The Faroese economy is heavily dependent on the fishing industry, which for long has been the largest source of income. In the entrepreneur house Hugskotið, which reside in Torshavn, they put an effort into strengthening the development of other industries. They try to foster a diversity in relation to other traditional industries.
This was on the agenda when Arctic Consensus and the rest of the business delegation visited Hugskotið. The delegation recieved an interesting presentation on their efforts as well as a tour of the location afterwards. The tour showed the facilities which entrepreneurs and start-ups can make use of.
Hugskotið advises and houses entrepreneurs and follow them through the different phases of developing their business. Examples of industries represented in the house are tourism, IT, marketing, consultancies, and accounting. The house has approximately 40 entrepreneurs at the moment, and it is established under the authority of the municipality of Tórshavn. You can read more about Hugskotið here.