Below are the main support programs available for entrepreneurs and companies to apply for, along with information on grants that may be available. These include smaller grants categorized by focus, larger grants such as those from Rannís and the Technology Development Fund, as well as international grants. Support programs do not involve financial grants. Finally, there are useful guidelines for grant applications.
Support project
Innovation Grant is an initiative with the goal of making it easier for companies to hire people with a college, technical, or vocational education who are looking for work. The project is a collaborative effort. Employment Service and the Innovation Center of Iceland. Participation in the project is open to companies and individuals operating throughout the country.
Smaller grants
Women's employment It aims to reduce female unemployment, maintain settlement across the country, facilitate women's access to capital, and increase diversity in the workforce. The Employment Service administers the fund.
Seed It aims to support ideas and projects in their early stages that could lead to a larger development project. Rannís manages that fund.
Grants and funds from the ministries
Energy fund is the property of the state and is responsible for its obligations. The Minister of Industry oversees the fund. The Energy Agency handles the daily administration of the Energy Fund.
Fisheries and aquaculture funds
Marine Farming Environmental Fund operates in accordance with law no. 71/2008 regarding fish farming, and is an independent fund owned by the state under its control Minister of Fisheries and Agriculture.The purpose of the fund is to finance projects aimed at adapting fish farming in the country as much as possible to the existing environmental conditions, thereby minimizing the environmental impact of net pen farming.
Fisheries Fund is a fund established under Article 7 of the Act No. 89/2019 on the collection of a fee for marine fish farming and the Fish Farming Fund. The fund is intended to provide grants to municipalities for infrastructure development in areas where sea-cage aquaculture is practiced, thereby strengthening communities and the pillars of the economy in those regions.
Tourism
Development Fund for Tourist Destinations The purpose and mission of the fund is to promote the development, maintenance, and preservation of tourist sites owned or managed by municipalities and private entities throughout the country.
Aviation Development Fund is hosted by the Ministry of Industry and Innovation and aims to support the development of new flight routes to Iceland in order to establish regular international flights at the international airports in Akureyri and Egilsstaðir.
Other funds
Lóa – Innovation Grants for the Countryside They have the role of enhancing 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 the needs of the regions.
Food Fund It has the role of strengthening development and innovation in the production and processing of food and by-products from agricultural and seafood products.
Project and Event Grants from the Minister of Tourism, Industry, and Innovation Questions regarding the grants should be sent to the email address. postur@anr.is
Project and Event Grants from the Minister of Fisheries and Agriculture – Inquiries regarding the grants should be sent to the email address postur@anr.is
Other funds by category:
The country's development funds are competitive grants. The funds are tasked with supporting cultural and innovation projects, as well as other projects that align with the regional development plans.
Development Fund of East Iceland
Development Fund of Southern Iceland
Development Fund of the South-West
Development Fund of the Association of Municipalities of North West Iceland
Community grants are most often awarded by the private sector or non-profit organizations. The purpose of community grants is to support projects that strengthen the community and/or its infrastructure, and projects that have cultural or social value.
Rio Tinto Alcan Community Fund provides charitable contributions to non-profit organizations, clubs, and associations, non-governmental organizations, other grassroots business associations, and/or academic institutions such as universities, all of which are officially registered as such.
Landsbankinn Community Fund It is tasked with providing grants to worthy projects. Annually, it awards scholarships, community grants, and environmental grants, while performance grants are awarded every other year. Review panels are composed of professionals in each field.
Landsvirkjun Community Fund Supports projects that have broad social relevance and the potential to have a positive impact on Icelandic society.
Valitor Community Fund The purpose of the fund is to support a wide range of cultural, humanitarian, and community affairs.
Eflu Community Fund The purpose of the fund is to give back, and its mission is to provide grants for worthy projects. EFLA supports constructive and positive projects in the community.
Icelandic Bank's Venture Capital Fund The fund supports entrepreneurial projects that focus on renewable energy and sustainable fisheries.
Aloca Fjords Community Fund – Support is only provided to non-profit organizations or institutions in Central East Iceland.
Larger grants
Rannís holds, among other things, on the outside Technology Development Fund and other funds
Detailed information and an overview of Nordic grants and support projects.
Many different options are available in European grants.
Horizon 2020 EU Framework Programme (2013–2020) Research, Development and Innovation is the EU's main funding tool for research in Europe. Individuals, companies, universities, research institutions, and various organizations in Iceland can participate in projects within Horizon 2020.
COSME - EU Competitiveness Programme is a program 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 collaborative platform on a company-driven basis. Applications are evaluated by the home countries. The Technology Development Fund can finance Eureka projects. Intergovernmental cooperation of 40 European countries and the European Union on technological and industrial development. For more information, please contact Mjöll Waldorff at the Innovation Center Iceland at mw@nmi.is.
Cost is an intergovernmental partnership of 35 European COST countries for networking in the field of scientific and technological research. More information can be found at Rannís.
European website on funding opportunities for SMEs, small and medium-sized enterprises Information on where different types of small and medium-sized enterprises can get support.
Erasmus for Young Entrepreneurs is an international exchange program where new and emerging Icelandic entrepreneurs can receive a grant 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 an experienced entrepreneur, and expand their network. More information about the program can be found on its website, or by contacting Thorsteinn Surmeli at Rannís. thorsteinn.surmeli@rannis.is
Euro stars is for small and medium-sized enterprises in Europe that conduct their own research and development. Eurostars projects are research and development projects that can be in any technological field. Eurostars projects are driven by the leading companies and are market-oriented.
For more information about EUROSTARS, please contact Snæbjörn Kristjánsson, National Engineer and Representative for Eurostars and Evreka., skr@nmi.is
Enterprise Europe Network in Iceland assists small and medium-sized enterprises, as well as universities and public entities, in enhancing their competitiveness in the international market through the world's largest business network. Enterprise Europe Network in Iceland is a member of the Enterprise Europe Network, the world's largest technology transfer network, which is supported by the European Union.
Tax deduction for research and development projects The goal is to boost research and development and improve the competitive position of innovative companies by granting them the right to a tax deduction for the costs of innovation projects. More information is available from Rannís.
Applying for a grant
The form and scope of grant applications vary, so it is advisable to allow plenty of time for them and not to apply at the last minute. It is a good idea to ask someone who is not connected to the project to review and critique the application for you. Most of the time, these are competitive grants, so it is very important to have a clear and strong application. Applying for grants can be a significant amount of work, but good preparation is key to receiving a grant. It is extremely important to carefully read the guidelines and rules for the grants to determine if the project is a good fit for a particular fund.
It is helpful to have a business plan prepared before applying for a grant; this demonstrates that the business idea is viable and that there is a solid operational foundation for it. However, there are some funds that provide grants to work on a business plan and properly develop the idea before applying for a grant.
Even if the idea is in its early stages, it is necessary to be able to clearly explain what the project's innovation is, what problem the product is meant to solve, and have a detailed description of the target audience. This is all part of the fundamentals. business plan. In some cases, more detailed information is required, such as a complete business plan and a budget.
Applications are usually made for specific work packages, which must be clear, realistic, and consistent with the project's stage at the time the grant is applied for.
- Follow the instructions
- Objectives of the grantor/fund
- Focus on what needs to be done, not what's been done.
- The work shall be carried out in accordance with the cost and schedule plan.
- Approach as a project that needs to be done
- Persuasive power
- Personal style
- Application processing is a collaborative effort.
- To shorten one's speech
- An easy matter to understand
- Attention to detail matters
- Clear vision in the application: what to do
- Realistic expectations, goals, and plans