Questions & Answers What are science parks? A science park is a cluster of knowledge-based companies that are located on or around university campuses. The objective of a science park is to create an energetic environment for innovation and businesses, which offers companies in such parks and the university that hosts it a synergistic effect, for the benefit of both entities. In western societies science parks have an important and ever-increasing role to play, which is to promote and widen the development of the knowledge-based economy, and attract young and educated workforce, which is the most valuable resource in the knowledge-based economy of the future. Science parks are different from the usual business environment and business parks, as within them a community is created that brings together the academic world, knowledge-based companies, and research institutions that lend each other support and cumulate the strength of the overall environment, which is greater than the total sum of the individual companies. In western societies, such knowledge-based clusters are considered a powerful method to accelerate and advance innovation. The University of Iceland is by far the most robust and largest research university in Iceland, and it is located in the center of Reykjavík; these two facts create the ideal situation for developing a modern science park. One of the University‘s functions is sharing knowledge with the business sector in order to advance economic competitiveness. The UI Science Park‘s goal is to offer facilities in the University´s environment to a larger number of companies and institutions, where the synergistic effect from the business sector and research institutions can prosper. The Park supports innovation and entrepreneurial operations, it bridges the gap between the academic community and the business sector, thus supporting increased value creation. What is the UI Science Park? The University of Iceland established the UI Science Park in 2004. The Park is a partnership between the University of Iceland (94,6%) and the City of Reykjavík (5,4%). The Park is a company for the public good. The UI Science Park‘s objective is to strengthen research in the field of science and innovation by creating excellent facilities on the University‘s campus. What is the role of the UI Science Park? The role of the UI Science Park is to be an internationally accredited forum for the technology and science community in Iceland, where it can actively support and bring together entrepreneurs, companies, universities, and other stakeholders that jointly endeavor to promote the utilization of research, innovation, and business development, for the prosperity and wellbeing of everyone. Who are the UI Science Park‘s partners? The UI Science Park‘s partners are, e.g., the University of Iceland, deCODE genetics, Alvotech, Alvogen, Gróska, CCP, University of Iceland‘s Biomedical Centre and ArcticLAS. Which companies are a fit at the UI Science Park? First and foremost, companies that are at the forefront in their field, leading innovators/entrepreneurs, and investors in start-up companies. How is the process for renting a lot? The UI Science Park‘s business model is based on renting lots to companies that want to develop their operations in the Park. When a company is accepted to the park, the decision is based on standards from meticulous strategic planning. Returns from the lot rent go to further development of the UI Science Park and in reaching set objectives. This way the UI Science Park is enabled to serve its role, i.e., being the network environment for innovation in Iceland. In 2013 the UI Science Park and Alvogen Bio Tech (now Alvotech) signed a rental agreement for the lot Sæmundargata 15 to 19, intended for the pending development of Alvogen‘s high-tech facility for manufacturing biopharmaceuticals. Alvogen Bio Tech was UI Science Park‘s first entrepreneur. The rental agreement for the lot is based on an agreement ratified by the Board of the UI Science Park and, later, the University‘s senate, stating that the company pays slightly over ISK 500 per m2 above ground per month. This is equal to the rate Gróska pays for the lot at Bjargargata 1, as per an agreement made in 2015. The UI Science Park‘s monthly income from these two lot rentals is approximately ISK 20 million. Returns go to developing the UI Science Park‘s future vision: “The UI Science Park is a melting pot for innovation which leads to progress and value creation for everyone.“ Alvogen Bio Tech and companies located in Gróska have been active in actualizing this future vision, in addition to paying lot rent. At the time when the agreement between the UI Science Park and Alvogen Bio Tech was made, the City of Reykjavík offered anyone that was building in Reykjavík to sign a note payable instead of paying the charge for municipal street construction in one payment, a City of Reykjavík levy. Later, rules for this levy have changed. For further information contact Hrólfur Jónsson, the UI Science Park‘s Managing Director. What are UI Science Park‘s main projects? The UI Science Park‘s main projects are building a strong infrastructure, a connection network, and last but not least, sharing knowledge and experience. The Park serves the whole country, but its center is on the campus of University of Iceland, where some of its partners are already located. What are the UI Science Park‘s values? Open, free, knowledge-based community Interaction, forum, synergy Joy, goodwill, growing environment What buildings are located at the UI Science Park? As of June 2020, four buildings are located at the UI Science Park: deCODE genetics Alvotech Icelandic Student Services (housing complex) Gróska HVERJIR SKIPA STJÓRN VÍSINDAGARÐA HÁSKÓLA ÍSLANDS? 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