Green business accelerator introduced in 2021

Iceland has a clear advantage with the availability of renewable energy and a unique opportunity to become an international leader in environmental matters.

By strengthening support for sustainable innovation and the development of new solutions in the field of environmental and climate issues, it is also possible to contribute to increased export value based on ingenuity. The goal of the Green Accelerator is that in Iceland, large and stable companies are built that are based on the concept of the circular economy, create jobs and achieve results in environmental matters.

The new business accelerator is intended to highlight, promote and support new technologies and methods that really solve the relevant issues in environmental issues, with the view that at the end of the accelerator, the participants will be ready to present their projects to investors and apply for grants from European funds that support projects which reduce emissions.

The business accelerator is based on an international model and offers an ambitious platform for product development and good preparation for financing. The focus of the accelerator is structured meetings of participants with experienced entrepreneurs, investors and other experts. It is a proven process where up to ten start-ups are given access to a wide network of mentors from the business world and targeted training aimed at bringing a product to market.

The project is supported by the City of Reykjavík, Orkuveitan and Faxaflóhafnir, as well as Grundartang Development Association and á Breið. The accelerator is managed by Icelandic Startups, which for many years has provided assistance in the development of business ideas and brought together a group of stakeholders with value creation as a guiding principle.

Powerful teams with ideas based on the circular economy and supporting Iceland's leadership in environmental and climate issues are wanted. The accelerator applies equally to independent teams and those working within more established companies.

Steering group discusses professional priorities

A special steering group has been formed for the project, where the representatives of the sponsors have seats. At that forum, among other things, the professional focus of the project is discussed and guidelines are laid for its implementation. The project's steering group also participates in the review of applications and the selection of the business ideas that are offered for participation in the accelerator. In addition, professional groups will be appointed for specific aspects of the project, such as energy exchange and the mapping of European grants.

Starts in spring 2021

A formal cooperation agreement on the project was signed this morning, but it is planned that applications will be opened in January and that the accelerator will start immediately in the spring months of 2021.

On the occasion addressed those present Þórdís Kolbrún R. Gylfadóttir, Minister of Tourism, Industry and Innovation, Dagur B. Eggertsson, mayor and Bjarni Bjarnason, CEO of Orkuveitinn as well Kristínar Soffíu Jónsdóttir, chairman of the steering committee of the project.