Innovation Center Iceland encourages innovation and promotes the advancement of new ideas in Icelandic economy by providing active participation and support to entrepreneurs and businesses. Innovation Center Iceland belongs to the Ministry of Industry and Innovation and operates according to the Act on Government Support for Technology, Research, and Innovation and receives revenue from both the public and private sectors.
The main emphasis of ICI is to promote additional knowledge, expertise and general development of the Icelandic economy through innovation, technological development, research and knowledge transfer in a chosen areas e.g. in renewable energy and business development.
ICI offers a free of charge counselling on various issues that may arise with entrepreneurship and businesses. The role of the ICI is to respond to the needs and wishes of customers in regard to the courses it offers, as well as taking the initiative towards new solutions in the education and innovation sectors. Innovation Center Iceland specialists work with individuals, businesses and institutions all over the country. ICI headquarters are in Reykjavík but ICI has also five other work locations spread across Iceland.
Over 80% of Iceland’s energy demands are met with local sustainable energy resources. This record breaking achievement consists of geothermal energy and hydroelectric sources.
Even though only 20% of Iceland’s energy needs, mostly in the transport and fisheries sectors, are met by fossil fuel, Icelandic authorities and local companies already have several innovative programs up and running to create a totally clean energy future. The government of Iceland supports innovative companies in clean energy, energy efficiency, and clean technology and offers Iceland as a laboratory for solutions aiming at a clean energy future.
Iceland is rich in terms of renewable energy but there are regions in Iceland that are dependent on importing energy from others parts of the country and which makes it more important to generate more entrepreneurs and innovation solutions within in the RE sector.