In a market where capital is increasingly available but rarely neutral, founders face a more complex challenge than simply raising money: securing the right capital, on the right terms, with the right long-term partners. Reflecting on the growing importance of these developments within the startup and investment ecosystem, Elias Neocleous & Co LLC brought this discussion to the forefront by organising a high-level panel discussion at the main stage of Doers Summit 2026.
Our panel “Capital on Your Terms – Where Strategy Meets Finance”, moderated by our Managing Partner Elias Neocleous, examined the realities behind startup financing - from choosing the right investors and structuring term sheets, to scaling internationally and preparing for future rounds, by bringing together:
· Dr. Oded Lieberman - Entrepreneur and Angel Investor
· Alfredo Gomez Soria - Regional Director EMEA at Plug and Play Tech Center
· Demetris Roti - Partner at Elias Neocleous & Co LLC
· Fabian Cabeza - Legal Counsel at Elias Neocleous & Co LLC
The discussion reinforced a key theme repeated throughout the panel: funding itself is not inherently positive or negative - its impact depends entirely on alignment, structure, and long-term strategy.
A Global Perspective on Venture and Innovation
Alfredo Gomez Soria, who leads partnerships across Europe, MENA, Central Asia, and the Caucasus for Plug and Play Tech Center— one of the world’s leading innovation platforms that connects startups with investors through its acceleration and venture programs operating worldwide —[EC1] brought the investor and ecosystem-builder perspective to the discussion.
Having worked extensively with Fortune 500 companies, venture capital firms, and startup ecosystems globally, Alfredo shared what distinguishes startups that attract investor attention from those that are overlooked: “What we base our investments on are the founders”.
He emphasized that beyond market trends and business models, investors ultimately evaluate whether founding teams possess the resilience and determination required to execute under pressure. As he pointed out, the key question is: “Is the founding team capable of going the extra mile to be able to deliver?”.
Addressing the rapid acceleration of global AI investment, Alfredo framed the current market not as speculative excess, but as a foundational infrastructure buildout arguing that “We look at it as an AI infrastructure buildup”.
The conversation also turned to Cyprus’ growing momentum as a technology destination. The reputable investor highlighted the importance of ambition and international orientation for local founders by stressing that “you have to build something for the European Union from Cyprus, not for the domestic market”.
He also underscored a principle that often defines successful innovation ecosystems: “The beauty of innovation is failure”.
Fundraising Is About More Than the First Round
Dr. Oded Lieberman offered the entrepreneur’s perspective as a healthcare executive and entrepreneur with more than three decades of experience across biotech, pharma, diagnostics, and med-tech.
Notably, he has led companies from seed stage through NASDAQ listings and billion-dollar exits, most notably as CEO of NeuroDerm Ltd., which was acquired by Mitsubishi Tanabe Pharma Corporation for approximately USD 1.1 billion.
Drawing on that experience, he challenged one of the most common misconceptions founders have about fundraising: “The problem does not come with the first investments - it comes with the follow-up investments”. He explained that early investor selection has long-lasting implications for governance, future fundraising, and strategic flexibility.
He stressed that selecting the right investors early on can significantly influence future fundraising rounds, warning that “If you don’t pick the right investor from the beginning, you will have problems down the line”.
Legal Strategy as a Growth Driver
The panel also explored how legal planning can directly influence startup growth and investor confidence.
Fabian Cabeza, Legal Consultant at Elias Neocleous & Co LLC highlighted the mistakes startups often make during early fundraising rounds, particularly an excessive focus on valuation.
He underscored that governance rights, liquidation preferences, and long-term structural considerations often become more important than headline valuation figures.
Fabian also reflected on the growing influence of artificial intelligence on the legal profession itself, supporting that “AI might create a huge dent in the legal industry”.
However, he noted that venture capital and high-level transactions remain deeply human processes built on trust, judgment, and relationships. He argued that “venture capital has a very big human element to it, which AI might not have caught up to yet”.
Adding to this perspective, Demetris Roti, Partner at Elias Neocleous & Co LLC discussed the realities of negotiations and stakeholder management during live transactions.
“We see the dynamics among all stakeholders as we are in the middle”, he mentioned, emphasising that legal advisors should not simply document transactions after terms are agreed but instead help shape discussions from the outset.
According to Demetris, the lawyer’s role is ultimately about bringing clarity and focus to complex negotiations Drawing on his extensive experience he pointed out that “the role of the lawyer is to guide and make people focus on key points of the transaction and avoid getting lost in translation”.
Capital Is Not the Destination
Throughout the session, Elias Neocleous, Managing Partner, consistently returned the conversation to a broader strategic principle: startups should not mistake fundraising for success itself.
“The right capital can be transformational”, he stated, emphasising that the real objective is not simply securing investment.
“Capital is not the destination - the creation of value is”, he highlighted encouraging founders to think beyond short-term fundraising milestones and focus instead on building companies capable of sustainable growth, strong partnerships, and intelligent execution.
Closing the discussion, Elias left the audience with a final reflection that captured the spirit of the panel and the broader entrepreneurial journey: “The future does not belong to the people who raise the money but to the people who use the money intelligently.”
The discussion highlighted the growing importance of thoughtful, long-term approaches to fundraising, governance, and strategic growth as Cyprus’ innovation ecosystem continues to evolve.
We would like to thank Alfredo Gomez Soria, Dr. Oded Lieberman, Fabian Cabeza, and Demetris Roti for sharing their insights and experience throughout the session.
Conversations such as these continue to play an important role in bringing together founders, investors, and advisors to exchange perspectives, strengthen the entrepreneurial ecosystem, and contribute to the ongoing development of regional capital markets.
For more information, please reach out to your usual contact at Elias Neocleous & Co LLC.
[EC1]Lets add 1-2 lines about plug and play too please, we need to emphasise who they are
