Fueling Innovation in Iceland

Auðna TTO Iceland has been at the forefront of driving value creation within Iceland’s scientific community. This has been achieved through a surge in patent applications, establishing connections with international investors, and fostering systematic technology transfer. These efforts ensure that Icelandic innovation finds practical applications, generating tangible benefits for both the economy and society.

Einar Mäntylä, CEO of Auðna TTO Iceland

Over recent years, Iceland’s scientific landscape has made significant strides in innovation, giving rise to exciting new startups rooted in science. The number of patent applications from the research community has grown dramatically—from just one per year to one per month in 2024. This remarkable progress stems from extensive efforts to harness Icelandic expertise and transform innovative ideas into societal value. Scientific research creates opportunities, future growth, and even new industries. However, these innovations need a clear pathway to reach their potential, and Auðna plays a vital role as a bridge between science and industry. Serving all Icelandic universities and major research institutions, Auðna facilitates technology and knowledge transfer. Through consulting, training, and connecting academia with industry and investors, Auðna ensures that intellectual property and research findings fuel innovation and economic advancement. In this way, Auðna acts as a true distributor of knowledge.

Emerging scientific startups

The impact of increased focus on technology transfer is becoming evident in Icelandic society. Numerous promising projects based on Icelandic innovation and research are making significant progress. Supported by Auðna and the Icelandic research environment, startups and intellectual property have been successfully transformed into real-world value and opportunities. Here are a few examples:

• Kaldur Therapeutics – A groundbreaking startup in drug development offering a completely new approach to complex and expensive treatments, with the potential to save lives and reduce costs significantly.
• Minamo – An innovative antimicrobial surface treatment for silicone that enhances its safety in healthcare applications, reducing the risk of infections. (www.minamo.is)
• Careflux – A health-tech company leveraging artificial intelligence to streamline and improve workflows for healthcare professionals. (https://careflux.ai/)
• Arterna Biosciences – A promising local development in mRNA-based drug innovation. (www.arternabio.com)
• Matís Patents – Auðna is exploring industry interest in utilizing Matís' patents on enzymes that convert sugars into products with potential applications in pharmaceuticals or dietary supplements.

These projects represent just a fraction of the research outcomes within life and health sciences. Similar stories can be found across other scientific disciplines and even in the arts. By fostering intellectual property protection and targeted innovation, Iceland strengthens its global competitiveness while creating new value.

The path to scientific innovation

Auðna Tæknitorg recently hosted a special event at Gróska, focusing on scientific innovation. The event featured presentations from Icelandic scientific entrepreneurs Hans Tómas Björnsson and Egill Skúlason, as well as Irish technology transfer expert Tom Flanagan and Milla Koistinaho, a deep-tech investor from Finland’s Innovestor fund. Milla highlighted the necessity and business rationale for investing in scientific innovation, emphasizing its role in saving lives and protecting the environment.

Auðna also facilitated connections between Milla and Icelandic science companies, startups, and local investors. Such collaborations lay the foundation for new funding, co-investment opportunities, and the growth of science-based startups.

Innovation is the key

Auðna places great emphasis on strengthening intellectual property protection and innovation. Ideas and inventions are beginning to flow through the channels established by the government, universities, and research institutions, with support from the Federation of Icelandic Industries and Auðna Tæknitorg. Auðna acts as a conduit, channeling society’s investment in science back into society. However, more work is needed to optimize these pathways. The foundation is strong, but it’s time to accelerate progress. By supporting the infrastructure for scientific innovation, Iceland can create a more sustainable economy and diversify its industries. Harnessing intellectual property and activating scientific knowledge will strengthen Iceland’s global position and generate long-term value for future generations through a thriving knowledge-based society.

Examples like Kerecis, Alvotech, Össur, and Marel illustrate the value of intellectual property and innovation. These companies have mastered the game, and Iceland needs more pillars like them.

It can be argued that Auðna Tæknitorg, as a non-profit channel for innovation within the scientific community, has delivered 60 ISK in value for every 1 ISK allocated to it. That is a return worth every penny.