1. Volume 2, Issue 2, Page 1
ISSN 1986‐1923
Diogenes Business Incubator University of Cyprus
Entrepreneurship Insider
Against the Odds or Against the Current …? Newsletter Team
Volume 2, Issue 2
March 2010 Instead of Welcome Note…. Publisher
Diogenes Business Incubator
1 Director’s Message University of Cyprus
It’s already March and the economic downturn is still with us
Editor in Chief
2-4 Portfolio Profile with its negative impact across the board and especially in Stavriana A. Kofteros
 A.R.M.E.S Ltd economic development investments in the National Budget Executive Editor
 VI Scientific Ltd of Cyprus. Victim of this is the new framework program Stalo Ioannou
providing seed funding for the creation of knowledge
4-7 Contributors:
Diogenes News intensive enterprises that has yet to be launched by its new VI Scientific Team:
 i3 Network
Managing Authority the Research Promotion Foundation Georgios Stylianou
 VI wins Startup of Stavros Papastavrou
the Year Award despite discussions of launching it in the Autumn of 2009. Demetris Hatziachilleos
 Diogenes in EU This has come on top of budget cuts in investments in R&D.
proposals A.R.M.E.S Ltd Team:
Didier Stricker
These are bad news for a country with an R&D Investment
Alain Pagani
rate of 0.45% of GDP versus an EU average of 1.84% and a Isabelle Chrysanthou
commitment to the Lisbon Goal of 3%. I will not discuss how Nectarios Pelekanos
unwise – to put it mildly - cutting economic development i3 Network Team:
programs such as the incubation framework is; there are David W.Denny
numerous publications and examples worldwide by Stavriana Kofteros
respected entrepreneurship organizations like the Kauffman Diogenes Business
Foundation that elaborate on this in widely. I also find D. Incubator University of
Cyprus
Senor and S. Singer, authors of Start-up Nation: The Story Stavriana Kofteros
of Israel's Economic Miracle, much more eloquent than Stalo Ioannou
my own babblings, so I would propose to grab a copy of
their book and have a look on how a country that is Permission to
committed to its strategic vision succeeds its goal. But I will reproduce or republish
EI’s articles
say just this, a small island country like Cyprus with an
To reproduced or transcript
average of 60% high school graduates getting a University one or more EI articles by
degree must invest in R&D and knowledge intensive electronic or mechanical
activities that are known to create wealth and enhance means (including
CyBIA economic prosperity. photocopying or archiving
on any archival system)
Cyprus Business requires written permission.
Incubator Association Cyprus does not need to reinvent the wheel to continue to Obtain permission at:
prosper; it must learn to be adoptive and embrace
innovation and above all recognize the economic benefits of Contact us:
high tech entrepreneurship. Diogenes and its companies are 91 Aglandjia Avenue,
P.O. Box 20537,
but a small example of what has been achieved so far by
1678 Nicosia,
business incubation in Cyprus. Cyprus
Tel.: +357 2289 2220,
EI Editorial Team Fax: +357 2289 2211,
Email:
Creating Business Value in Innovation info@diogenes.com.cy

2. Volume 2, Issue 2, Page 2
ISSN 1986‐1923
DIOGENES’ PORTFOLIO PROFILE:
A.R.M.E.S. Ltd
Focuses on the Bringing a touch of high-tech to exhibits
provision of visual ARMES Ltd (ARMES) is a Diogenes Business
systems that enable the
Incubator University of Cyprus portfolio company
merge of the real and
that has received seed funding from the Ministry
virtual world.
of Commerce, Industry and Tourism of the
Provides the user with a Republic of Cyprus under the program for the
realistic and Creation of new high-technology enterprises
unforgettable 3D through business incubators, to implement its innovative business plan.
experience of
interacting with the ARMES specializes in Augmented Reality (AR) technologies, focusing on the
virtual world. provision of visual systems enabling the merge of the real and the virtual
world. ARMES solutions are based on state-of-the-art components, for which
we hold the IP rights; the combination of which allows a rapid, flexible and
expandable customization to the customer needs for a wide selection of
A.R.M.E.S. Team applications. Such, mixed reality applications are increasingly being used in
Didier Stricker maintenance, in training, in marketing, in reviving the past or in planning the
Alain Pagani future as well as in education.
