Press Release
Deloitte has long championed and supported innovation and entrepreneurship, spearheading various initiatives throughout the region. Through the Innovation and Entrepreneurship Centre (IEC) in Cyprus, Deloitte plays a leading role in innovation locally and across borders. The establishment of ARIS | A Really Inspiring Story, a non-profit organisation established in association with Deloitte and curated by IEC, also exemplifies Deloitte’s vision to drive innovation by helping accelerate the success of start-ups and scale-ups. Additionally, the introduction of the Deloitte Technology Fast 50 programme in Cyprus and the Middle East since 2021, which ranks the fastest-growing technology companies across the region, showcases entrepreneurial spirit and commitment to innovation. All these initiatives underscore Deloitte's dedication to fostering a vibrant and dynamic environment for tech start-ups, providing them with the resources, mentorship, and recognition needed to thrive.
In this framework, an inspiring event focused on the next generation of start-ups took place in Limassol on Monday, 19 May 2025, attracting over 20 innovative start-ups and flourishing scale-ups. Under the theme “Cultivating success stories of innovation”, the evening offered networking opportunities amongst peers, investors and other key stakeholders of the innovation and entrepreneurial ecosystem.
The event featured insights from key stakeholders, including Theodoros Loukaidis, Director General of the Research and Innovation Foundation. Loukaidis mentioned that “Cyprus has emerged as a strong hub of innovation, with local start-ups and technology companies proving every day that resilience is the key to their success. The Deloitte Technology Fast 50 programme and today’s event have highlighted the impressive growth of these companies, which are shaping the future of technology both regionally and globally. As the national funding agency, we are proud to empower these companies through funding tools and value-added services, and remain committed to further strengthening the innovation ecosystem with a view to foster breakthrough ideas and promote sustainable development”.
Marios Tannousis, CEO of Invest Cyprus, and Violetta Skittidi, Co-founder & COO of Formulaw.ai, joined a panel with Deloitte representatives, moderated by Carolina Arbelaez DeLa Espriella, Director, Deloitte Private Growth at Deloitte Middle East. The discussion outlined the panelists definition of a "success story” in the context of tech, innovation and entrepreneurship, how Cyprus is cultivating a supportive ecosystem for innovative enterprises, and the role of accelerators and the local environment in fostering their growth. Finally, each provided valuable insights and advice for founders and entrepreneurs on how to navigate changes and challenges on their growth journeys.
Representatives from ARIS | A Really Inspiring Story accelerator and its main supporter, XM -
Anthi Chatzikyriakou, Manager, Strategy & Transactions, Deloitte Cyprus and Constantina Stylianou, Head of Events and CSR, XM - also delivered engaging presentations focused on how emerging start-ups and scale-ups can be supported to grow and thrive. Chatzikyriakou provided a comprehensive overview of ARIS’ role in helping new entrepreneurs, emphasising the importance of mentorship, funding opportunities, and networking, which are crucial in their path to success. Stylianou talked about XM’s vision on the collaboration with ARIS and how this helps build a sustainable innovation ecosystem in Cyprus that transcends borders and “connects the new generation of entrepreneurs with international markets, giving them the inspiration, tools, and opportunities to take the next step”. Additionally, the latest ARIS cohort, as well as alumni, shared their own personal and professional growth stories and experiences so far.
Kyriacos Charalambides, Strategy & Transactions Partner at Deloitte Cyprus, and Fast 50 programme Leader, presented the 4th edition results of the Deloitte Middle East & Cyprus Technology Fast 50 and awarded winning companies that joined the event. The increased number of applications to the programme year after year, reflects the growing maturity in the region’s start-up ecosystem. It is noteworthy to highlight that in all four editions the top raked companies were Cyprus-based. Municorn led the rankings this year, with a 20,164% growth.
“Entrepreneurs can have a great impact and change the world. They have the capacity to transform communities, influence their sectors and expand their own ecosystem. Initiatives like our ARIS and Fast 50 can motivate new entrepreneurs, while at the same time nurture the ecosystem as they exemplify best practices and grow the innovation network”, said Charalambides. He went on to inspire aspiring entrepreneurs in the audience advising them: “Think globally early. Chase your ideas with determination. Develop a clear strategy on how to develop your product or service and a go-to-market strategy on how you want to get there; adapt whilst staying committed in spite of any challenges you may encounter along the way”.
About the Deloitte Middle East & Cyprus Technology Fast 50 programme
The Deloitte Middle East & Cyprus Technology Fast 50 programme is an annual report that ranks the fastest-growing technology companies in the region, based on their revenue growth over the past four years. It highlights businesses that have achieved remarkable revenue growth and showcases their innovation, leadership, and impact on the technology sector, as well as the entrepreneurial spirit that continues to define the region’s technology landscape. By recognising these high-performing companies, the Deloitte Fast 50 provides valuable insights into the dynamic tech landscape of the Middle East and Cyprus, serving as a benchmark for industry success and fostering a spirit of innovation and excellence. More information about the programme and the 4th edition results is available at https://deloi.tt/43UuKtV.
About ARIS | A Really Inspiring Story
ARIS | A Really Inspiring Story,is a non-profit organisation established in association with Deloitte Cyprus, for the purposes of offering innovative enterprises the support, inspiration and community needed to accelerate their growth, amplify their impact and build true stories of success. ARIS supports start-ups that want to speed up the execution time of their projects and expedite their go-to-market speed and scale-ups that need business or financial support to develop and expand further their business and contribute to the growth of the innovation ecosystem. The programme has been designed and is being curated by Deloitte’s team under the Innovation and Entrepreneurship Centre (IEC). For more information, news, and updates on ARIS visit https://ariscy.com/.
