Given the E.U. policy on the promotion of innovation as well as the known need for continuous improvement of competitiveness of the Cyprus companies, as from 2006 OEB is establishing the “CYPRUS INNOVATION AWARD”. The Award will be presented to companies/organizations/services either private or of the wider public sector which prove to be successful in the implementation of innovative ideas/practices.

Under the general title: “Cyprus Innovation Award”, four individual awards will be given depending on the sector of activity, as follows:
  • Innovation Award for the Primary Sector
  • Innovation Award for the Manufacturing Sector
  • Innovation Award for the Services Sector
  • Innovation Award for the Public Sector
As from 2020, OEB announces the Social Innovation Award

The “Cyprus Innovation Award” has been placed under the auspices of the Cyprus Republic and the Research Promotion Foundation.


The European Commission has issued the Green Paper in 1990, in which Innovation is defined as follows:

“the successful creation, incorporation and use, of something new, in economic and social level”

Innovation may comprise of the effective implementation of new procedures or the use of new technology aiming to satisfy the demand/customer or to solve a problem within the company, society or economy.


The award will be presented following an evaluation of the application forms and bearing in mind the following criteria:
  • The financial conditions of the applicant during the last three years (revenue, profit, sales increase (%) and market share (%)).
  • Ways of promoting and developing innovation within the management and staff of the organisation.
  • Description of the innovation and need/purpose/logic for the creation of the idea as well as the idea behind the approach and development.
  • Description of the Innovation for which you are applying to receive the award and the need/purpose/logic for which the idea was created and the approach/development thinking of the specific Innovation.
  • Ways by which innovation has created a competitive advantage in your business/organization/service.
  • Changes which have occurred in the functionality of your business/organization/service
  • Effects of the innovation on the financial condition (profitability, saving of resources, increase of productivity, etc) within the organisation.
  • Implementation of the innovation and possible effects on the conservation or improvement of the environment.
  • Arguments supporting the originality and authenticity of the idea.
By submitting their application, participants are committed to provide any additional details, proof and information which may be demanded by the Evaluation Committee.


Applications with be examined by the Evaluation Committee which is made up of independent experts from Cyprus. It is possible that during the evaluation, specialists on other issues may be asked to offer their expertise, depending on the Committee’s discretion.


Those entitled to participate in the “Cyprus Innovation Award” competition are legal persons (company, corporation, other legal entity) as well as services/organisations of the wider public sector operating in Cyprus, which have innovated and are in position to prove the successful application of their innovation. The sector of activity of each participant must fall within one of the four sectors which are described above. Only one application for each award can be accepted from each legal person/organisation/Public Sector Service.


  • Primary Sector concerns agriculture, fishing, and mining businesses.
  • Manufacturing Sector concerns all industrial businesses.
  • Services Sector concerns all companies of the tertiary sector
  • Wider Public Sector concerns public services, local authorities and Governmental/Semi-governmental organizations (non-profit)
  • The Evaluation Committee is not obliged to give an award if deemed un-necessary.


The duly completed Application Forms for the competition must be submitted at OEB’s Οffices:
- Acropoleos Avenue and 2 Glafkou street, Nicosia 2000 (tel. 22665102),
- Alexandrias 13, 3013 Limassol (tel. 25313305), or
- P.O. Box 21657, 1511 Nicosia,
in a sealed envelope marked “Cyprus Innovation Award”.

Last day of submission is the 11th September 2020. Application forms are available at OEB’s offices or at the Award’s website at the following address:
Admin 3,
Jun 26, 2020, 12:08 AM