Project Fact Sheet

							Title                           Action for Young Enterprises for Cyprus (AYEC)

Background                      This project will involve the development of a bi-communal entrepreneurship
                                development programme for enterprising Cypriot youth who aspire to launch business
                                partnerships and start-up ventures as a way to promote cooperation and trust between
                                the Greek Cypriot and Turkish Cypriot communities. Through facilitating the
                                development of creative and innovative entrepreneurial initiatives that promote a variety
                                of products and services island-wide and abroad, the project will create growth
                                opportunities for all Cypriots, and help in reducing destabilising factors which can hinder
                                socio-economic progress in Cyprus.
Why is this project important   Various factors such as Cyprus’ accession into the European Union, intensified
to Cypriots?                    competition fuelled by globalisation, new technologies and new marketing strategies
                                from low cost but high value added producers, could have a potentially destabilising
                                effect on the development of the socio-economic market in Cyprus that is composed
                                predominantly of family-controlled small-scale operations. For this reason, this bi-
                                communal project initiative will endeavour to equip young graduates with small business
                                and entrepreneurial skills.
Main activities                       o    A Business Plan Proposal Competition which will be advertised and promoted
                                           through an information session to be held at Ledra Palace for all interested
                                           applicants; and through the design and production of posters, informational
                                           materials and application forms
                                      o    Consultations with educational and private organisations to develop mentoring
                                           work teams
                                      o    Visits to educational institutions within both communities to distribute
                                           information concerning the competition and to encourage student participation
                                      o    Submission of formal business proposals by competing work teams which will
                                           be evaluated by a jury of leading academics and industrialists
                                      o    Selection of winners at a ceremony which will include video and press release
                                      o    Assessment of attitudes and needs for Youth Entrepreneurship in Cyprus
                                           through focus groups to be held with previous programme participants and
                                           stakeholders to evaluate the program
                                      o    The development and administration of a survey on youth business start ups
                                      o    The establishment of a Business Training program
                                      o    The implementation of educational seminars, workshops, tutorials, financial
                                           clinics and mentoring sessions held for selected entrepreneurial teams at
                                           Ledra Palace
                                      o    Evaluation of business plans submitted by participants in the programme and
                                           awards granted
                                      o    Dissemination activities including the publication of a Guide on Starting up a
                                           Business
Contribution to cooperation     Through cooperation between the CAF (Cyprus Academic Forum), CIIM (Cyprus
and trust between Greek         International Institute of Management), MC-MED (The Management Centre of the
Cypriots and Turkish            Mediterranean), Chambers of Commerce (Greek Cypriot and Turkish Cypriot), Women’s
Cypriots                        Co-op Bank, educational institutes and other training organisations, the training and
                                mentoring of young Greek Cypriot and Turkish Cypriot entrepreneurs will promote
                                cooperation and trust between the communities in their collaborative efforts to achieve
                                the project goals, which will benefit the growth opportunities for all Cypriots on the
                                island.
What does this project aim to   Through the successful implementation of this project, Greek Cypriot and Turkish
achieve?                        Cypriot youth will be equipped with the necessary small-business and entrepreneurial
                                skills required to launch new business partnerships and start-up ventures, or even to
                                transform existing small family firms into new avenues for growth, thereby combating
                                destabilising threats to the socio-economic development in Cyprus brought about by
                                various factors. Furthermore, as a consequence of this project, the establishment of
                                new business ventures will enable and encourage the creation of new jobs, the
                                employment of local resources and the promotion of not only traditional and ethnic
                                Cyprus products, but also new and innovative products and services, islandwide and
                                abroad, thereby generating wealth and growth opportunities for all Cypriots.
UNDP’s area of work             Good Governance: Education for Multiculturalism
Who are the project             Cyprus International Institute of Management and Cyprus Academic Forum
partners?
Duration                        September 2006 – July 2008
Budget                          CYP 67,000 (approx. USD 147,578)