Dear guests,

It is a privilege to address you on this occasion; the Investor Day at Reykjavík Startup, wrapping up the sixth accelerator program conducted as a partnership of Icelandic Startups and Arion Bank.

As many of you know, the nine companies who will present their ideas today were chosen from a pool of some 150 applications. From these figures we can already draw two conclusions. First: that in order to make the cut as the top six or seven percent of all applicants, these companies are sure to offer interesting propositions with good potential. And second: the fact that there were 150 applications clearly points to a dynamic, active and vibrant startup scene here in Reykjavík.

Just yesterday, we got news that Greenqloud, maker of hybrid cloud software, was sold to NetApp, a Fortune 500 company in the United States. The government, through NSA ventures, participated in that operation. Apart from that, investors – both Icelandic and international – as well as founders and employees, will benefit greatly from this, not to mention the tech and start-up community as a whole. As the minister of this sector, I’m of course proud and happy that the government was able to participate in that venture.

The high number of applications also reflects the excellent work being done here at Icelandic Startups. Great credit goes to all of your employees, as well as the partners and sponsors.

Of course, government likes to take part of the credit whenever things are moving in the right direction!

Not too long ago, I was looking at a graph showing the government’s expenditure on innovation, specifically through the Technical Development Fund, which of course has a much broader role in supporting innovation than its name would suggest. The graph went back to the year 2004. The increase in annual government funding over that period turns out to be approximately ten-fold.

This is more than the increase in the number of tourists in the same period. So if we can talk about a boom in tourism, we can also say, that as far as the aforementioned government spending is concerned, there has certainly been an “innovation-boom”.

Private investors have also stepped up, and greatly added to the resources available to start-ups; not only financial resources but also guidance and direction, as well as relationships and connections.

Apart from increased funding, the government has also taken steps to ensure a competitive regulatory environment to start-ups and their investors. Of course we are always looking to improve. Our goal is to be world class.

Icelanders are in many ways a start-up nation. Fishermen; always on the lookout for the next catch; forced to take risks; driven to innovate to maximize returns in tough conditions.

We have also been fortunate to build a society which nurtures individual talent by providing true opportunity for the vast majority of the population.

Progress is not only a product of genius individuals but also the social context in which they are able to grow and achieve their potential.

I believe Iceland provides some of the best conditions for talent to emerge and grow. Our main challenge is therefore not to produce it, but rather to keep it; to hold on to it, in the face of tough international competition.

The Icelandic start-up and innovation scene has already produced several magnificent success stories. I firmly believe we are just beginning, and some of tomorrow’s success stories will probably be presented here today.

In closing, I would like to extend my thanks again to all employees at Icelandic Startups, as well as the partners and sponsors.

Last but not least, I congratulate all of today’s presenters, for the milestone that you have reached by coming this far.

Thank you.