Q. Is my business right for the Iceland Innovation Lab?
A. If your business is focused on providing solutions in the categories listed above then the Iceland Innovation Lab is perfect for you, no matter what stage your business is at or where you're based. See the “categories” section of our website to find out what specific kinds of innovation we’re looking for.
Q. When is the deadline for applying?
A. 22 July 2018
Q. What information do I need to provide in my application?
A. We ask you for information about you, your idea, your team and your company. Don’t hold back, let us know how great you are.
Q. Is there a minimum age?
A. You must be at least 18 years old to enter the Iceland Innovation Lab .
Q. I don’t live in the UK, can I apply?
A. Of course, the best innovations can come from anywhere. Bear in mind that you may need a visa to participate in the programme.
Q. Is the Iceland Innovation Lab like other accelerators?
A. We believe that we are different. The Iceland Innovation Lab is a programme of development that focuses on building a strong relationship between you and Iceland as well as helping your business get to the next stage. The Iceland Innovation Lab will offer you opportunities of investment, internal mentors and expertise and a first class education programme with external mentors.
Q. How many stages does the programme have?
A. The programme has 4 stages:
1. Apply 2. Pitch 3. The insert name of the lab 4. Pitch. See our programme timeline for more info.
Q. What are the terms of entry into the Iceland Innovation Lab?
A. The finalists entering the Iceland Innovation Lab will be made a bespoke investment offer depending on the stage that their business is at. Each team will be eligible to apply for investment in exchange for a negotiable stake in their company.
Q. When is the insert name of the lab ?
A. Iceland Innovation Lab starts on 10 September 2018 and finishes on 8 November 2018.
Q. Where is the Iceland Innovation Lab ?
A. Startups offered a place in the programme will have dedicated workspace available at Iceland’s Deeside office, near Chester.
Q. Do I need to work from the Iceland Innovation Lab space during the accelerator?
A. Being close to Iceland is going to be the best way for you to engage with the people and resources there.
Q. I don’t live in the UK, do I need to find my own accommodation?
A. L Marks have got a great team on hand who can support you in finding accommodation during the programme.
Q. I need special equipment to develop my product, will the Iceland Innovation Lab provide it?
A. We’ll be in contact before kick-off to ensure that everything you need is available.
Q. Where will the mentors come from?
A. Iceland Innovation Lab mentors will be key decision makers in the club. You will also have access to external mentors specific to your category.
Q. What does the day to day look like at the Iceland Innovation Lab ?
A. Iceland Innovation Lab’s itinerary is designed to help you create game changing products for the retail market. You’ll be working to rapidly develop your product and receive essential guidance on key decisions in real time from your mentors.
Q. How much investment will each company get?
A. Each team will enter into an Option Agreement with L Marks which will allow us to invest in exchange for equity.
Q. How will the equity stake be calculated?
A. Each investment will be made on a case by case basis, taking an agreed company valuation into account.
Q. How long will the Option Agreements last?
A. All Option Agreements will have a six month expiry period. This means L Marks will be able to exercise their options up to 3 months after the programme ends (8 November 2018).