Innovation, Startups and Venture Capital in Iceland

Startup Orkídea kicks off with five teams involved

Five teams are currently participating in the Startup Orkídea business accelerator, a joint program by Icelandic Startups and Orkídea. Startup Orkídea is a new platform for the development of business ideas and innovation projects related to sustainable solutions in the field of high-tech food production and biotechnology.

Each of the five teams chosen to participate were offered an elective grant of 1 million ISK ($8k) to focus on their projects for the duration of the accelerator. The grants come from Landvirkjun, the national power company of Iceland, which will receive call options in the companies that choose to receive the grants. The program started on February 10 and consists of three weekend working rounds before presentations to investors on March 19.

Orkídea is a collaboration by Landsvirkjun – the national power company of Iceland, the association of municipalities in South Iceland, the Agricultural University of Iceland and the minister for fishing and agriculture.

The participants:

1000 Year Old Village (1000 Ára Sveitaþorp), which is developing a product kalled Kindakol (Sheepcoal), coal that is made out of biomass like dung and hamp.

Krakkakropp, a company that use Icelandic vegetables that can not be sold on the consumer market to produce a snack for kids.

Livefood, which wants to produce Icelandic vegan cheese from potatoes and oat milk, using geothermal energy in Hveragerði, South Iceland.

Sif Biotech, which is using bioengineered plants as product units for medicine and other essential products.

Viskur, which is going to develop food products from the nutritious by-products of algae production in Iceland.

The five teams will receive training and access to a wide net of industry experts, both experienced entrepreneurs and investors for the duration of the accelerator, which will end as mentioned before on March 19, with presentations in front of investors and key players from the Icelandic power-sector.

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