The Cyprus Entrepreneurship Competition, CyEC2004/5, is a Business Plan Competition, running for the 2nd consecutive year in Cyprus. It is modelled on the very successful ‘MIT$50K Entrepreneurship Competition™’ of the Massachusetts Institute of Technology, which has a 15 year history, and aspires to transfer this experience to Cyprus. The CyEC2004/5 is organised by the University of Cyprus and supported by the Ministry of Commerce, Industry & Tourism and the Cyprus Development Bank.

CyEC2004/5 is open to teams of young scientists and researchers who wish to transform their innovative ideas into Business Plans for the launch of leading high-tech companies of tomorrow. It aims to provide an incentive for these young talents to dare and offers them a unique experience through a process of learning. Although monetary rewards are given only to the first three finalists, all participants are considered to be winners as the CyEC is primarily an educational process. In addition, participants get the opportunity to be exposed to potential investors who may find their Business Propositions attractive and deserving of their financial and other support.