Edda Konráðsdóttir, co-founder of Iceland Innovation Week, talks about what it was like to establish a major international innovation festival in the middle of a global pandemic.
Edda Konráðsdóttir manages Iceland Innovation Week, which was held in mid-May, together with Melkorka Sigríður Magnúsdóttir. The first festival was held in 2020 but was entirely online due to the global pandemic. A year later, the festival had a hybrid format and was held both online and, to some extent, in the real world. This year, the festival was held without any restrictions, and over two hundred international guests came to the country to attend events and learn about Icelandic startups.
“We finally managed to hold the festival the way we always wanted it to be. The networking is so important, and everything that happens when you show up in person and meet new people. Everything that you can't really plan for in advance,” says Edda. “We had representatives from 35 foreign investment funds who came here to learn about Icelandic innovation. Getting people to come to the country is very important.”
Edda and Melkorka are the owners and managers of the festival, but the team also includes Karítas Harðardóttir as event manager and Guðfinna Birta Valgeirsdóttir as marketing manager.
“The four of us form the core team, but then it expands, and many volunteers and partners get involved in the project.
Iceland Innovation Week was born out of necessity. Melkorka and I worked together at Icelandic Startups, which is now called Klak, and there we were helping entrepreneurs get their companies off the ground. Part of that work was attending startup festivals abroad with them. All the Nordic countries hold similar festivals that play a significant role in supporting entrepreneurs and the innovation culture. We were never able to invite people to us and felt that a similar platform was needed here in Iceland.”
Edda mentions that it turned out to be a good decision to hold the festival for the first time in 2020 despite the global pandemic. The festival was able to develop during this time in a great learning process. She and Melkorka also enjoyed being in good collaboration with the managers of foreign festivals.
“We work closely with the managers of foreign festivals that we have attended in recent years; such as Slush in Helsinki, Tech BBQ in Copenhagen, Oslo Innovation Week, and Gothenburg Tech Week in Gothenburg. These are our sister festivals, and the collaboration has proven invaluable to us.”
At this year's festival, Edda and Melkorka also organized two independent, large-scale events: the Nordic Startup Awards and the climate event Ok, bye. The name refers to the Ok glacier, which was the first Icelandic glacier to disappear due to climate change.
“We took over the awards ceremony, which has previously been held in Denmark. Melkorka and I have had this big climate event in mind from the beginning. Melkorka's background in performing arts was very useful, and the event was also an immersive theatre experience. People walked into Icelandic nature and weather indoors and listened to bird sounds.”
According to Edda, society's understanding that innovation needs to be one of the pillars of the economy and business life is deepening. “The understanding increased during COVID; the importance of innovation became one of the lessons of the pandemic. We are also beginning to better understand what a flexible and broad concept innovation is. It's not the same for one person as it is for the next, although creative thinking connects us. Innovation doesn't apply to one platform or sector but to all of them. For example, we don't just work with the Ministry of Innovation, but with all ministries. We also enjoy working with companies that practice systematic innovation, because contrary to what many believe, there is very powerful innovation within many Icelandic companies. There is a lot of dynamism, creative problem-solving, and product development. Innovation is not just about technological solutions but about people, and what matters most in Icelandic business and industry is breaking down silos and strengthening all collaboration.”
Some say there is a risk that companies will place less emphasis on both innovation and sustainability when facing difficulties. For example, inflation, a recession, or a global pandemic. What do you say to that?
“That is precisely when it is most important to focus on innovation. The biggest boom in innovation follows hardship. For example, we saw an incredible leap in innovation after the financial crisis. We saw so many strong start-ups being created. People who had worked in the banking sector and lost their jobs found a new platform and utilized their knowledge. Now we are seeing a similar pattern, and innovation within the healthcare sector has increased dramatically in the wake of COVID-19.”