3.9 Start-up funding for young entrepreneurs
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According to the Act No. 75/2007, Innovation Center Iceland is obliged to grant information and guidance to regarding the establishment and running of start-up companies.
Icelandic Startups offer various types of services to entrepreneurs who are looking to start their own business. Their services fall under three main categories: idea, growth and community.
The two largest universities in Iceland, The University of Iceland and Reykjavik University are actively engaged with innovation and offer their students and faculty courses and advice on innovation and offer facilities for entrepreneurs.
Entrepreneurs in Iceland have abundant access to funding opportunities for their start-up.
“Action for Job Creation” is a funding scheme by the Ministry of Industries and Innovation with the aim of supporting the early development of innovative ideas that could potentially receive further funding from funds and/or investors in the future.
The Tech Incubator (TINC) project is available for Icelandic start-ups that want to prove their business model and the potential of their product with less risk and less cost.
The Technology Development Fund, hosted by the Icelandic Centre for Research supports individuals, universities, business enterprises and public institutions conducting research and development activities, which aim towards innovation in Icelandic industry.
AVS R&D Fund of Ministry of Fisheries and Agriculture in Iceland is a fund that supports research and development projects done by individuals, universities and business enterprises that aim to increase the value of fisheries.
Icelandic entrepreneurs can also apply for funding through European projects such as the Horizon 2020 – The EU Framework Programme for Research and Innovation, and Eurostars, a funding programme for small and medium sized start-ups involved with research and development projects.