The City of Reykjavík supports Hringiða

Mayor Dagur B. Eggertsson and Kristín Soffía Jónsdóttir, CEO of Icelandic Startups, signed a partnership agreement aimed at promoting entrepreneurial activities based on the concept of the circular economy. 

The goal is to promote entrepreneurship and innovation

The City of Reykjavík undertakes to pay ISK 10 million for the implementation of the business accelerator Hringiða and ISK 2.5 million for the Gullegg, which is the oldest and largest entrepreneurial competition in the country. 

The aim of the agreement is to promote entrepreneurial activity and provide the City of Reykjavík with the opportunity to influence the direction of innovation support projects, among other things, with a view to encouraging new solutions to the challenges the city is facing.

Through the agreement, the city of Reykjavík gets two representatives in the Hringiða business accelerator's steering group and the opportunity to submit proposals on priorities and implementation.

The city will also have the opportunity to participate with Icelandic Startups in holding an event for the university community in Reykjavík due to the Gullegg.

According to Kristínar Soffíu Jónsdóttir, CEO of Icelandic Startups, there is great growth in innovation in Iceland. ,,The total funding of Icelandic Startups last year amounted to around 140 million ISK, but at the same time the companies that participated in our projects have collected over 600 million in funding. That means that every krona returns four times. In addition, many of these companies are working on solutions to the surrounding climate problem, and IceWind, Hemp Pack and SoGreen can be mentioned as examples, so the benefits are great.“

The agreement is for two years and was signed during the coffee break at the City of Reykjavík's meeting on the Green Plan and green investments held at Reykjavík City Hall this morning.

Published on the City of Reykjavík's website on February 11, 2022.