Ten teams are selected each year from a group of applicants to participate in the 10 weeks program where the get:
- ~18,500 USD in seed investment in exchange for 6% of the equity
- fully equipped co-working space
- access to mentors that meet the teams and give their advice in either a short term or long term relationship that develops during the program
- assistance with PR and media
- present their business ideas on Demo Day at the end of the program to investors
The investment comes from Startup Reykjavik Invest ehf., a 100% owned company of Arion Bank where I serve as the CEO. On the board are Höskuldur H. Ólafsson, CEO of Arion Bank, Stefán Pétursson, CFO of Arion Bank, and Björk Þórarinsdóttir.
Startup Reykjavik is operated and run in cooperation with Icelandic Startups.
Since inception, the number of investments made are the following: