The premise of the Digital Transformation scheme
The “Funding Scheme for the Digital Transformation of Companies” is a grant designed to upgrade the digitalization of local small and medium-sized companies. The Digital Transformation funding scheme is granted by the Ministry of Energy, Trade and Industry of Cyprus to new and existing enterprises around the country.
Main objectives
Encourage digital entrepreneurship
To increase the number of small and medium-sized enterprises that use digital systems in their workflows and products.
Amplify the digital identities of companies (e.g. company websites)
Eligible Costs
The funding rate accounts for 50% (excluding VAT) of the total eligible budget. The maximum budget is €50,000 for processing and €40,000 for further activities, with a minimum investment of €5,000.
Below are the eligible costs for the grants given:
- Equipment
- Off-the-shelf software
- Custom software, systems, and IT services specialized for each company. (Coverage up to 36 months)
- Other digital upgrade costs
Examples of companies that should apply for the Digital Transformation scheme
Companies can benefit significantly from the Digital Transformation scheme by gaining new and efficient practices in their workflows and products/services. The use of digital solutions such as e-shop web development, price monitoring, and data aggregation enhances the potentials of scalability in almost any company.
A good example of a market that can benefit significantly from digital transformation is retail (E-Commerce). An online storefront immediately puts a physical shop onto a platform accessible to anyone online at any time of the day/week. Learn more about our E-Commerce solution
A real-life example of the scheme in action is Nicosia HR and Recruitment Agency, HR Innovate. They received funding from the digital transformation scheme in October 2020. Their team members state: “As we take this journey, now with this grant, we are preparing to deliver ever greater service by our client base than ever before.”
At Soft Surge, we are committed to contributing to the digital transformation of businesses in Cyprus. We have the drive of a startup company with the knowledge and attention to detail to tackle any idea and project thrown our way. Check out a full list of our services here.
Learn more about the scheme here
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Note: The factors of the scheme given in this article are subject to changes.