[2] Some of the organization's activities included helping to start Icelandic New Energy and providing start-up capital to companies.
The Icelandic New Business Venture Fund was founded in 1998 with an allocation of ISK 5 billion.
However, few of their investments have proven to be viable and the organization has made few achievements towards their goal; its performance was described in the OECD Economic Surveys: Iceland 2006 as "disappointing".
[3] The fund once entered an agreement with Technological Institute of Iceland to launch a program for supporting "new and innovative" companies.
[5] Along with the Trade Council of Iceland, the organization has also provided institutional and financial support to the music industry.