Iceland review - 2015, Page 112

110 ICELAND REVIEW
Vibrant Startup
Scene
The Icelandic startup scene is dynam-
ic, dense and growing,” says Salóme
Guðmundsdóttir, CEO of Klak Innovit. Early
February saw the introduction of three new pri-
vate funds, with a game-changing total of USD
87 million raised and ready for investment in
Icelandic companies at the seed and early-stage
phases. New tax incentives and more stream-
lined processes will ease the way for emerging
companies.
Iceland’s tech and green energy sectors are
evolving, with potential for rich and rapid growth.
Here, Klak Innovit serves a vital role: “Our goal,”
meetings, regular lectures, meet-ups and Startup
Weekends offer opportunities for collaboration
and feedback.
Klak oversees Startup Reykjavík, Iceland’s top
accelerator program, with over 250 applications
last year. Ten proposals annually receive startup
capital from leading Icelandic bank Arion Bank, in
exchange for a 6 percent share; a modern office
for ten rent-free weeks; and the close supervision
of mentors from the industry, management and
investment communities. Since Startup Reykjavík
began in 2012, participating teams have attract-
ed approximately USD 4 million in funding and
Salóme explains, “is to accelerate businesses
for high growth and to connect Icelandic start-
ups to leading experts and startup communities
abroad.”
LONG-RANGE STARTUP APPROACH
Klak Innovit’s initiatives guide the rising generation
of Icelandic entrepreneurs, from the seed of an
idea to its fruition as a business. Gulleggið (‘The
Golden Egg’) business plan competition has
spurred the formation of dozens of businesses
since its foundation in 2008. Scheduled private
Klak Innovit accelerates Icelandic startups and improves access to international markets.
Startup Energy Reykjavík’s company visit to Reykjanes Geothermal Power Plant at Svartsengi in 2015.
SPECIAL PROMOTION