I have been writing a lot about Entrepreneurship and Startups, but I am not a big fan of the Cluster concept primarily because getting established companies to be Entrepreneurial is very hard because they look at different metrics and the incentive for the established companies to participate in Cluster building is a long term game, however established companies are relatively short term focused because they are trying to increase their yield on invested capital by getting more efficient on the operation, sales etc. On the other hand a startup in the same sector is more or less not too focused on efficiency, they are trying to exploit a weakness or a problem in the existing solutions, therein lies the challenge. It would take visionary leaders in established companies to harness, foster and encourage the building of a ecosystem around the sector that their companies are built in. This is exactly what Dr.Thor Sigfusson has done with his startup/project Seafood Cluster a.k.a Sjávarklasinn in Icelandic.
It is fascinating to see how he has convinced established companies in the Seafood sector and new emerging companies to co-located in a building in harbor of Reykjavik. He has ambitious plans to expand the facility to allow more startups and established companies to have meetup spaces. It was exciting for me to watch this because Seafood is the sector that is as traditional as they come, we are talking about really established fishermen looking into working with young new startups, mentoring them and seeing if they can improve the established methods using new technology.
There is a wealth of information and reports around the concept, I have not read all the reports but I believe this is something that I believe can work. I like the idea and the execution of the fact that if you put new companies and established companies near each other and once they start talking magic usually happens. In addition, the same location has some support services like legal, marketing and publishing etc Think of this as an Accelerator for a startup in the Seafood Sector. I think the missing piece is what typical accelerators do which is a 3 month bootcamp like environment that basically focuses on the validation of the new startups and also getting investors to be part of the project. I think Dr.Thor Sigfusson has already done that because the Seafood sector or the Fishermen are the richest cohort in Iceland and they are starting to see the value of having such a place and are investing in this.
We have invited Dr.Thor Sigfusson to be a Speaker in Startup Iceland 2013, I think this concept needs to be communicated in the Startup Iceland platform, and he has agreed to do that. In addition, it would be interesting to learn from his talk what were the challenges, opportunities and road block that he had to cross to get this project off the ground. If you are interested you should definitely buy the tickets soon as they tend to run out fast.
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