What opportunities and challenges does artificial intelligence create for startups and innovative companies? This question was at the heart of a breakfast seminar hosted by the New Business Venture Fund Kría on November 11, where experts, investors and entrepreneurs discussed the impact of AI on business operations, product development and investments
The event was held for companies in Kría’s investment portfolio, with the aim of exploring how innovative companies can seize the opportunities presented by the rapid development of AI while addressing the challenges that come with it.
Gísli Ragnar Guðmundsson, Country Lead at New Nordics AI, delivered the keynote presentation, titled AI in Practice: Where Does the Real Value Lie?
In his presentation, Gísli discussed the rapid advancement of AI and how companies can leverage the technology to create tangible value. He highlighted the gap between the technical capabilities of AI models and companies’ ability to put them to effective use. Although the technology is advancing rapidly, success depends not only on what AI can do, but also on how companies integrate it into their workflows and daily operations.
Gísli also explored the development of autonomous AI solutions, known as AI agents, which are increasingly capable of handling complex tasks. Such solutions have the potential to transform working methods, boost productivity and create new opportunities for companies of all sizes. At the same time, these developments call for a new approach to organizational structures, decision-making and the role of employees.
The central message of his presentation was that the true value of AI lies not merely in the technology itself, but in how it is applied to solve problems, improve services and create value.
Svana Gunnarsdóttir, CEO of Frumtak Ventures, discussed the impact of AI on investment and the changes taking place in the global venture capital market. She noted that an increasing share of venture capital is flowing into AI companies and that the technology is reshaping the operating models of startups. Small teams can now achieve results that previously required significantly more people and capital. At the same time, investors are placing greater emphasis on clear competitive advantages and genuine value creation.
Andrew Osborne, Head of Product at Kara Connect, shared the company’s experience of integrating AI into product development. Kara Connect has developed more than 40 in-house AI tools, which have helped accelerate development processes and increase team productivity. Andrew emphasized that AI should primarily be viewed as a tool to empower employees and support decision-making, rather than replace human expertise and judgment.
Following the presentations, Gísli Ragnar, Svana and Andrew answered questions from the audience, providing an opportunity to discuss the many opportunities and challenges that AI presents for Icelandic startups and innovative companies.
The seminar highlighted the importance of staying informed about developments in AI and exploring how the technology can be strategically applied to strengthen competitiveness, foster innovation and create new value.
At the end of the seminar, Sigmar Bjarni Sigurðsson, Head of Ignite Nordic á Íslandi, introduced the activities of Drift EA and Ignite Nordic. The initiative aims to connect startups with established companies and public sector organizations, creating new business opportunities for entrepreneurs while fostering innovation within established businesses.
We would like to extend our sincere thanks to everyone who attended and to our speakers for their engaging and informative presentations, which provided valuable insights into the opportunities and challenges that artificial intelligence presents for innovative companies.
