Iceland review - 2016, Page 86

84 ICELAND REVIEW
What sets us apart from other startup accelerators
is that, because the market is so small here in
Iceland, people cannot start a startup thinking
only about Iceland. They have to begin by thinking glob-
ally,” says Haraldur Hugosson, project manager for small
company accelerator program Startup Reykjavík. The pro-
gram, run by non-profit organization Icelandic Startups,
and funded by Arion Bank (the sole investor behind
the program through their daughter company Startup
Reykjavík Invest) takes place once a year for ten weeks. Ten
startups are selected on an application basis and receive
ISK 2.4 million (USD 19,450) each, as well as access to a
network of international mentors and investors. Arion Bank
then receives a 6 percent equity in the companies. This
year there were more than 260 applicants from Iceland and
abroad, signaling the program’s increasing growth and pop-
ularity since its inception in 2012. Last year it was named
the best accelerator program in the Nordic countries at the
Nordic Startup Awards.
PROMISING START
Though the program only started in 2011, several startups
that first developed their ideas at Startup Reykjavík have
continued to grow significantly through further invest-
ments and funding. Jungle Bar, a company from the 2014
batch, produces protein bars made from insects, selling
them online, as well as in stores in the US and Japan.
Activity Stream is an information management company
that was launched in 2013. Two companies from the 2015
program that have also made noteworthy progress are
Wasabi Iceland, sustainably growing wasabi in Iceland,
Startup Reykjavík will soon take ten new startups through
its intensive mentorship-driven program, providing
them the necessary tools for growth.
and Study Cake, a study aid designed to help kids with reading.
The types of startups that find their way into Startup
Reykjavík are representative of a diverse range of categories,
from food to software to energy and sustainability, as can be
seen by this year’s upcoming participants. Among them are
Platome, a company focusing on stem-cell research; Strivo, a
marketing tool for personal trainers; and Noted, a software that
allows students to share study materials. The other participants
are Convex, a gaming studio developing a family-friendly game;
Lava Show, a live show of lava interacting with ice; Isold Film,
software for financing TV and film; Drexier, a music-driven
massive multiplayer online role-playing game; Flow, technology
for everyday well-being and meditation; TotalHost, a financial
tool for Airbnb hosts; and Moon Chocolate, quality bean-to-bar
chocolate.
This year’s program began on June 20 in an office space in the
capital’s Borgartún business district. The space features private
conference rooms, a large hall for presentations and lectures,
and an open, well-lit workspace. According to Haraldur, it’s
an intense ten weeks and the space is bustling with activity.
“During the program, the participants receive feedback on their
ideas as well as inspiration from being around so many other
passionate people,” he says.
PAYING IT FORWARD
The course is split into three major phases, Haraldur says. The
first phase focuses on developing and strategizing the business
idea. This initial phase is perhaps the most important, because
it brings in mentors from Icelandic businesses and organizations
to give talks and help guide the startups in concreting their
goals. “We drown them in the first few weeks,” says Haraldur.
COMPANIES
BUILDING COMPANIES
BY RACHEL MERCER.
PHOTOS BY PÁLL STEFÁNSSON.