Cyprus students and startups compete in AI product development event

Zubr Capital brings AI hackathon back to Cyprus with 50 studentsMore than 50 university students and nine startup teams took part in the second Zubr Capital Young AI Hackathon in Cyprus on October 24, developing artificial intelligence products and testing business ideas with guidance from investors and experienced entrepreneurs. The one-day event, hosted by Cyprus-based investment firm Zubr Capital, challenged participants to build AI-powered products from scratch or improve existing projects, while gaining practical experience of the demands faced by early-stage businesses. Participants researched their target audiences, tested key assumptions, established priorities and worked on minimum viable products (MVPs), applying a startup development process within a limited timeframe. Throughout the event, teams received guidance from investors, entrepreneurs and senior executives from companies in Zubr Capital’s portfolio. The mentors helped participants critically assess their ideas, refine product hypotheses and concentrate on the tasks most likely to advance their projects. The hackathon concluded with presentations to a panel of investors and industry experts, with teams pitching the products they had developed or improved and explaining their underlying assumptions and the results of their work. “In a startup, there is rarely enough time or information to make decisions with complete confidence,” said Alena Padalnitskaya, head of student programmes at Zubr Capital. “A hackathon makes this particularly clear, as teams have to test assumptions quickly, distinguish what matters from what does not, take feedback on board and, when necessary, change their original approach,” she stated. “Ultimately, it is not just the idea that counts, but how quickly a team can learn and make decisions under uncertainty,” Padalnitskaya added. The event marked the second edition of the initiative in Cyprus, following its debut in October 2025, when 50 participants and eight startup teams took part. The initiative has also been held in Warsaw, Poland, and Almaty, Kazakhstan, where an AI-focused hackathon took place in September 2026. This year’s Cyprus event introduced a dedicated focus on artificial intelligence, giving students and early-stage founders the opportunity to explore how the technology could be used to develop new products. “Cyprus has a growing technology ecosystem, an international business environment and talented young people,” said Oleg Khusaenov, founder and chief executive of Zubr Capital. “We believe that building globally competitive technology companies starts long before their first investment round, at universities and through early entrepreneurial projects,” he stressed. “That is why supporting the next generation of founders and helping them turn ideas into viable products is important to us,” Khusaenov added. The events form part of a growing international series intended to connect young technology talent with investors and experienced entrepreneurs, while encouraging the development of businesses with international ambitions. Zubr Capital manages $250 million in investments and backs 30 technology companies, including two unicorns, privately held businesses valued at more than $1 billion. Its investor base includes the European Bank for Reconstruction and Development, the Dutch Entrepreneurial Development Bank and Wargaming.