An opportunity to pick up practical tips about investment in the creative industries, the panel included Helga Valfells, CEO at NBVF (IS) Auslag Magnusdóttir, CEO at Moda Operandi (USA) and Duncan McKie, President, FACTOR (CA).
Moderated by conference manager Remi Harris, the initial discussion looked at defining terms such as seed funding (basically “pre venture”), boot-strapping (“doing things with little money”) and ROI (Return on Investment).
Duncan made a great point during the workshop, which is how “the personality of a country lies within its creative industries, not in the aluminium smelters”.
The panel then gave feedback on two pitches from Icelandic companies, one from fashion designer and artist Harpa Einarsdottir, who runs the fashion label Zizka; and another from Rakel Solvadottir, who runs Skema Education, a program to teach technology skills to children with mental disabilities.
Both pitches were great and showed lots of promise, but as is normally the case, both lacked definitive business plans. The panel advised both parties to look at bringing a business partner on board before approaching funders and, in the case of Skema, also looking at socially minded funding opportunities or becoming a non-profit.