MIT REAP Team Iceland’s focus is on the country as a whole. The team is represented by stakeholders from all five stakeholder groups. The team is championed by Reykjavik University with key stakeholders from the Ministry of Industries and Innovation, and NSA Ventures.
Innovation Ecosystem Stakeholder Model
Champion President, Reykjavik University
Vice President, Qlik
Dean of School of Law; Chair of Science Committee, Reykjavik University
Business Manager - Inside Sales; Chair of Technology Committee, Marel
Chief Civil Engineer, Ministry of Industries and Innovation
CEO, NSA Ventures
CEO, Icelandic Startups
Challenge & Opportunity
Strategy & Action
Region of focus:
The Republic of Iceland
Fishing and energy industries traditionally the most strong
Emerging tech, service and tourism industries
Flexible and creative culture
Good infrastructure and connections
Democratic egalitarian welfare state
Ability to join forces, when needed
Too much focus on natural resource utilization
Skepticism towards innovation and a lack of entrepreneurial heroes in high-tech companies
Micro-economy and micro-currency
Small home market
Immature investment environment
Risk of losing talent abroad
The “fisherman” gene
Natural resource industry dominates policy
Political: Missing long-term vision in essential areas
Ari Jonsson – President, Reykajvik University
Representation from all stakeholders
Will be updated once the team graduates from the program.
Social progress and economic prosperity as a collective measure of development in a region.
Innovation-Driven Entrepreneurial Ecosystem
Innovation-Driven Entrepreneurial Ecosystems are regional environments that effectively support startups focused on addressing global markets based on technological, process or business model innovation.
Ability to start and build new to the world businesses from inception to maturity.
Culture & Community
Ability to develop new to the world innovations from inception through to the market.
Culture & Community
June 1, 2016
RU in cooperation with MIT to promote economic growth through innovation