Isabelle Chrysanthou
Nektarios Pelekanos ARMES applications provide for the user a realistic and unforgettable 3D
experience of interaction with a virtual object/world. The main current focus is
on building a state-of-the-art maintenance/training AR system for the
manufacturing industry. Moreover, ARMES is offering Augmented Reality for
education and marketing purposes.
The Leventis Municipal
Museum of Nicosia will
host from May 2010
onwards a temporary
interactive exhibition
facilitated by ARMES
technology.
Augmented Reality will
be offered on a series
of interactive multi-
media stations through
which the passive
visitor will be
transformed into an active performer. The stations are designed to educate
and at the same time entertain the visitors on subjects related to the museum’s
permanent exhibition.

3. Volume 2, Issue 2, Page 3
ISSN 1986‐1923
For this Cyprus Premiere, ARMES is providing four Augmented Reality
interactive stations. Visitors will remember the impressive antique map
collection through the challenging station “AR Puzzle”. Have you ever
touched the most precious ceramic vessels in a museum? At Leventis
Have you ever
Municipal Museum of Nicosia you will be able to handle the most precious
touched the most pottery with the station “Touch History”. Can you situate some of the most
precious ceramic remarkable houses built during the British Crown colony period? Play and
vessels in a learn using the station “AR Map”, or go back to the 3rd floor of the museum and
museum? read carefully about the architecture during the British Rule!
Join us to experience Nicosia’s past with Augmented Reality and ARMES at
the Leventis
municipal museum of Nicosia
Hippocrates Street 17
Laiki Yitonia
Nicosia
Contact Details:
Address:
91 Aglandjia Ave.,
Green Park 2112 Nicosia
P.O.Box 20537, 1678 Nicosia,
Cyprus
Tel: +357-22892220
Fax: +357-22892219
Email:
info@armes-tech.com
Website:
www.armes-tech.com

4. Volume 2, Issue 2, Page 4
ISSN 1986‐1923
VI Scientific Ltd was founded in 2008 in
Nicosia, Cyprus, by computer scientists that are
VI Scientific has
aware of the difficulties blind and visually
released the latest
impaired people face in their everyday
version of its flagship
activities. Our goal is to address these
product VisionHunt™
difficulties by providing an array of easy to use visual aid tools. Our mission is to
a visual aid tool that become a pioneer in developing software-based and mobile phone-based solutions
runs on mobile for the blind and the visually impaired.
phones and utilizes
VI Scientific Founders:
the phone’s camera to
George Stylianou VI Scientific Ltd has recently released the latest version of its flagship product,
provide useful
Stavros Papastavrou VisionHunt™, a visual aid tool that runs on mobile phones. VisionHunt™ utilizes the
information to its blind
phone's camera to provide useful information to its blind user, such as the color on
user.
objects and the existence in a room of switched on lamps or televisions.
VisionHunt™ identifies also the value of paper money such as euro and dollar bills.
VisionHunt™ runs on popular Nokia phones as well as on the iPhone 3GS and the
Windows Mobile platform and is available in 17 languages.
Vi Scientific Ltd has established a network of distributors/resellers/partners on all the
Contact Details : continents. More specifically, VI Scientific Ltd is selling its products through six
distributors in Europe, and is in negotiations with potential distributors in South Africa,
Address: Australia, Latin America, and the Middle East. In addition, VI Scientific Ltd is
91 Aglandjia Ave.,
Green Park 2112 Nicosia
negotiating with distributors in the United States, Canada and Central America for
P.O.Box 20537, 1678 Nicosia, potential distribution possibilities.
Cyprus
VI Scientific Ltd will be presenting its products at two major annual conferences this
Tel: +357-22892220 spring: Across the Atlantic at the CSUN Conference for People with Disabilities
Fax: +357-22892219 which takes place in San Diego, CA in March and spring-boarding to enter the USA
market. In May, VI Scientific will be in Frankfurt, Germany exhibiting at SightCity
Email: 2010. Both conferences host the biggest exhibitions that target the blind and low
info@armes-tech.com vision people and post the best opportunities for publicity and further potential.
