{"id":8126,"date":"2024-04-03T15:43:21","date_gmt":"2024-04-03T15:43:21","guid":{"rendered":"https:\/\/klak.is\/?p=8126"},"modified":"2024-04-03T15:43:22","modified_gmt":"2024-04-03T15:43:22","slug":"meet-the-ceo-at-the-helm-of-icelands-most-exciting-business-accelerator","status":"publish","type":"post","link":"https:\/\/klak.is\/en\/meet-the-ceo-at-the-helm-of-icelands-most-exciting-business-accelerator\/","title":{"rendered":"Meet the CEO at the helm of Iceland's most exciting business accelerator"},"content":{"rendered":"
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Live Sorina Mihaila Editor Health Tech World<\/a>
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Famous for its stunning natural beauty, Iceland is home to hundreds of ambitious start-ups. Ranging from healthcare to renewable energy, the country's business ventures have one mission: to pave the way for a better future. <\/p>\n\n\n\n

At the heart of this is KLAK \u2013 Icelandic Startups<\/a>, a non-profit organization helping savvy entrepreneurs turn their early-stage ideas into thriving businesses.<\/p>\n\n\n\n

A leading force in the entrepreneurial community, KLAK is committed to equipping start-ups with the tools they need to grow domestically and internationally and connecting them with experts, investors and key players in the business world.<\/p>\n\n\n\n

Health Tech World sat down with CEO, \u00c1sta S\u00f3llilja Gu\u00f0mundsd\u00f3ttir, to find out how.<\/p>\n\n\n\n

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\u00c1sta S\u00f3llilja Gu\u00f0mundsd\u00f3ttir, CEO of KLAK \u2013 Icelandic Startups<\/em><\/figcaption><\/figure>\n\n\n\n

Hi \u00c1sta, could you tell us a bit about your background?<\/strong><\/p>\n\n\n\n

My career began in the biotech<\/a> and pharmaceutical industries, grounded in my academic background in biology and immunology. Recognizing the need to bridge science with business, I pursued a diploma in management from Harvard University in the US, followed by an MBA from Reykjav\u00edk University.<\/p>\n\n\n\n

This blend of scientific knowledge and business insight steered me towards mentoring start-ups, launching my own ventures, and engaging in angel investing. A key milestone was contributing to the development of a company from its inception through venture capital funding and commercialization as a chairman of the board.<\/p>\n\n\n\n

Before my current role, I worked at a newly founded technology transfer office (TTO) in Iceland, combining my scientific expertise with business strategy to bring academic innovations to the market.<\/p>\n\n\n\n

This journey through science, business and innovation has led me to my role as CEO of KLAK \u2013 Icelandic Startups, where I leverage my diverse experience to support emerging enterprises.<\/p>\n\n\n\n

<\/div>\n\n\n\n
KLAK was founded almost 24 years ago. How has the organization changed throughout the years and what are some of the ways in which it helps start-ups today?<\/h5>\n\n\n\n
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KLAK \u2013 Icelandic Startups has evolved since its inception. It traces its roots to two distinct entities that both focused on nurturing innovation in Iceland.<\/p>\n\n\n\n

Back in 2000, KLAK Innovation Center was established as a for-profit unit within the IT-company N\u00fdherji (now Origo). Later, in 2007, Innovit was launched as a non-profit venture initiated by ambitious university students, and supported by prominent Icelandic institutions.<\/p>\n\n\n\n

These two initiatives joined forces in 2012 to launch Iceland's first business accelerator, Startup Reykjavik. The cooperation was a success and the two entities merged in 2013 to form what is now known as KLAK-Icelandic Startups.<\/p>\n\n\n\n

Currently, we are operated as a non-profit owned by a consortium of businesses and institutions, including Origo, the University of Iceland, and the University of Reykjavik.<\/p>\n\n\n\n

As KLAK has grown, interest in innovation in Iceland has surged. Our office now resides in the The Greek Innovation Hub<\/a>, a dedicated space for our programs. This is a departure from the past when our programs were scattered, and our team was always on the move.<\/p>\n\n\n\n

We've expanded our programs to cater to different start-up needs and stages serving between 70-80 start-ups a year.<\/p>\n\n\n\n

A recent addition is the Dafna programme, a successful collaboration with the Technology Development Fund. It provides grant recipients with eight workshops at KLAK over a period of four months, coupled with mentorship from experienced entrepreneurs and specialists. This approach not only offers financial support but also imparts crucial entrepreneurship education and mentoring.<\/p>\n\n\n\n

Our collaboration with start-up support systems in the Nordics and abroad has strengthened, creating a more interconnected network.<\/p>\n\n\n\n

KLAK helps start-ups grow by accelerating their development and connecting them with key players in the business world<\/p>\n\n\n\n

We've enhanced our mentorship system in collaboration with the MIT Venture Mentoring Service, to provide further support to startups.<\/p>\n\n\n\n

Since its inception in 2008, the Golden Egg competition has grown and evolved, and is today the largest start-up idea competition in the country. The competition, once exclusive to university students, is now open to everyone with entrepreneurial aspirations, showcasing our commitment to democratizing opportunities in the entrepreneurial landscape.<\/p>\n\n\n\n

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A big part of your work at KLAK involves promoting entrepreneurship in universities. How excited are students in Iceland about starting their own businesses?<\/h5>\n\n\n\n
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The enthusiasm for entrepreneurship is constantly on the rise. Nowadays, students are surrounded by strong role models in the entrepreneurial field.<\/p>\n\n\n\n

