KLAK is a non-profit organization owned by the University of Iceland, the University of Reykjavík, Origo, the Business Innovation Fund and the Swedish Industry Association. KLAK's mission is to expand and support the community of entrepreneurs in Iceland with the aim of increasing the number of start-ups. 

KLAK helps entrepreneurs from the first steps and has held Gulleggið, the largest entrepreneurial competition in the country since 2008. Gulleggið is a competition at the idea level and an ideal platform for entrepreneurs who are starting their journey. 

KLAK annually runs 3-4 business accelerators with different focuses and they are designed for teams that are well started in product development.

KLAK is in active cooperation with the Technology Development Fund and twice a year receives Sprota grantees in a week-long workshop, in addition to which KLAK connects grantees with appropriate mentors who follow them for 6 months.

Emphasis is placed on helping start-ups prepare for international growth and financing. A large part of it relates to strengthening cooperation with leading start-up communities abroad in a targeted way and drawing attention to excellent Icelandic start-ups to foreign investors and the media.

KLAK is in active international cooperation and business accelerators are part of GAN – Global Accelerator Network. Klak is also part of Nordic Scalers and Nordic Made, as well as our international representative sits on the board of Nordic Innovation.

KLAK was founded in 2000 and merged with Innovit in 2013. The combined company was named KLAK Innovit, later Icelandic Startups and now again KLAK – Icelandic Startups. Over the company's long history, hundreds of entrepreneurs have gone through the accelerator or participated in the entrepreneurial competition Gullegginu.