Icelandic Student Innovation Fund

Target group

Students attending studies on a undergraduate or graduate level. Experts within businesses, institutions and universities, who are interested in hiring university students for summer term research projects.

Objectives

The goal of the Icelandic Student Innovation Fund is to provide an opportunity for universities, research institutions and companies to recruit students, in undergraduate and graduate studies, to undertake ambitious and challenging research projects during the summer time.

Deadline

Deadline was 8 May 2020, at 16:00.

IS

The 2020 Budget bill is on the Icelandic parliament (Althingi) agenda. The pending bill includes an additional “300 million ISK to the Student Innovation Fund for three-month salaries for young entrepreneurs, with an emphasis on entrepreneurship training and innovation. The aim is to combat unemployment and promote innovation among young people.” It is not clear whether all the funds can be utilized in traditional allocations. As a result, application deadlines have been postponed until May 8th.

Goal

The goal of the Icelandic Student Innovation Fund is to provide an opportunity for universities, research institutions and companies to recruit students, in graduate and postgraduate studies, to undertake ambitious and challenging research projects during the summer time. From its foundation in 1992 the fund has established itself with a good reputation, due to the work of hundreds of students and the project work they have carried out because of the fund's existence.

Applications for grants should be evaluated with the innovation it presents to the relevant discipline. The projects should be carried out by the student in an independent and professional manner, with the guidance of supervisors. Grants are not allocated to student's final dissertation or thesis work.

The Icelandic Student Innovation Fund (ISIF) is run by a board selected by the Minister of Education, Science and Culture. The board decides grant allocations each spring.

Who Can Apply?

  1. Students attending studies on a bachelor's or master's level.
  2. Experts within businesses, institutions and universities, who are interested in hiring university students for summer term research projects.

Project Requirements

The project must fulfill two main requirements in order to be able to receive a grant. Firstly, the project must challenge the abilities of the student and her/his independent work methods. Secondly, the project must have a practical innovation value, or contribute to academic innovation in the relevant discipline. 

Grant and Progress

The grant is presented in the form of monthly grants for the student, but the company or the relevant supervisor is to supply facilities and pay material cost. The fund monitors the progress of the project over the summer, whilst the supervisor is responsible for the actual execution of the project and the delivering of a final report at the end of the summer. Should the supervisor not deliver such a report he/she will not be considered in future grant allocations from the fund.

Q&A

Can I apply without a supervisor?

No, a supervisor must be specified in the application

Can the same person be a student and a supervisor?

No.

Is it possible to apply without having a specified student?

Yes, a significant number of applications do not have a specified student

How do supervisors find stundents?

Advertising on the web media is the most common, but you can also talk to student associations, teachers, to name a few.

Can students apply if they graduate this spring?

Yes.

How to apply and what is asked for?

An application can be created to see what needs to be answered and what basic information needs to be available, without intending to submit an application.

What attachments need to be attached?

No attachments are allowed.

Can more than one professional council evaluate an application?

An application is evaluated by a single professional council, applicants choose the professional council it wants to read the application

Can I share an application with other parties?

It is not possible to share an application between parties, but the person who creates the application can paste information for other parties involved in the application.

Can more than one student register in the application?

You can apply for multiple students, once you have filled in information for one student and saved, you can add information for the next one and so on.

Can more than one supervisor be registered in an application?

Supervisors may be more than one, but the supervisory ratio should be a total of 100%. Once you have filled in information for one supervisor and saved, you can enter information for the next one and so on.

Do supervisors get paid?

No, only students get paid.

Can an application be in English?

Application can be in Icelandic or English.

Who can submit an application?

Anyone can submit an application, to name a few: Supervisors, companies, institutions, students, self-employed

Can Icelandic students at a foreign university apply?

Yes, students with an Icelandic ID number who are registered at a foreign university may apply.

Can foreign students to studying at an Icelandic university apply?

Yes, foreign students with an Icelandic ID number may apply.

What are keywords?

Keywords are relevant words to the subject of the application.

Financing

The fund is financed with contributions from the government and the City of Reykjavík.

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.

Regulation

The Fund's Regulation can be accessed here (only in Icelandic).

According to changes made to the regulations on 26 January 2009, students in Bachelors and Masters studies are also eligible to apply for a grant from the fund.

Information in Icelandic - Nýsköpunarsjóður námsmanna








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