We're living in an era where many of the world's most influential figures are self-made tech entrepreneurs, individuals who started with nothing but an idea. And this trend isn't just happening internationally; we've witnessed a number of Icelandic entrepreneurs who have taken their innovative ideas and scaled them into successful international ventures.<\/p>\n\n\n\n

These local success stories resonate with our students. A growing number of them now express a strong desire to pursue the entrepreneurial path, inspired by these examples of turning possibilities into realities.<\/p>\n\n\n\n

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How do you support them to bring their ideas to life?<\/h5>\n\n\n\n
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The innovators of tomorrow are the university students of today. Recognizing this, KLAK, with its unique ties to two leading universities, places a significant emphasis on nurturing and inspiring students who are keen on pursuing innovation. Our commitment to this cause is reflected in our active involvement in educational outreach programs.<\/p>\n\n\n\n

We frequently visit various university classes, not just to talk about entrepreneurship but also to provide a comprehensive overview of the support programs that KLAK offers. Our aim is to ignite a spark of entrepreneurial spirit among students and equip them with the necessary information to start turning their innovative ideas into reality.<\/p>\n\n\n\n

Moreover, our team members have played a role in orchestrating a comprehensive three-week entrepreneurship workshop at the University of Reykjavik. This workshop is a mandatory part of the curriculum for all students at the university, bringing together students from diverse disciplines to tackle real-world challenges and devise viable business solutions.<\/p>\n\n\n\n

Several concepts developed during these workshops have made their way to the Golden Egg idea competition, showcasing the practical impact of this initiative.<\/p>\n\n\n\n

Beyond these educational programs, we also offer consulting services to university students and aspiring entrepreneurs, guiding them through the complexities of the start-up landscape.<\/p>\n\n\n\n

Our efforts extend to collaborating with the University of Iceland in organizing a career fair, with a special focus on entrepreneurship and the various opportunities within the start-up ecosystem.<\/p>\n\n\n\n

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You work with hundreds of entrepreneurs, all with unique ideas and approaches. What is the most challenging part?<\/h5>\n\n\n\n
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A key challenge that we encounter is helping aspiring entrepreneurs understand that successful companies are not the product of solitary genius, but rather the result of collaborative effort.<\/p>\n\n\n\n

It's essential for them to appreciate the importance of diverse specializations and experiences. An entrepreneur's role is not just to innovate but also to set a clear vision and inspire a varied team to work collectively towards a common goal. This approach, which emphasizes the synergy of different talents, is crucial in creating sustainable and successful businesses.<\/p>\n\n\n\n

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Many of the start-ups you support are in the healthcare sector. How do you find helping these businesses?<\/h5>\n\n\n\n
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Supporting start-ups in the healthcare sector is not only deeply rewarding but also vital, especially considering the robust health tech sector in Iceland.<\/p>\n\n\n\n

The remarkable achievements of Icelandic start-ups in this field, such as Oculis' Nasdaq listing, Kerecis' US$1.2bn unicorn exit, and Sidekick Health's strategic acquisition in Germany, highlight the significant impact of our healthcare innovators.<\/p>\n\n\n\n

My personal connection to health tech, stemming from my background, makes this work especially meaningful. Our involvement with early-stage healthcare start-ups primarily happens through our Dafna program.<\/p>\n\n\n\n

Many of these start-ups are transitioning from research to business, often needing guidance in business development for sustainable growth. At KLAK, with our skilled mentors, we provide important support and structure.<\/p>\n\n\n\n

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Do you think healthcare start-ups could be somewhat more difficult to work with?<\/h5>\n\n\n\n
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Healthcare start-ups indeed navigate a more complex landscape than start-ups in many other sectors. They are subject to rigorous regulatory requirements, with heightened concerns around data security and privacy.<\/p>\n\n\n\n

The development process for medical devices or digital health<\/a> solutions typically involve extended periods of testing, clinical trials and a lengthy regulatory approval process. This journey can be both financially and emotionally difficult.<\/p>\n\n\n\n

These start-ups also often face substantial initial costs associated with research, development and adhering to compliance standards. This makes securing adequate funding and effective cash flow management particularly challenging.<\/p>\n\n\n\n

However, these very complexities make working with healthcare startups a uniquely engaging and rewarding experience. The opportunity to make a significant impact on patient care and the healthcare system at large is a powerful motivator, driving our commitment to support these startups in overcoming obstacles and achieving their goals.<\/p>\n\n\n\n

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What is the most exciting part about working at KLAK?\u00a0<\/h5>\n\n\n\n
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The most gratifying part of my role at KLAK is seeing the success of start-ups that have gone through our accelerator programs. There's a unique sense of fulfillment in observing these companies evolve from ideas to entities that secure funding and acquire their first customers.<\/p>\n\n\n\n

Adding to this satisfaction is the privilege of working with an incredible team at KLAK. It's a team that not only excels professionally but also infuses joy and enthusiasm into their work.<\/p>\n\n\n\n

This positive atmosphere creates an inspiring and enjoyable work environment, enhancing the overall fulfillment I derive from my role at KLAK. It's this blend of witnessing entrepreneurial success stories unfold and collaborating with a team that is passionate and takes pleasure in what they do that makes my work here exceptionally rewarding.<\/p>\n\n\n\n

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Published by Health Tech World, February 12, 2024
By Sorina Mihaila<\/a>
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