The goal of The Ring is to highlight, promote and support innovation projects between companies and institutions. At the end of the accelerator, participants will be ready to apply for the European grants of the LIFE programme, which is based on the philosophy of the circular economy. LIFE is one of the EU's co-operation programmes that has funded climate and environmental projects since 1992. Up to ten teams are selected into the accelerator through an elaborate application process. The business accelerator builds on an international model and offers an ambitious platform and good preparation for applications for European grants. The focus of the accelerator involves organized meetings of participants with experienced entrepreneurs, investors and other experts. This is a verified process where up to ten start-up projects are granted access to a broad network of trainers from the business community and targeted training.The accelerator is managed by Klak, who for a number of years has assisted in the development of business ideas and brought together a group of stakeholders with value creation as a guiding light. The project is led by Reykjavik Energy, the Ministry of Environment, Energy and Climate Change, the City of Reykjavík, Sorpa, Terra, Faxaflóahöfn, the Icelandic Industry Association and Ölgerðin.