Iceland

With only one city over 100,000 people — its capital Reykjavík — 350,710-strong Iceland has four venture capital firms: NSA Ventures, Eyrir, Frumtak and Brunnur.

The VC firms usually close the fund each year which means there is a deficit of capital compared to the number of startups created, hence many startups go to the US or Europe in search of capital.

One of the country’s biggest startup successes so far are within media and gaming, such as CCP Games and Plain Vanilla.

1.7 million people visited Iceland in 2016, 3 times more than the number that came in 2010.

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