I spent the last friday and saturday in Reykjavik University, participating in an event organized by SI – The Federation of Icelandic Industries. There was a number of startups, established companies and service providers and general public in Iceland participating, cheering and recognizing the efforts of the Icelandic companies. There were winners announced and it was really nice for me to see the recognition given to even those companies that have no revenue but were doing some incredible things. This was in the heel of a major announcement by the Government of Iceland as it relates to the Science and Technology Policy of Iceland.
The Government of Iceland approved an action plan designed to support and enhance business competitiveness and transparent use of public funds as it relates to Research and Development, Science and Technology and Innovation. Funding will be increased for science, technology and innovation, so that by 2016 it will reach 3.0% of gross domestic product ( GDP) and comparability among the highest in the OECD . The action is also designed to attract greater business investment in R&D, science and innovation. Here is the link to the Strategy and Action Plan of Science and Technology Policy of 2014 – 2016 (icelandic).
This is a big deal, when public policy aligns with the overall sentiment of the broader community which aligns with the market change this combination can really change the landscape for Startups and Entrepreneurs. For those who have been reading this blog and indulge me in discussions, understand why I am so excited about this. Almost all research and development, scientific process and innovation has something to do with Software. Thereby investing in Software based companies that leverage the new platforms of Social Networks and other forms of networks really catapult analysis and scaling.
I have been meeting with a number of companies, institutions and organizations to sell tickets for Startup Iceland (have you bought yours yet?) and across the board the collective sentiment is positive towards Startups and Entrepreneurs and supporting initiatives that creates new businesses and value. These are exciting times and I hope we build a sustainable startup ecosystem and community in Iceland.