After a post-crisis reshaping Iceland’s Arion Bank has to “walk the talk”: be an entrepreneur and innovator itself, something that banks prefer to see in their customers. Regular banks are not angel investors – it is not their job description, modern banks do not invest in startups, in general they wait for a private angel investor to invest and have the Startup mature and become a good commercial customer.
What to do if there are no angel investors, if the country is small and is recovering from the very serious financial crisis? With a large amount of success driven entrepreneurs in the country and lack of seed stage investors Iceland becomes a fertile field for a visionary investor to find the next Apple, H&M or Heinz. We all are used by now to Opera Software, Nikita, North 66, Reyka and a number of other global brands with Icelandic roots. Watch more in our video with Einar Gunnar Guðmundsson, Arion Bank.