Innovation Management

Do you want to shape the future? 

Innovation Management at RU aims to prepare students, not only to adapt to rapid change, but more importantly, to shape it. The program builds on the most recent knowledge and methods in the field to enhance students' innovative and managerial skills and competencies. The program draws on the expertise of local and international faculty; as well as utilizing RU's and the faculties' strong ties to various organizations and practitioners.


Maður og kona standa með bakið í myndavélana og virða fyrir sér upplýsingar á veggnum fyrir framan

New study program as of fall 2018: Innovation Management (MSc) and Master of Innovation Management (MINN).

Master of Science in Innovation Management

The program is offered as full-time study program; part-time study is allowed. Maximum study period: 6 semesters; if the study period exceeds this limit, the student must apply for re-enrollment.

  • Cycle: 2.2 (Master's degree)
  • Degree: Master of Science in Innovation Management
  • Workload: 90 ECTS credits
  • Language of instructions: English

Master of Innovation Management (MINN)

The program is offered as full-time study program; part-time study is allowed.  

  • Cycle: 2.1 (Qualification at Master level)
  • Degree: Master of Innovation Management (MEIM)
  • Workload: 90 ECTS credits
  • Language of instructions: English

What is the difference between MSc and MCF?

Dean's Selection Grant for RU School of Business graduate students 

The recipient of the Dean´s Selection Grant pays undergraduate fees instead of graduate fees. Students with the highest grade in a graduate programme each semester are applicable. In order to receive the award students must complete 30 ECTS units per semester and follow the programme structure.

More information about the grant

Information for current students 


It is argued we are witness to the largest economic, technological, and social changes in modern history, which is already revolutionizing both our jobs and personal lives. Future careers, products/services and organisations are largely unknown, as they do not yet exist. It is no longer enough only to prepare for currently defined roles.

University graduates, whether they want to start their own business or become managers in established organisations, need to embrace the change as a source of new opportunities. They need to have the ability to take initiative, inspire others and manage collaborative efforts towards innovation.

Innovation is at the core of any organization: its creation, sustainability, and growth. The master's program in Entrepreneurship and Innovation Management prepares students to lead innovation and entrepreneurial processes in various organisational settings, including of established corporations, start-ups, public organizations, and NGOs.

Academic staff

The focus of staff research is on innovation and entrepreneurship, finance and economics, corporate governance, marketing and human resource management. RU School of Business is committed to excellence in research and academic staff collaborates with researchers in other fields such as Computer Science and Psychology, within RU and internationally. Students also benefit from the School's extensive network of international professors and guest lecturers from the business community. 

Core Program Faculty

  • Marina Candi, Professor
  • Hallur Þór Sigurðarson, Assistant Professor
  • Dimo Dimov, Professor

Academic staff at RU School of Business, graduate study


The program is offered as full-time study program; part-time study is allowed. Maximum study period: 6 semesters; if the study period exceeds this limit, the student must apply for re-enrollment.

Program structure (each course has 7.5 ECTS credits unless otherwise specified):


  • Creative Approaches and Entrepreneurial Mindsets
  • Innovation and Entrepreneurship: A field of knowledge and practice
  • Strategic Management 
  • Elective/Fundamentals in Accounting and Finance*


  • Innovation Management 
  • Entrepreneurship and Innovation in Context (3.75 ECTS credits) 
  • Business Ethics (3.75 ECTS credits) 
  • Entrepreneurial Finance
  • Elective/Internship**



  • Thesis (30 ECTS credits) 


  • Elective/Internship** 
  • Elective/Internship** 
  • Elective
  • Elective 

* For students with a bachelor's degree that includes less than 30 ECTS credits in business administration
** Maximum 15 ECTS credits can be used for internship. 


Students can pursue part of the program as an exchange student at another educational institution; this opportunity relates in particular to the second semester (i.e. spring semester) or the third semester (i.e. summer semester) of the study program.


Our University building offers an optimal study environment. Support services, study areas, coffee shop and gym.


