Athena High Technology lands EUR 606k EC funded project

Nicosia, Cyprus - June 7, 2004. Athena High Technology Incubator announces the success of its proposal “ISLATEC – Fostering Entrepreneurship geared towards the development of high-tech start-ups by new and recent University graduates in the EU islands” of the 2004 Procedure B call under the European Community Programme Leonardo Da Vinci. Athena High Technology Incubator is the promoter, contractor, and coordinator of the proposal.

The project has a total budget of 605.996 Euros and is co-financed by the European Commission with a percentage of 75%. It is expected to commence in fall 2004 and will last for a three year period. ISLATEC’s transnational consortium consists of eight European partners that vary in regards to organization type, origin and experiences. Each partner brings to the consortium complementary knowledge and the essential skills required for running such a complex project. In terms of geographical scope, the consortium is spread throughout Europe from the very southeast point of Cyprus to the very northwest point of Iceland, including islands of the Mediterranean and the Baltic Sea.

Taking into account the idiosyncrasies of the European Islands, the project aims at developing an educational programme that encourages entrepreneurial initiatives of new, innovative firms by young scientists and engineers. By equipping them with the necessary knowledge and skills for launching a high-tech venture, writing up a business plan, attracting venture capital, and effectively utilizing business incubators and technology parks, Athena High Technology Incubator hopes that the ISLATEC project will positively contribute to the efforts of advancing entrepreneurship and contribute in the European Union's objective in achieving the Lisbon goal.

Athena High Technology Incubator Ltd. (AHTI) is an international for profit business incubator with focus on seed and early stage companies in Information & Communication Technologies (ICT). Through its infrastructure, provision of value added services, close ties with venture capitalists and partnerships with internationally acclaimed organizations, AHTI steers the tenant companies operationally and strategically so as to accelerate their development and drive them to sustained, profitable growth. For more information, please contact Eleftheria Ioannou.