The Icelandic Student Innovation Fund

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 their potential advantage to the economy in mind, as well as 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 next deadline for proposals will be 8 March 2012.

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 for the economy, 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.

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.

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.

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