Iceland: Viking Rune

Iceland: Viking Rune (Photo credit: vicmontol)

The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.
George Soros

I wrote a small comment yesterday about a news article that I read in Reuters, this article still comes up on top when you look for news about Iceland in Google. The title of the article is “Analysis: Iceland chooses lonely road back from economic segregation” by Balazs Koranyi. I am pretty sure Mr.Balazs Koranyi is standup gentleman and I don’t doubt his analysis is based on facts around what is going in Iceland because he writes for Reuters or atleast that is what one would think. The truth of the matter could not be far from it. I am sure Mr.Balazs Koranyi has never visited Iceland or met the people of Iceland. The article is based on quotes by some experts like “Investment Advisors”, “Former Bank managers” and “Economic Professors”, I don’t know these people but I would love to meet them to learn how they come to conclusion about something as complex as a country’s psyche because the article is about how Iceland is going to be lonely in its path to recovery given the current election results and the statements made by the leader of the political party which has been given the mandate to form the Government. Once again, I am not an expert and I usually remind myself to be humble when a part of my ego takes over trying to rationalize somethings that I observe and start making conclusions about them. The election results being one.

I believe that structural transformation of any economy even one as small as Iceland takes time. I have written a lot about this Structural transformation and I did not stop there I put my money, time and effort where my mouth is ie. I invested in startup companies in a space I believe can get Iceland out of the challenge of the Financial Crisis of 2008. Yesterday my bet was vindicated, the Software Company that we invested in CLARA (I wrote about it here and here) was acquired by Jive Software, a Nasdaq listed company in Silicon Valley. I will write a detailed post about the transaction later. There was a viral sharing and congratulations that was going on in Facebook. I am very pleased to see the result and it is even more sweeter when you read the analysis written by Mr.Balazs Koranyi.

My post yesterday on Facebook was

“While we are quietly creating value by Starting Companies like CLARA, GreenQloud, DataMarket, Meniga, Plain Vanilla, Mobilitus, ReKode… in Iceland mainstream talking heads are into pschyo-babble talk of economic isolation and what not. I am not sure who this Asgeir Jonsson is or Thorolfur Matthiasson but they are “investment advisors” and “Economic Professors”, they all should come to Startup Iceland and see how a country is reinventing itself out of a crisis.”

My invitation still stands, if you are a journalist or an expert or found this article searching about Iceland and Startups, come to Iceland, participate in Startup Iceland Conference, meet the young entrepreneurs who are changing the face of what Iceland is all about before you write about Economics of Iceland.