneurship is stronger among younger age groups and people with higher education levels, while a gender gap persists in early-stage activity.
Growth potential and innovation trends
A significant 38.3% of early-stage entrepreneurs expect to create six or more jobs within five years.
The report also highlights a growing focus on digitalisation and emerging technologies, including artificial intelligence.
However, sustainability practices remain limited, while challenges persist in financing, education, R&D and government support mechanisms.
Policy and economic outlook
Officials said the GEM findings provide an important tool for monitoring entrepreneurship and supporting Cyprus as a competitive investment destination.
Small and medium-sized enterprises continue to form the backbone of the Cypriot economy, with funding programmes supported through EU and recovery funds aimed at strengthening business development and resilience.
Source: CNA
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