Applications have been opened in Hringðu

Applications have been opened in Hringð where start-ups and innovation projects of companies and institutions based on the concept of the circular economy are encouraged to apply.

The application deadline is April 4. Applications are accepted at website Dial.

The ideology of the circular economy

Hringiða focuses on circular economies that highlight, promote and support new technologies and strategies that actually solve emerging environmental challenges. The business accelerator is based on an international model with a clear approach to application processes on European grants.

The focus of the accelerator involves organized meetings of participants with experienced entrepreneurs, investors and other experts. It is a verified process where up to ten start-up projects are granted access to a broad network of trainers from the business sector and targeted training aimed at bringing a product to market. At the end of the accelerator, participants will be ready to present their projects to investors and submit high-quality applications for grants to European funds, such as LIFE and Horizon 2020.

Kristín Sophia Jónsdóttir, Managing Director of Icelandic Startups says that a great deal of gróska is innovating in Iceland. "The total funding of Icelandic Startups last year amounted to ISK 140 million, but at the same time the companies involved in our projects have raised over ISK 600 million in funding. This means that each crown returns four times. In addition, many of these companies are working on solutions to emerging climate problems, including IceWind, Hemp Pack and SoGreen, for example, so the benefits are huge."

The accelerator is managed by Icelandic Startups, which has for a number of years provided assistance in the development of business ideas and brought together a group of stakeholders with value creation as a guiding light. Sponsors are Reykjavik Energy, the Ministry of Environment, Energy and Climate Change, the City of Reykjavík, Sorpa and Terra.

Guðlaugur Þór Þórðarson, Minister of Environment, Energy and Climate Change, said at the time of signing an agreement with Icelandic Startups to support the ring accelerator Hringðu; "To achieve our environmental goals, we must take advantage of our main resource, the ingenuity. Today's signing is part of the effort to empower entrepreneurs to do good."