Startup accelerators and incubators have emerged as vital pillars of Iceland's entrepreneurial ecosystem. These programs provide aspiring entrepreneurs with the necessary guidance, mentorship, and resources to transform their innovative ideas into successful ventures. As Iceland continues to embrace and support startups, the future looks promising for the country's entrepreneurial landscape, these startup accelerators and incubators will continue to play an instrumental role in fostering a culture of entrepreneurship and innovation in Iceland. In this article, we have compiled a list of incubator and accelerator programs in Iceland, along with a short overview to help you find a suitable program!
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FULL LIST OF STARTUP INCUBATORS AND ACCELERATORS IN ICELAND
Full list of ideation to launch stage startup incubators and accelerators in Iceland:
Stage: Ideation - Launch
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Klak Icelandic Startups is a non-profit organization devoted to growing and supporting the country's entrepreneurial community. Since its inception in 2000, Klak has played a critical role in assisting entrepreneurs in realizing their ideas and increasing the number of startups in Iceland. They offer invaluable assistance and connections to specialists, investors, and other essential participants in the entrepreneurial ecosystem, supporting businesses in their local and worldwide growth.
Klak's major contribution to the Icelandic entrepreneurial environment is their accelerator programs that assist firms in preparing for worldwide expansion and fundraising. They also host the country's largest entrepreneurial competition, which stimulates innovation and nurtures an entrepreneurial culture. Klak regularly engages with various startup communities across the world to increase collaboration and raise attention to Icelandic entrepreneurs for overseas investors and media.
Stage: Launch
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
The Iceland Innovation Lab, established in collaboration with L Marks, is a dynamic and forward-thinking project of Iceland Foods, a major frozen food retailer with over 900 locations in the United Kingdom, Ireland, and the Czech Republic. The lab functions as a collaborative platform that links entrepreneurs with corporate partners in order to bring new solutions to a variety of industry challenges. The lab attempts to foster innovation inside the organization by focusing on sustainability, productivity, customer experience, supply chain optimization, colleague experience, and brand awareness.
The lab provides startups with a one-of-a-kind opportunity to obtain mentorship, gain access to the group's extensive network and resources, and acquire financing through pitching sessions. This partnership highlights the Lab's effectiveness in facilitating valuable connections between startups and established companies, driving forward innovation and creating mutually beneficial opportunities for growth and development.
Stage: Launch
Who is it for: Early startup with a team / Mature startup with a team
Need to have an idea: Yes
Focus: Space
Cassini Business Accelerator (CBA) is a prominent six-month program that assists early-stage and growth-stage entrepreneurs and scaleups in the European space industry. In collaboration with the European Commission and the EU Agency for Space Programme, CBA offers a once-in-a-lifetime chance for EU-owned enterprises in Iceland, Norway, and other European nations to accelerate their growth and extend their networks in the space sector.
The program provides top-tier business and investment counseling, training, events, and seed capital options. CBA brings together a diverse network of business coaches, mentors, and space industry operators who offer significant insights and support to member enterprises. The program's goal is to help participants improve their business models and value propositions, get access to investors and partners, and equip them with the skills and information they need to survive in the space entrepreneurship ecosystem.
Stage: Launch
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Startup SuperNova is a joint initiative between KLAK - Icelandic Startups and Nova that aims to provide a platform for Icelandic startups to accelerate their growth and become credible investment possibilities in the worldwide market. This 10-week accelerator program allows selected teams to work on their ideas and projects while receiving mentorship as well as pitching opportunities to investors at the end of the program. As part of the program, participants will have access to office space, high-speed internet, and assistance in developing their ideas and bringing their products to market.
Unlike other programs, Startup SuperNova does not invest in the firms but instead provides a grant of ISK 1 million (~ US $7,000) for participation. Accepting the grant, however, entails handing the accelerator's supporters a call option for a 5% stake in the firm.
Closing Thoughts on Startup Incubators and Accelerators in Iceland
Iceland's startup ecosystem showcases the country's resilience and determination. Despite its small size, Iceland has managed to create a thriving tech scene with the help of events like the Startup Iceland conference. Although it may be a small market, Iceland serves as an ideal testing ground for ideas before venturing into the global market. As the startup ecosystem continues to evolve and expand, Iceland's startup ecosystem is expected to flourish and contribute to the country's economic growth and technological advancements.