02 August 2022

Introducing the CyEC 2021 Runner - Up


Continuing from last week, on the subject of the Cyprus Entrepreneurship Competition, we are covering the stories, experiences and takeaways of some of the participants in last year's competition program.

In this second and last part, we will focus on the runner-up team, Atokes, who are on a mission to elevate the stress of buying necessity products by providing flexible paying options to their customers.

Imagine your favorite TV series or the Champions League is on, but your TV just broke down. You have the money, but you also have other financial obligations. Stressed out and not sure what to do? With the help of technology, Atokes enables people to easily register and apply for credit that they can use for their purchases. Users can buy their favorite items by spreading the cost into monthly instalments with no hidden fees or any additional cost.

Talking with Renos Skoufarides, one of the four co-founders of Atokes, being part of the CyEC 2021, helped the team gain exposure, visibility and network further with renowned names from the business domain, while exchanging valuable insights on how to perfect and market better their solution. Currently the company is looking for ways to expand its service abroad, after successfully launching and operating on the island for the past four years.

In relation to their experience in the CyEC acceleration program, Renos shared that the concept of drafting a business plan was not new to them, having previously participated in the IDEA CY accelerator, however the CyEC provided them with additional business training and knowledge on how to successfully pitch and communicate their massage across their target market. Most importantly, despite the anticipated benefits, usually associated with such accelerators, according to Renos, the networking opportunities from meeting with investors, industry experts and other experienced co-founders exceeded their expectations. The offered workshops and feedback from the sessions allowed the team to revise some of their strategies and business model. Through these interactions Atokes, attracted the interest of various prominent stakeholders, initiating the conversation and paving the way for potential partnerships in Greece.

In the final part of our interview, Renos highlighted the importance of having the right team in terms of expertise, shared responsibilities and complementary skills but also displaying a more open and entrepreneurial mindset. For Renos the lesson of entrepreneurship is not about ‘’not giving up’’, but having the ability to adapt to changes, respond to feedback and pivot fast.

To find more about Atokes visit: https://www.atokes.com/

To experience the CyEC 2022 journey, register your team or startup here: https://www.cyec.org.cy/