Website: For more information visit our website at www.viscientific.com
www.viscientific.com
Follow us on and .
Check out our videos (keyword: visionhunt)

5. Volume 2, Issue 2, Page 5
ISSN 1986‐1923
Countless books, articles and TV/radio shows have been produced on the interconnectivity of
global markets and the need for companies to participate in the “flat” world economy in order to
succeed. Traditionally, entrepreneurs, emerging and small businesses have often waited for a
later stage of development before looking outside their domestic markets. In a new world
economy, this old paradigm doesn’t work!
The i3Network believes that;
 a great idea, in the form of a product or service, will sell anywhere in the world
where there is a market need; and,
 it is never too early for a company to get involved in approaching and opening
global markets.
The i3Network is a new tool that uses existing However, each Hub must ensure that they provide a
networks, support programs and resources in specific minimum comprehensive set of services and support
countries to assist entrepreneurs and enterprises activities that have been generally defined as “soft
access and be successful in global markets.
landings”; which include:
The i3Network supports entrepreneurs and
enterprises through a network of regional Hubs  Translation services
comprised of organizations currently supporting  Language training
enterprises and economic development in their  Domestic market research and entry assistance
respective regions of the world. This approach  Access to capital and potential funders
provides cost effective access that caters specifically  Intellectual property protection assistance
to the needs and limited resources of entrepreneurs  Help meeting government regulations
and smaller enterprises.  Help with import/export laws
 Patent assistance
Our focus is to create an international network of  Help obtaining business and driver’s licenses
organizations involved in business growth and  Cultural training
development that work together:  Immigration & visa assistance
 Housing assistance
 To promote the proactive movement of client
companies between respective countries through
existing network contacts and reciprocal trade
visits So, how does an entrepreneur or SME access the
 To enhance the client companies’ potential for i3Network globally to achieve its goals?
international trade through assisted access to
new markets It all begins with support currently being provided by
 To provide business and cultural support (“soft regional organizations who are Hub consortia
landings”) to incoming companies to assist them members; such as the Diogenes Business Incubator
in relocating or establishing subsidiaries that will University of Cyprus, which is the lead organization
succeed and grow. for the i3Network Cyprus.
 To only provide assistance that is specific to the
needs and goals of the entrepreneurs and Participating enterprises work closely with their hub
enterprises we serve advisor to clearly define their international trade goals
 To measure results in order to show value by and needs. Once there is a clear picture of what an
registering unique goals and needs of participant enterprise wants to accomplish, they can access the
users and through earning of activity points by network individually or as part of an outbound trade
Hubs tied to development and support goals mission. Either way the needs profile is used by the
within the network hub in the foreign market to organize resources
necessary to help reach the enterprise’s goals and to
Organizations in i3Network hubs already offer a meet its needs.
variety of support services to their clients and
members.

6. Volume 2, Issue 2, Page 6
ISSN 1986‐1923
A typical trade mission includes sessions on doing Whether you are an entrepreneur with an idea, a small
business in the country (and region) visited, or medium enterprise looking for customers,
introduction to regional program resources which can distributors or partners in new global markets , an
investor looking for that next big idea, or a student and
counsel and advise participants and pre-arranged
university seeking collaborations with counterparts
meetings with regional companies and organizations across the globe;
that are targeted to help the participant move toward
and accomplish goals set. Each participating i3Network helps connect you to a world of new
enterprise has a regional host assigned in order to opportunities!
facilitate meetings, transport the participant to and
from meetings and to serve as a regional and
personal resource for the participating enterprise for
the duration of the mission. There are also many
opportunities to network with regional economic
development organizations, universities and company
owners from the region. If an enterprise doesn’t want
to attend a mission, the same support is available for
individual entrepreneurs and SMEs who want to
access the network through its regional hub.
i3Network Founders
Stavriana Kofteros David W. Denny
i3 Network Cyprus Hub Manager i3Network Founders Hub & i3Network Virginia Director
skofteros@diogenes.com.cy info@i3globalnet.com
www.i3globalnet.com www.i3globalnet.com
VI Scientific wins Startup of the Year Award
VI Scientific Ltd, was awarded the Start-Up VI Scientific is a
Entrepreneurs of the Diogenes
Year 2010 Award by the portfolio
Ministry of Commerce, company
Industry and Tourism. specializing in
This prestigious award follows the 2007 Cyprus developing
Entrepreneurship Competition Award the VI Scientific software
founders achieved and comes in recognition of the solutions for the
company’s progress and of their potential growth. blind and the
The Award accompanied by a monetary prize was visually impaired
presented to the founding team by H.E. Minister of that run on
Commerce, Mr. Antonis Paschalides, and CyEC mobile phones.
