IceTec’s Strategy

 Service and development >>new dimensions to expand the Icelandic economy

 Introduction
Icelandic society has developed at a rapid pace over the past decade. Productivity has increased significantly, the economy is intricately coupled to the global marketplace, research and development work is robust, and technology and technical knowledge is becoming increasingly international while at the same time more accessible. With these developments in mind, IceTec has reassessed its policy for the next three years. The core of this work involves close cooperation with those who benefit from the acquired knowledge. The wealth of nations increasingly depends on their ability to pursue innovation. Great emphasis, therefore, is placed on encouraging innovational work to be conducted methodically, ensuring that the human resources and finances earmarked for this work return the greatest possible value. Research and development work entails diversity, and it must be progressive. At the same time innovation needs to be widely pursued, while ensuring that financial input yields acceptable returns. IceTec intends to contribute its resources to ensure that new dimensions in innovation, service and development serve to benefit Icelandic economic life.

Hallgrímur Jónasson, General Director of IceTec

IceTec’s Vision – 2006.

• Diversified research and knowledge centre.
• Progressive institute in selected fields of technology.                  
• Centre for innovation and investment capital that returns greatly added value.
• Centre for consultation and information services in the field of innovation.  
• Centre for creating innovative growth and development in Iceland by providing services, consultation and knowledge transfer. 

 Strategy till 2006

Diversified research and knowledge centre
IceTec places emphasis on being a progressive, diversified research and knowledge centre that strives to increase productivity.  Special emphasis is focused on research, both practical and theoretical, to help ensure technological development and innovation in the economy.  IceTec also stresses utilising scientific knowledge in cooperation with companies, universities and others, and is in great demand as a cooperative partner in international research and projects, thereby stimulating knowledge and openness in Icelandic economic life.  The institute operates within well-defined disciplines, and as such has developed a strong image within its fields of expertise. The driving force behind operations is the employees who concentrate their expertise and energy on solving a great variety of challenges.

Progressive institute in selected fields of technology
IceTec is a centre of technological development and practical research in selected fields of technology, and focuses efforts on strengthening economic life in accordance with current and future needs.  Emphasis is placed on stimulating innovation, supporting product development and introducing new technologies to its customers.  The institute also monitors technological developments, thereby ensuring the competitiveness of Icelandic companies, and is a leading force in the utilisation and marketing of technologies and knowledge.

 Centre for innovation and investment capital
IceTec helps companies to obtain investment capital that promotes innovation by assisting entrepreneurs in approaching investors. The institute also supports the establishment of start-up companies, for example by participating in operations.  Emphasis is placed on research and projects to develop businesses based on expert knowledge.  Research leads to the creation of jobs, in addition to strengthening the competitive position of Icelandic companies.

 Centre for innovation
IceTec’s innovation centre provides guidance for entrepreneurs and small and medium-sized companies, and is a leader in developing and operating support projects in Iceland that improve a company’s competitive position.  The institute initiates cooperation with public institutes that form the foundation for innovation in economic life.  IceTec services the entire country through dynamic cooperation with universities, institutes and economic development agencies, and stimulates innovation, entrepreneurship and increased productivity.  The institute operates a progressive incubator centre that fosters start-up companies.

 Centre for growth and development
IceTec is a leader in initiating cooperative and development projects among companies, entrepreneurs, investors and consultants, both at home and abroad.  Emphasis is concentrated on knowledge transfer, vocational guidance and continuing education.  IceTec also provides a wide variety of services in the field of information transfer and consulting in specific fields of activities for companies and individuals.  In addition, the institute focuses on technological transfer to its customers, both traditional and innovative technologies

Balanced Scorecard
IceTec places great emphasis on systematic results. The cornerstone of this is vision and the institute’s policy in its fields of operational expertise. The institute is certified according to ISO 9001 standards, and works in accordance with consistent result assessments. Both are part of the institute’s methodology regarding adherence to its policy.  Results are assessed based on four main categories: service / client, infrastructure, employee competence and finances. A goal is set in terms of these primary categories and a benchmark for results is determined.