The regulatory environment of entrepreneurs in Iceland: Analysis of current situation and opportunities for improvements

Abstract

Since Iceland’s main industries are subject to growth restrictions, other types of industry have acquired increased significance. For those new enterprises to prosper and gain competitive advantage on foreign markets, however, the firms in question must operate on a modern, economical and efficient regulatory basis. The aim of this article is to throw light on the regulatory environment of entrepreneurs and identify potential opportunities for improvement. On the one hand, the research is based on in-depth interviews with six entrepreneurs who have operated a number of well-known innovative enterprises which have succeeded on international markets, or companies which have further to go and are gaining a foothold in the Icelandic entrepreneurial environment. On the other hand, the research focuses on a comparison of the Icelandic regulatory environment to that of other countries where this environment has been subject to international analysis. The results indicate that the regulatory environment of Icelandic entrepreneurs is in many respects more beneficial than that of the comparison countries, although there is still room for improvement.