First comes a strong work ethic. This is a heritage from the old society of farmers and fishermen, where necessity dictated that the fish catch had to be brought ashore and processed immediately when the boats came in to harbour and that hey had to be turned and collected when the weather was favourable. When Kaupthing Bank beat the other bidders for the Danish FIH Erhvervs Bank, the disappointed English representative returned to London and informed his boss that the Icelanders had won because, as he put it: “When we go home these guys are still working.”

Second, we tend to focus on the results rather than the process: to go straight to the task and do the job in the shortest time possible; to ask when it can be done rather than how.

Third, Icelanders are risk takers. They are daring and aggressive. Perhaps this is because they know that if they fail, they can always go back to Iceland where everyone can enjoy a good life in an open and secure society; the national fabric of our country provides a safety-net which enables our business leaders to take more risks than others tend to do.

Fourth, there is absence of bureaucracy in Iceland and a lack of tolerance for bureaucratic methods. Perhaps it is because there are so few of us that we have never really been able to afford extensive bureaucratic structures; when we encounter them, we prefer other means.

Fifth, there is a strong element of personal trust, almost in the classical sense of “my word is my bond.” This enables people to work together in an extraordinarily effective way because they are fostered in communities where everyone knows everyone else. This trust also contributes towards:

The sixth element. This is the formation of small groups of operators who work closely and strategically together, creating a fast-moving network of key decision makers who can close a deal quicker than those who are used to working within larger and more bureaucratic corporate structures.

Seventh, we have entrepreneurship – old-fashioned entrepreneurship where the boss himself or herself stands in the front line, taking responsibility, leading the team, giving the company a visible, personal face. This style of entrepreneurship breeds leaders who know they are responsible, aware that their initiative will make or break the deal. As an
Asian business executive once told me: “The reason why I like to do business with Icelanders is that the bosses themselves come to the table; they don’t hide behind an army of lawyers and accountants like they do in the big European and American companies”.

Eighth on my list is the heritage of discovery and exploration, fostered by the medieval Viking sagas that have been told and retold to every Icelandic child. This is a tradition that gives honour to those who venture into unknown lands, who dare to journey to foreign fields, interpreting modern business ventures as an extension of the Viking spirit, applauding the successful entrepreneurs as heirs of this proud tradition.

Ninth is the importance of personal reputation. This is partly rooted in the medieval Edda poems which emphasise that our wealth might wither away but our reputation will stay with us forever. Every Icelandic entrepreneur knows that success or failure will reflect not only on his or her own reputation but also on the reputation of the nation. They therefore see themselves as representatives of a proud people and know that their performance will determine their reputation for decades or centuries to come.

Tenth, there is the fact that the Icelandic market, although small, has turned out to be an effective training ground because it is so competitive, perhaps more so than many other European markets; therefore what succeeds in Iceland is likely to succeed everywhere else.

Eleventh, because of how small the Icelandic nation is, we do not travel the world with an extra baggage of ulterior motives or big power interests rooted in military, financial or political strength. No one is afraid to work with us; people even see us as fascinating eccentrics who can do no harm and therefore all doors are thrown wide open when we arrive.

Twelfth, the strong interaction which characterizes the Icelanders offers opportunities for people from different sectors to launch cooperative ventures without difficulties or major bureaucratic hindrances. The extensive knowledge that our business leaders have of the capabilities of others in different fields has made it easy for them to draw people into promising projects.

And finally, there is creativity, rooted in the old Icelandic culture which respected the talents of individuals who could compose poetry or tell stories, who were creative participants in companionship with others. These attitudes have been passed onto the business community, as is demonstrated by the Icelandic term used to describe a pioneer or an entrepreneur, – “athafnaskáld”, which means literally “a poet of enterprise”. Admiration for creative people has been transplanted from ancient times into the new global age, and originality has turned out to be a decisive resource in the global market.

Olafur Ragnar Grimsson’s speech 05.05.03.Walbrook.Club.PDF

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