Technology Development Fund
About the Technology Development Fund
The role of the fund is to support research and development in the area of technology which focuses on innovation for Icelandic business. The fund is managed according the the law concerning the Technology Development Fund, number 26/2021 (in Icelandic).
Main emphases
The fund finances innovative projects in line with the Science and Innovation Council.
The fund's activities should increase the diversity of the business sector and speed the development of knowledge-based and high-technology activities.
The Technology Development Fund is under the direction of the Minister of Culture, Innovation and Higher Education.
The Technology Development Fund is held as a competition. Submissions are evaluated by a professional council which provides assessments concerning grants to the fund's directors. The board of directors makes final decisions about the fund disbursements.
Grants
The Technology Development Fund offers four categories of corporate grants: Seed grants (Fræ/Thróunarfræ), and the Sprout, Growth and Market grants. Each grant is tailored to different stages of project development.
Patent grants and Applied research grants are also available for universities and research institutions (usually in collaboration with companies).