Research and development (R&D) expenditures continued to grow significantly in 2023, reaching over 114 billion ISK. Since 2018, expenditures have doubled, primarily driven by increased corporate investments in R&D, which have more than doubled over five years. Public support appears to have had a stimulating effect, as grants for innovation companies tripled from 2018 to 2023.
Read moreIceland: Growth and economic transformation, a recent article, published on The Business Report (TBR) website, explores Iceland's progress in innovation, among other topics, highlighting the key focus areas of Rannís in fostering innovation.
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The Board of The Icelandic Research Fund has completed the allocation of grants for new research projects for 2025. A total of 381 valid applications were received by the Research Fund, 64 of which were funded, or almost 17%.
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