Meet Startup Reykjavik, Iceland’s #1 Accelerator Program

by on June 28, 2013 at 8:53 am

When I was in Iceland this month for Startup Iceland, an event started by serial entrepreneur Bala Kamallakharan, I had the opportunity to meet a host of locals working on start-up initiatives.
Leading up an effort within the Startup Iceland community is Kristján
Freyr Kristjánsson, who is spearheading Iceland’s #1 Accelelerator program: Startup Reykjavik.
The startup energy is growing in Iceland and is being taken so seriously that Iceland’s President Olafur Ragnar Grimsson showed up at Startup Iceland to give an inspiring talk to attendees.
Startup Reykjavik is similarly structured to TechStars but open for any type of businesses to apply. The program includes ten teams (16k at 6% across 10 weeks) and ends with an investor day on August 23, 2013. It kicked off while I was there and one of the team building exercises was to take 20 or so entrepreneurs into the interior of Iceland’s natural wonderland for games and bonding. They headed to a place called Thorsmork, within the Þórsmörk Nature Reserve where they had pow-wows in volcano huts and hiked, a little different from our pizza and soda networking shindigs in Silicon Valley.

is an overview of the teams for this year’s program:

Mindlantis: While helping children discovering their
true potential, they make high quality products based on their ideas.
Activity Stream: They enable capture, processing, visualization and reporting of Business
Activity Information – in real time – cloud based.
Golf Pro Assistant: GolfPro
Assistant is a web app designed for golf professionals to help them manage
all aspects of running a golf teaching business.
SARdrones: SARdrones
develops unmanned drones and image analysis software for search and rescue
purposes in barren landscapes.
Snjohus Software:
Snjóhús is a two man team, programmer and artist, working to make high
quality apps.  
Silverberg: Designing and developing a measuring
equipment for fitness centers, along with a software solution where users
can track their progress.

Non-Tech companies (e.g. Bio-tech, Fashion, Alumnium Roller coaster, Whiskey Brewery)

Herberia: Herberia fills the gap between
unregistered natural products and medicines by manufacturing herbal
medicines of the highest quality.
Y-Z: Y-Z
is an innovative fashion brand aimed at forward thinking women – classic
design with avant garde flexibility.
Zalibuna will design and build a one man rollercoaster in the most
traveled area of Iceland, Kambarnir.
Þoran Distillery: The Þoran
project it the brainchild of a few like-minded individuals who dream of
establishing the first whisky distillery in Iceland.

They have 10 alumni teams and a database of 100 Icelandic startups they have been helping through the
past years, with roughly $20 million invested so far. Below are some of the entrepreneurs who participated and are part of the startup scene, from the Hackathon, the Startup Iceland and the entrepreneurs who will be part of this year’s accelerator group.