Chair Professor Skevos Evripidou. The company’s flagship product VisionHunt™ is
capable of recognizing colors on objects and identifying
Building on this award, VI Scientific Ltd is expanding bank notes. VisionHunt™ currently identifies the euro,
its horizons with new products - currently in testing Polish zloty and US dollar bank notes.
phase - that target even more needs of the people www.viscientific.com
with sight loss.

7. Volume 2, Issue 2, Page 7
ISSN 1986‐1923
DIOGENES in EU proposals
Diogenes has a direct interest in matters pertaining to The i3Network was formed in 2007 to create an
entrepreneurship and innovation and has continued international reciprocal soft-landings network that could
to pursue collaborations for the submission of EU facilitate increased levels of internationalization in
proposals. During this Quarter Diogenes has SMEs through closely connected consortia of business
participated in the following proposals: support and economic development agencies,
incubators, innovation centers, business and
I4S MED proposal submitted last year under the technology parks, and universities, that could jointly
lead of Business Innovation Centre La Fucina Scrl offer a wide range of expertise to young companies to
responding to the Priority Objective 1-1, Axis 1 provide access to new markets and technological
Strengthening innovation capacities, Objective 1.1: collaboration to help them grow. This IVC Capitalization
Dissemination of innovative technologies and know- Fund application, if successful, will provide the
how has successfully passed the first phase of opportunity to further develop the identified good
evaluation. Innova4Service (I4S) project will focus on practice by employing it in the expansion of the
service sector SMEs and it will develop, test and i3Network both into new EU regions, and within existing
disseminate an Innovation Capacity Model aimed to regions or countries where some i3Network consortia
strengthen the innovation capabilities of SMEs. This coverage is already present, for the benefit of
model will analyze, for both interpretative and innovative SMEs in those regions. It is well established
prescriptive purposes, how SMEs can develop and and accepted that it is the innovative and knowledge-
improve their innovation capabilities by adopting and based SMEs that offer the greatest potential for future
sharing the principles of project management and of economic growth and the creation of new jobs, and that
the intellectual capital (IC) management (i.e. Human, the internationalization of those SMEs will accelerate
Networking, and Organizational Capital). their rate of growth.
INTERREG Greece – Cyprus under Priority: Diogenes took the lead and initiated a Life Long
Competitiveness, Special Targets 1.1 Strengthening Learning, Leonardo da Vinci, Transfer of Innovation
of Entrepreneurship and 1.2 Strengthening of proposal in collaboration with prestigious organizations
Research and Innovation submitted MESUP: in Europe. The TechFemSURE proposal will adapt and
Mentoring STARTUP proposal under the lead of the develop an innovative training package on
Foundation for Research and Technology - Hellas entrepreneurship that will be tested and evaluated by
(FORTH). The main objective of the proposal is the women would-be & entrepreneurs and women and men
development of a series of actions and pilot with innovative and high technology startups (target
application geared in advancing collaboration groups). The aim is to assist them to set up, run and
between business incubators in Greece and Cyprus grow their companies. The project aims to transfer and
for supporting of new startups and spinoffs. further develop the methodologies and training
packages already developed by the innovation
INTERREG IVC Capitalization i3Network Europe transferring organizations to the receiving organizations
proposal to Optimize Best Practice in SME (ROs). Through the development of a new training
Internationalization under the lead of Business package specifically for the target groups, they will be
Support Kent CIC. The i3Network Europe Project will able to get practical and useful information and know-
build on and disseminate the best-practice aspects how and thus further develop the skills and
that have been developed over the past three years competencies that are required when starting and
to encourage and support high-growth potential, growing their own company. The proposal was
innovative, and knowledge-based SMEs to engage in submitted in February 2010.
international trade.