Freyr and Sunna at KLAK - Iclelandic Startups

There are many ways to start a business. We have been concerned about the way to raise awareness of how powerful the support environment for innovation is in Iceland. By using the start-up process, entrepreneurs can easily pick up appropriate grants and support at every stage of development.

The cooperation between Klakur and the Technology Development Fund began in earnest in 2021 and the aim of the collaboration is to increase the knowledge and accessibility of entrepreneurs to the support environment of innovation in Iceland. The start-up process is an attempt to concern an entrepreneur's path from conceptual level and is focused on streamlining the process to enhance the performance of start-ups.

The start-up process


Do you have an idea? Great – move on to the next step. Do you want an idea? Most ideas are concise solutions to common problems, so to get an idea, it's good to look at the world critically and think, what can be better.


Gulleggið is an entrepreneurial competition at the conceptual level and is held at the beginning of the year. You can register in Gulleggið With or without an idea. The arrangement is such that everyone can sign up for Masterclass, a dynamic weekend focusing on participants learning to do a pitch deck or a short transparency presentation that makes the idea a good return. In the meantime, we're competing for the best presentation. Here you can introduce yourself Gulleggið.


Seed is a strength with the aim of supporting ideas and projects at an early stage thatcan lead to a larger development project. In order to apply for Seed, you need to submit a 10-clear presentation that makes the idea a good return – incidentally? Here you can find seeds.


Klak runs annually 3-4 business accelerators with different focuses. Did you join the Golden Egg and you even got a Seed Scholarship? Do you have a good team and you're ready to take the next step? Then business accelerator is the thing. At the core of our accelerators are the mentoring programs, but we connect entrepreneurs with experienced entrepreneurs and experts from the business community. Take a closer look at our accelevents here.


The start-up can amount to up to ISK 20 million over two years and is intended for young innovative companies and entrepreneurs who are working on an early-stage project. Find out more about the sprawling strength here.


Thrive are workshops for those who have received a Start-up Grant from the Technology Development Fund. This is where the work really begins! The workshops are week-long and are held twice a year, followed by all beneficiaries being appointed a mentor who accompanies them for the next six months.  Read more about Thrive here.


There are a number of ways for start-ups to finance their projects. 

Accelerator 2.0

Accelerators for advanced companies are often good to apply abroad and take Klak involved in promoting and finding companies into international accelerators such as TINC in Silicon Valley. You can read more about TINC here.


Growth can reach up to ISK 50 million over two years and is intended to strengthen development projects that have come from an early stage of an idea. Find out more about the growth strength here.

Funding environment

There are a number of ways for start-ups to finance their projects. 

Business Accelerators
Venture Capital

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