Grand prizes in the competition for the University's Applied Science Prize | University of Iceland Skip to main content

Grand prizes in the competition for the University's Applied Science Prize

11/02/2019 - 11:01

- The New Business Venture Fund (Nýsköpunarsjóður atvinnulífsins) is a new collaborator in the competition

Do you have an idea for a growth company based on your work or studies at the University of Iceland? Are you working on exciting research with great potential for utilization? If so, check out the University's applied science prize that will be awarded for the 21st time on 27 March! It should be worth your while, as the prize for first place is four million Icelandic krona.

The University of Iceland's aim with this annual competition is to promote the utilization of projects and innovation within the university, and seek ideas that could potentially become the basis of new companies creating new jobs in society. The competition is open to all students and staff at the University of Iceland as well as affiliated institutes. Individuals from all fields of study are encouraged to participate. The prize projects in recent year show the diversity of the potential for utilization, as they have come from research and work in various fields of study at the University.

The New Business Venture Fund is a new addition to collaboration of the University of Iceland, Árnason|Faktor, and the Innovation Centre Iceland on the applied science competition.

Deadline for proposals is Monday 4 March 2019.

There is a cash prize for the first three places in the competition, which has been increased from last year. Four million ISK for first place; two million ISK for second place, and one million for the third place.

The selection committee looks to the following factors in their selection:

  • Methods in utilization and how fast the idea can be applied
  • Whether the utilization is in accordance with UI policy and practises
  • The research behind the project/idea
  • Innovation and originality
  • Benefit to society.
  • To what extent the prize money will be of use in utilizing the project/idea

All information on the competition and the registration form can be found at the website (in Icelandic).