Icelandic Student Innovation Fund

 For whom?

For undergraduate or master's students. Supervisors in universities, research institutes or companies can apply to the fund for grants even if they haven't found a student.

For what?

The fund's goal is to give universities, research institutes and companies a chance to hire undergraduate and master's students for summer jobs in research and development. 


Applications are open once each year.  

Deadline for application 2024 was February 12, at 15:00 PM


What is the Goal

The fund is financed by contributions from the government (the ministry of education and culture), 90 million kr, and Reykjavík city, 15 million kr. From its founding in 1992 the fund has gained a solid reputation for the work done by hundreds of students and for their projects, achieved via the fund's support.

Grants shall be made to research and development projects which are deemed likely to lead to innovation and increased connection between universities, institutions and companies. Applications for grants shall be evaluated on the basis of their possible economic use and their novelty in relation to knowledge in their respective fields. The projects shall be discharged by independent and professional work by the student under the supervision of those accountable for each project. Grants are not provided for students' finals. The board may prioritize projects where costs are shared by a company or other parties.

Who Can Apply?

  • Undergraduate and master's students. A maximum grant of 340,000kr per month is paid for each student.
  • Specialists at universities, research institutes and companies who wish to hire university students for research and development projects.

What is supported?

The fund supports students in research and development projects over the summer. When a grant is accepted, 80% of it is paid out when the contract is signed and 20% when a final technical report is submitted. The university, research institute or company provides facilities and raw materials. Companies, institutions, universities or relevant supervisors can also add a student to their payroll and pay an additional salary to the student. Students who are on a payroll are thereby insured at work. A decision on grants is dependent on a technical evaluation. Applications shall be made to one of the six divisions of the fund. 

Connection to the Economy and Society

Many examples show that innovation projects have provided the start of major development projects within companies. Young people are often bold and creative in their thinking, and businesses have been ready to invest in feasibility studies with the help of the ISIF. Often, students pursuing research work during the summer term are the most interested students. Work in relation to the ISIF has been a platform for companies to form a relation to students, and those relations have often lead to job offers at the end of the student's studies. The fund is, therefore, also an optimal platform for students to get acquainted with Iceland's most progressive companies and institutions

The ISIF was founded in 1992. The Icelandic Centre for Research has administered the fund since 8 July 2008.

contact information

For inquiries regarding the Student Innovation Fund please email
Staff: Þorgerður Björnsdóttir and Kristín Hermannsdóttir

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