Below are the main support projects that entrepreneurs and companies can apply for, along with information about grants that may be available. These are smaller grants that are categorized by focus, larger grants such as from Rannís and the Icelandic Technology Development Fund, as well as foreign grants. Support projects do not involve financial grants. Finally, there are useful instructions regarding grant applications
Support projects
Innovation Grant is an initiative with the goal of making it easier for companies to hire university-, technical- or industrially educated people looking for work. The project is a collaboration between the Directorate of Labour and the Icelandic Innovation Centre. Participation in the project is open to companies and individuals with operations throughout the country.
Memory grants
The Women's Employment Fund aims to reduce female unemployment, maintain settlements throughout the country, facilitate women's access to capital and increase diversity in the workforce. The Directorate of Labour manages this fund.
The goal of Fræ is to support ideas and projects at an early stage that can lead to larger development projects. Rannís manages the fund.
Grants and funds from ministries
The Energy Fund is the property of the state and is responsible for its obligations. The Minister of Industry is responsible for the overall supervision of the Fund. The National Energy Authority is responsible for the day-to-day administration of the Energy Fund.
Funds related to fisheries and aquaculture
The Environmental Fund for Aquaculture operates in accordance with Act No. 71/2008 on Aquaculture, and is an independent fund owned by the state under the authority of the Minister of Fisheries and Agriculture . The aim of the fund is to finance projects that are related to adapting aquaculture in Iceland as much as possible to the existing environmental conditions and thus minimizing the environmental impact caused by aquaculture.
The Aquaculture Fund is a fund that operates on the basis of Article 7 of Act No. 89/2019 on the levy of fees for aquaculture in the sea and the Aquaculture Fund. The fund is intended to provide grants to municipalities to develop infrastructure where aquaculture in sea cages is practiced, thereby strengthening communities and the pillars of the economy in those areas.
Tourism
Tourist Attractions Development Fund – the fund's goal and mission is to promote the development, maintenance and protection of tourist attractions that are owned or managed by municipalities and private parties throughout the country.
The Aviation Development Fund is housed at the Ministry of Industry and Innovation and aims to support the development of new air routes to Iceland so that regular international flights can be established via the international airports of Akureyri and Egilsstaðir.
Other funds
Lóa – Innovation Grants for Rural Areas have the role of increasing innovation in rural areas, supporting business and value creation based on ingenuity, knowledge and new skills, and promoting the development of an ecosystem for innovation and entrepreneurship based on regional criteria.
The Icelandic Food Fund has the role of supporting development and innovation in the production and processing of food and by-products from agricultural and marine products.
Project and event grants on the issues of the Minister of Tourism, Industry and Innovation – Inquiries regarding the grants should be sent to the email address postur@anr.is
Project and event grants on the issues of the Minister of Fisheries and Agriculture – Inquiries regarding the grants should be sent to the email address postur@anr.is
Other funds by category:
Larger grants
Rannís manages, among other things, the Technology Development Fund and other funds.
Detailed information and overview of Nordic grants and support projects.
Many different options are available in European scholarships.
Horizon 2010 The EU Framework Programme (2013 – 2020) for research, development and innovation is the EU's main tool for funding research in Europe. Individuals, companies, universities, research institutes and various organisations in Iceland can participate in projects within Horizon 2020.
COSME - The EU's Competitiveness Programme is a programme aimed at small and medium-sized enterprises. Its main objective is to promote the competitiveness and sustainability of small and medium-sized enterprises.
EUREKA is a collaboration platform based on the principles of the companies. Applications are evaluated by the home countries. The Technology Development Fund can finance Eureka projects. Intergovernmental cooperation between 40 European countries and the European Union on technological and industrial development. For further information, please contact Mjöll Waldorff at the Icelandic Innovation Centre mw@nmi.is.
COST is an intergovernmental collaboration of 35 European COST countries for networked cooperation in the field of scientific and technological research. Further information can be found at Rannís .
European website on funding opportunities for SMEs, small and medium-sized enterprises Information on where different types of SMEs can apply for support.
Erasmus for Young Entrepreneurs is a cross-border exchange programme where new and aspiring Icelandic entrepreneurs can receive funding to go abroad and learn from experienced entrepreneurs who have achieved success in their sector. This is a unique opportunity for Icelandic entrepreneurs to gain experience abroad, learn from experienced entrepreneurs and expand their network. More information about the programme can be found on its website, or contact Þorsteinn Surmeli at Rannís thorsteinn.surmeli@rannis.is
Eurostars is for European SMEs that conduct their own research and development. Eurostars projects are research and development projects that can be in any technological field. Eurostars projects are carried out on the premises of the companies in charge and are close to the market.
For further information about EUROSTARS, please contact Snæbjörn Kristjánsson, National Project Representative for Eurostars and Evreka, skr@nmi.is
The Enterprise Europe Network in Iceland helps small and medium-sized enterprises, as well as universities and public bodies, to strengthen their competitiveness in the international market through the world's largest business network. The Enterprise Europe Network in Iceland is a member of the Enterprise Europe Network, which is the largest technology transfer network in the world and is funded by the European Union.
Tax deduction for research and development projects , the aim of which is to promote research and development and improve the competitive conditions of innovative companies by granting them the right to tax deductions for the costs of innovation projects. Further information can be found at Rannís.
Applying for a grant
The form and scope of grant applications vary, so it is advisable to have plenty of time to apply for grants and not apply at the last minute. It is a good idea to ask someone who is not connected to the project to read the application and review it for you. Most often, these are competitive funds, and it is therefore very important to have an understandable and good application. A considerable amount of work can go into applying for grants, but good preparation is a key factor in receiving a grant. It is extremely important to read the guidelines and rules of the grants carefully to determine whether the project is eligible for a specific fund.
It is useful to have a business plan ready before applying for a grant, as this will demonstrate that the business idea is viable and that there is a business basis for the business idea. However, there are some funds that provide grants to help you work on a business plan and develop the idea well before applying for a grant.
Even though the idea is in its early stages, it is essential to be able to explain what the project is about, what problems the product is supposed to solve, and have a clear target audience description. This is all part of the basics of a business plan . In some cases, more detailed information such as a complete business plan and budget are required.
Applications are usually made for specific project components that need to be clear, realistic, and in line with where the project is at the time the grant is applied for.