Freyr and Sunna at KLAK - Iclelandic Startups

There are many ways to start a business. We have considered the way to draw attention to how powerful the supportive environment for innovation is in Iceland. By relying on the start-up process, entrepreneurs can easily apply for appropriate funding and support at each stage of development.

The cooperation between KLAK and the Technical Development Fund began in earnest in 2021, and the goal of the cooperation is to increase the knowledge and access of entrepreneurs to the supportive environment for innovation in Iceland. The start-up process is an attempt to cover the path of an entrepreneur from the concept stage, and the focus is on streamlining the process to increase the success of start-ups.

The sprouting process

An idea

Do you have an idea? Great – move on to the next step. Want an idea? Most ideas are concise solutions to common problems, so to get an idea it is good to look at the world with critical eyes and think, what can be done better.


Gulleggið is an entrepreneurial competition at the concept stage and is held at the beginning of the year. You can register for Gulleggið with or without an idea. The arrangement is such that everyone can sign up for the Masterclass, which is a dynamic weekend where the focus is on the participants learning to make a "pitch deck" or a short slide presentation that makes the idea sound. Afterwards, there is a competition for the best presentation. Here can you familiarize yourself with the golden egg.


A seed is a grant with the aim of supporting ideas and projects at an early stage whichcan lead to larger development projects. In order to apply to Fræ, you have to submit 10 clear presentations that get the idea across - coincidence? Here can you introduce yourself Seeds.

Quick number

KLAK annually runs 3-4 business accelerators with different focuses. Did you participate in Gulleggin and have you even received a Seed grant? Do you have a good team and are you ready to take the next step? Then business accelerator is the issue. The core of our accelerators are the mentoring programs, but we connect entrepreneurs with experienced entrepreneurs and experts from the business world. Take a closer look at our accelerators here.


Sproti can amount to up to 20 million ISK over two years and is intended for young innovative companies and entrepreneurs who are working on a project at an early stage. Find out about the Sprota grant here.


Dafna are workshops for those who have received a start-up grant from the Technology Development Fund. This is where the real work begins! The workshops are week-long and are held twice a year, and following them, all beneficiaries are assigned a mentor who accompanies them for the next six months. Read more about Dafna here.


There are various ways for startups to finance their projects. 

Speedometer 2.0

Accelerators for advanced companies are often good to find outside the country, and KLAK participates in promoting and finding companies in international accelerators such as TINC in Sílikondal. You can read more about TINC here.


Growth can amount to up to 50 million ISK over two years and is intended to support development projects that have come from the initial concept stage. Find out about the Growth grant here.

Financing environment
of startups

There are various ways for startups to finance their projects. 

Business accelerators
VC funds
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© 2024 KLAK Icelandic Startups

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