One year after the financial meltdown in Iceland when the three main banks, Kaupthing, Glitnir and Landsbanki collapsed, and many big Icelandic firms such as Baugur Group, FL Group and Moderna went bankrupt, a lot of the smaller Icelandic companies are starting to gain more of a momentum.
Some examples of small innovative Icelandic companies are Trackwell Mobile Resource Management, Gavia (Hafmynd), a new dimension in underwater technology, MindGames, which designs computer games entirely controlled by the users mood, and E-Label specialising in fashion design. Another great example is the Nordic Store, an online shop that sells Icelandic products worldwide.
The Nordic Store is a leading online shop in Iceland that focuses on providing and selling the internet shopper with the biggest selection of Icelandic products. The products on sale range from clothes, jewelry, music, DVDs, maps, travel guides, books, arts and crafts, health and beauty, souvenirs, and even food and beverages.
Some former bankers bought the company when they became unemployed after the bank crash and have subsequently turned it into a million dollar business. According to the owners, the key to its success is to offer quality products in niche markets. Nordic Store has, for example, greatly increased the selection of hand knitted Icelandic wool sweaters that have become very popular online.
To cope with the high demand the firm has now employed more than 50 local knitters, most of whom were unemployed before joining the Nordic Store, and the company expects to employ more throughout the course of the year. Other small Icelandic companies are showing similar progress such as Marorka, a marine energy management solution company, which is one of Iceland’s most successful start-ups, announcing earlier this week that business is booming and 20 new employees will be hired over the next coming months.
In addition to this, The Minister of Finance, Steingrimur J. Sigfusson, presented a ministerial bill on innovative and start-up companies during an investors’ conference recently, which will be submitted to parliament later this month. With incentives like this, small businesses in Iceland are creating jobs and helping the economy to overcome the country’s deepest recession since the Great Depression began in 1929.
To view the incredible selection of Iceland products and to make purchases, visit www.nordicstore.net
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Glad to see that Icelandic businesses are making a comeback.
Regards,
Ashish.
Alex thanks for your reply. Site standard is good. This ad is fine but it should have a separate section for advertisement stories.
Enjoy reading..
Thanks for you thoughtful reply, Alex! I enjoy the stories and discussion on Icenews; this ad just struck me as below the site’s usual standards.
Thanks again, and best wishes,
-pw
Thanks for your concern, pw.
As you suspected, this is an ad. It is clearly marked at the end as an advertisement – as are all ads which appear on IceNews.
We try to make any advertisements published here easy-to-spot (from the language used and because they are always labelled); but also interesting and informative to read.
With regard to your second complaint: you were absolutely right and we have added some other businesses to the story to better illustrate the broad economic recovery of small and innovative businesses in Iceland.
Thanks for your valuable comment and thanks for reading IceNews.
Alex, editor
Is this an ad or a story? Responsible journalism demands the distinction be clearly and transparently maintained.
Also, the “companies” in the headline hear should really read “company”. The headline sounds like an attempt to portray a broad economic revival in Iceland, when there is absolutely nothing in the article to support that.