Icelandic Student Innovation Fund

Must there be a supervisor?

Yes, a supervisor must be specified in the application.

Can supervisors be listed on multiple applications?

Yes.

Can the same person be both student and supervisor?

No, the same person cannot be both student and supervisor.

Is it possible to apply without specifying students?

Yes, a considerable number of applications do not specify students.

How do supervisors find students?

Advertisements on web media are most common, but supervisors may also contact student associations, university faculty, and similar channels.

May students apply if they graduate in the spring?

Yes, they may.

Can students who begin undergraduate or master’s studies in the fall apply?

No, students must already be enrolled in undergraduate or master’s studies during the application period.

How does one apply and what information is required?

It is possible to start an application to see which questions must be answered and what basic information is required, without intending to submit the application.

What attachments must be included?

No attachments are allowed.

Can more than one expert council assess an application?

No, each application is assessed by a single expert council. Applicants select which expert council they want to review the application.

Can I share my application with other parties?

No, an application cannot be shared between parties. However, the person who creates the application may paste in information on behalf of others involved.

Is it possible to list more than one student in the application?

Yes, it is possible to apply on behalf of multiple students. Once information has been entered and saved for one student, additional students can be added.

Is it possible to list more than one supervisor in the application?

Yes, more than one supervisor may be listed in the application. This is done in Section 1.2, Connections.

Can doctoral students serve as supervisors?

No, doctoral students cannot serve as supervisors.

Do supervisors receive payment?

No, only students are paid.

May applications be in Icelandic and English?

Yes, applications may be in Icelandic or English. However, the application form, assessment form, and rules are only available in Icelandic.

Who can submit an application?

Anyone may submit an application. For example: supervisors, companies, institutions, students, or self-employed individuals.

Supervisors, companies, and students may all submit applications.

All university-level studies are eligible for funding from the fund.

Can Icelandic students at foreign universities apply?

Yes, students with an Icelandic ID number (kennitala) who are enrolled in a foreign university may apply, but the supervisor must be based at an Icelandic university, research institution, or company.

Can foreign students at Icelandic universities apply?

Yes, foreign students enrolled at an Icelandic university with an Icelandic ID number may apply.

What are keywords?

Keywords are terms related to the subject of the application.

Is the grant taxable?

Yes, the grant is taxable. However, no tax card needs to be submitted to the fund. The grant will appear on the recipient’s tax return for the year following the award.

Can the grant be paid into a student’s bank account?

Yes. The grant is then not subject to employment-related charges like contractor payments, but it is still taxable.

The student may choose to use their personal tax credit. If the student does not use it, there will be no balance available to apply it when the tax return is filed the following year.