The rules for evaluation and disbursement vary between grant categories.

Generally, however, applications are evaluated by the Technology Development Fund's advisory group. The advisory group is multidisciplinary and is made up of individuals from companies, universities and institutions.

Beyond the role of the advisory group the following apply:

Seed grants (Fræ/Thróunarfræ)

• Applicants receive a summary of the Advisory Board's assessment together with notification of whether the Board has decided to award funding for the project.

Market grant

• The aim is for the result to be announced within three months from the end of the application period.

• The evaluation sheet used by the advisory group in evaluating applications and taken into account by the Fund's board of directors in selecting applications is available here:

Sprout grant

• The aim is for the result to be available within three months of the end of the first phase of application.

• The evaluation sheet used by the advisory group in evaluating applications and taken into account by the Fund's board of directors in selecting applications is available here:

Growth grant

• The aim is for the result to be available within three months of the end of the application period.

• The evaluation sheet used by the advisory group in evaluating applications and taken into account by the Fund's board of directors in selecting applications is available here:

Applied research grant

• The aim is for the result to be available within three months of the end of the application period.

• The evaluation sheet used by the advisory group in evaluating applications and taken into account by the Fund's board of directors in selecting applications is available here