Iceland may be small, but its startup ecosystem is showing robust growth and dynamism. As of January 2023, the country has witnessed a significant 21.74% increase in equity funding, attracting $207M in capital across 19 funding rounds—a marked rise from the $170M raised in the previous year. This burgeoning environment is supported by a variety of accelerators and incubators that are pivotal in shaping the future of emerging Icelandic companies.
In this article, we'll delve into the heart of Iceland's startup accelerators and incubators, highlighting their unique contributions to nurturing new businesses. From Klak's sector-agnostic mentorship programs to Startup Reykjavik's connection to the Global Accelerator Network, each platform offers valuable resources to fledgling companies. We'll explore the support provided by the likes of LMarks Innovation Lab, Startup SuperNova, and others, which are not only fostering local entrepreneurial talent but also drawing international attention to Iceland's vibrant startup landscape. Join us as we examine these vital cogs in the EU's startup ecosystem, and learn how they're helping Icelandic entrepreneurs to kickstart their journey towards innovation and success.
Klak
Klak Icelandic Startups is a non-profit organization dedicated to nurturing Iceland's entrepreneurial community since 2000. It focuses on early-stage startups, offering accelerator programs and hosting Iceland's largest entrepreneurial competition. Klak is sector-agnostic, open to startups from various fields, and actively engages with global startup communities to boost international visibility for Icelandic entrepreneurs. It's a valuable resource for those with startup ideas, providing mentorship, connections, and opportunities for growth and funding. If you're an early-stage entrepreneur in Iceland, Klak is an organization to explore.
LMarks Innovation Lab
LMarks Innovation Lab, in partnership with Iceland Foods, is ideal for early startups ready to launch. It's sector-agnostic and focuses on sustainability, productivity, customer experience, and more. Startups gain access to mentoring, resources, and potential funding. This collaboration-driven program connects startups with established companies, creating growth opportunities for both sides. If your startup is launching and aligns with their areas of focus, LMarks Innovation Lab is a valuable opportunity to explore.
Startup SuperNova
Startup SuperNova is a 10-week accelerator program in Iceland, a collaboration between KLAK - Icelandic Startups and Nova. It targets early startups with a team and aims to accelerate their growth and global investment potential. The program is sector-agnostic, welcoming startups from various industries. Participants benefit from mentorship, access to office space, high-speed internet, and assistance in developing their ideas and products. Instead of direct investment, the program offers a grant of ISK 1M (~ $7.100) in exchange for a 5% stake option. The program includes a Masterclass, a 6-week business accelerator, and an investor day. Education and training are provided, along with access to a network of experts, including experienced entrepreneurs and investors.
Startup Reykjavik
Startup Reykjavík is a 10-week mentorship-driven seed-stage accelerator program in Reykjavik, Iceland, running from June to August annually. It provides participating startups with $22k in funding, mentorship from over 90 experts, office space, and other perks. The program is part of the Global Accelerator Network (GAN) and is fully owned by Arion Bank. Founded in 2012, it aims to help startups accelerate their growth and development through mentorship and funding.
Startup Energy Reykjavik
Startup Energy Reykjavik is a mentorship-based accelerator program that operates for 10 weeks every summer in Reykjavik, Iceland, with a specific focus on energy-related business projects.Selected startups or ideas are awarded a substantial investment of $40k (5M ISK) in seed capital, providing them with valuable financial support.Participants are provided with access to a well-equipped office space, offering a conducive environment for their startup activities. At the culmination of the program, startups have a unique chance to present their ideas to potential investors and venture capitalists during the Investor and Demo Day.
Höfði Reykjavík Peace Centre
Höfði Reykjavík Peace Centre operates under the University of Iceland's Institute of International Affairs, established in 2016 through collaboration with the City of Reykjavik.The Centre expands research areas to address modern societal challenges, including climate change, human rights, immigration, and nationalism. It emphasizes unconventional actors in peace processes and local engagement. Startup Social, an initiative by Höfði Peace Centre, supports social innovation ideas aligned with UN Sustainable Development Goals. It offers a 16-week incubator program for teams addressing contemporary challenges.Startup Social collaborates with MITdesignX, providing workshops with MIT experts, education, and mentorship.
Icelandic Business Accelerator Hringiða
Hringiða business accelerator is supported and managed by KLAK is making strides in promoting the circular economy and green transition. Hringiða began on March 14, 2023, and ran for 8 weeks, offering mentoring, meetings with experienced entrepreneurs and investors, and workshops on various topics, including teamwork, market entry, and investor presentations. The program aims to prepare participants for European funds and investments. Participating companies in Hringiða have to focus on circular economy solutions or green transitions, with at least a Technology Readiness Level (TRL) 4 prototype.
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