The prospects for students in “Entrepreneurship and Innovation.”
The local institutions and the Government progressively refocus on forming a vibrant and prosperous economy. The new economic realities hinge on the efficiency of creating new innovative startups and enhancing value creation and innovation within existing firms. Cyprus features a rapidly growing innovation and entrepreneurial ecosystem, encompassing favorable policies, incentives, and grants for new and existing businesses. Examples include: a) the 2015 National Policy Statement for the Enhancement of the Entrepreneurship Ecosystem in Cyprus, which delineates the implementation of several targeted actions to boost the country’s entrepreneurial activity, and people’s entrepreneurial skills and provides support infrastructure and incentives to new and existing firms to become more innovative and competitive; b) the 2018 legislation, which allows public universities to create spin-out companies; c) the Cyprus Entrepreneurship Fund (CYPEF), which provides access to more than €300m worth of financing to entrepreneurial small and medium-sized enterprises (SMEs); and d) the Cyprus Research Foundation Pre-seed, Seed and Innovate programs dedicated to the development of startups and internationally competitive products. Many successful Cypriot startups have emerged, drawing on these incentives, including Malloc, ProMed, Embio Diagnostics, and AmaDema, among others.
This looming transformation and the progression to a modern entrepreneurial ecosystem gives rise to significant needs for modern “entrepreneurs” with the skills and knowledge they need to create startups and successfully grow existing firms. Reports by the Cyprus Statistical Office, the Human Resource Development Authority of Cyprus (HRDA), and EUROSTAT highlight the significance of professional entrepreneurs who hold a university degree, as they carry more skilled human capital for research and innovation and are in a better position to start and grow innovative ventures.
The prospects for students in “Digital Business.”
Digital transformation uses artificial intelligence (AI), machine learning, virtual and augmented reality, the internet of things (IoT), and other digital technologies to leverage data and drive intelligent workflows for real-time response to market disruptions. It ultimately changes customer expectations and creates new business opportunities. When executed successfully, digital transformation can make a company more efficient and lucrative.
Responding to digital transformational challenges, Cyprus increasingly develops a strong technological infrastructure, attracting major international companies from the Information and Communication Technology (ICT) industry. Most new ventures in Cyprus rely on digital technologies and applications, such as blockchain (e.g., Decentralized Vision), machine learning and AI (e.g., BridgerPay, Yous), mobile and internet-based platforms (e.g., Foody, L2P limited), fin-tech (e.g., Flexfin), and digital marketing (e.g., BuzzGuru). According to recent data from TechIsland, the largest non-profit IT association in Cyprus, Cyprus features over 446 technology startups and scaleups worth €3.7b in combined enterprise value. The country has recently set a National Digital Strategy that aspires Cyprus to become a fit-for-the-future society and knowledge-based economy enabled by digital transformation. The National Digital Strategy sets targeted initiatives aimed at supporting the digitalization of local businesses and business sectors; boosting digital entrepreneurship to enable the creation of new digital ventures and adoption of digital technologies by existing entrepreneurs; strengthening the digital competitiveness of existing firms by increasing their capability to adopt and explore digital technologies; and driving up the adoption of frontier and emerging technologies by new and existing companies.
These developments create significant needs for modern managers possessing digital literacy skills, who can lead the transition of their businesses in the face of a rapidly changing technological environment. Today’s managers need to master traditional managerial skills and fundamental digital skills, which are vital for establishing and (or) managing modern digital businesses. To effectively solve business problems, they need to be able to work with the latest emerging technologies such as artificial intelligence, machine learning, blockchain, VR/AR, and IoT. According to studies by OECD, McKinsey & Company, and Deloitte, which assess the managerial role and employment prospects in digital technologies, new jobs and roles emerge for managers with specialization in digitalization and digital business. Managerial roles will change, switching to tasks that complement new technologies. Managers will use more data-driven approaches to their practices, including strategic decision-making, performance management, and employee recruitment and retention. They will oversee teams using agile, data-driven, and digital solutions to address business problems and exploit innovations to reach organizational goals.
The prospects for graduates in Management
Graduates of the program in Management will be able to apply for any job in the private or public sector, within or outside Cyprus, in the broader scientific areas of the program, such as Accounting, Finance, Marketing, Strategy, and Human Resource Management, among others. Graduating with a high mark will enable students to apply for postgraduate studies at the best internationally recognized universities.
In year three of the program, students may apply to work in a real business organization as part of their internship course. The internship will enable them to understand the modern challenges of businesses in real working conditions. Upon completion of their studies, students who have participated in an internship are often offered a full-time job by former internship employers.
Certifications
Students can attain several exemptions from modules required for the accredited qualification of the professional accountant of the ACA (Institute of Chartered Accountants in England and Wales) or the ACCA (Association of Chartered Certified Accountants).