I jumped in a car with bunch of Entrepreneurs yesterday and drove to Akureyri. I am participating in the Startup Weekend in Akureyri. This is the 8th Startup Weekend run by Innovit, Kristján Freyr Kristjánsson, the CEO of Innovit and I have been talking and working through a number of things including the Conference in May Startup Iceland – Building Sustainable Startup Ecosystem. I wanted to volunteer and observe this event and also to test my own hypothesis.

Brad Feld, has the theory that there needs to be Entrepreneurial Density in a community to enable a sustainable startup ecosystem to form and function:
Entrepreneurial density = ((# entrepreneurs + # people working for startups or high growth companies)) / adult population

I wanted to test the Entrepreneurial Density in Akureyri, which is a smaller town than Reykjavik. There were more than 100 people last night split up into 31 teams working on a new idea to launch a business over the weekend. I will play the role of mentor and observer today and tomorrow. It is fascinating to see the energy, enthusiasm and twinkle in the eyes of the people working on their ideas. Entrepreneurism is alive and well in Iceland. I think the number might be small, but I am seeing a healthy trend that is pushing the density number up in Iceland.