IT facilities

Our IT Services provide a range of computer facilities to help you study. IT suites are located across campus – many with 24-hour access. 

IT facilities also include:

  • Wireless network 
  • Extensive printing facilities 
  • Adapted PCs for students with disabilities or additional learning needs 

Student study areas

Students have 24-hour access, during term time, to group rooms and private study desks. There is a especially dedicated study area for Graduate students.  

Student Union
The University of Reykjavik Student's Union is the focus of many student activities on campus.

Sports Facilities
In the basement of the university, World Class runs a gym which offers discounts to students.


There are three shops and cafés in the building that sell food and beverages to students.

  • Te og kaffi (“Tea and coffee”) sells a selection of coffee drinks, light snacks and bakery products. 
  • Malið serves hot food everyday, plus snacks and refreshments. 
  • The University shop (Haskolabudin) sells groceries, household items and snacks. 

Reykjavik University Campus

Set in one of the most beautiful areas of Reykjavik right next to Iceland's only geothermal beach, the newly built campus offers students modern first-rate facilities. The building has well equipped classrooms and students have 24-hour access to the spacious study facilities.

Environmentally conscious

The campus is one of Iceland's most automated buildings designed to provide an environment optimal for working using the lowest amount of energy.

Automated blinds and windows

In the main areas of the building the blinds and windows are controlled by a weather station positioned on top of the University roof. The weather station collects information about wind direction and outside temperature adjusting windows accordingly, and blinds are automated to ensure direct sunlight does not disturb students working.

A breath of fresh air

The University building is constantly ventilated with natural fresh air using the NAVENT system. Fresh air is drawn into the building and then pumped into the rooms. Special CO2 monitors ensure the correct levels of oxygen in the rooms. Heaters ensure that the air pumped into the rooms maintains the correct air temperature. In the summer time the air pumps drag warm air from the building and pump fresh and cooler air in its place.

Intelligent lighting system

Every light in the University has its own IP address and is controlled by the automated system. Light sensors ensure lighting is only on when rooms are in use. Large windows let in natural daylight which creates a more pleasant working environment.


Beautiful surroundings

Our campus is in a unique position of being set in one of the most popular outdoor areas of Reykjavik.

  • The University of Reykjavik is located right next to Iceland's only geothermal beach,  Nauthólsvík. Students can enjoy swimming in the geothermally heated sea, or relax in the hot tub on the beach. 
  • Right next to the campus is the most environmentally friendly restaurant in Reykjavik, Nauthóll, which has been awarded the Nordic Environmental "Svan Certificate,"  and was the first restaurant in Reykjavik to receive this certification. 
  • Students can enjoy the many foot and bicycle paths in the neighbouring forest. 
  • Students can visit the nearby Perlan situated on top of the city's geothermal storage tanks.


Application deadline

The application deadline is 30 April.

Applicants from outside the EU/EEA must submit an application prior to 1 February.

Admissions requirements

- Bachelor's degree (at least 180 ECTS credits).

- Students with a bachelor's degree that includes less than 30 ECTS credits in business administration are required to take an intensive preparatory course in business administration organized by RUSB before the start of the study program, and to take the course Fundamentals in Accounting and Finance (7.5 ECTS credits) in the first semester of the study program

- Generally we require a first-class grade (GPA 7.25 or above) according to Icelandic grading scale in an undergraduate programme. Further education and professional experience benefit applicants in the evaluation process.

- Excellent English language skills. 

Applications and accompanying documents

All applicants must submit an electronic application and attach the required accompanying documents. The following documents need to accompany applications (they should be supplied in English):

- Curriculum vitae with a photograph

- Official university transcripts of records and diplomas

- Personal statement (Why are you applying to the programme and what is your aim in pursuing the programme? [up to 300 words in English])

- Contact information for one to two individuals who can assess the ability of the applicant to pursue the programme. A letter of recommendation may be required.

-For students whose first language is not English proof of English proficiency must be provided, based on, e.g., TOEFL or IELTS.

Accompanying documents need to be submitted by the application deadline. Applicants are only summoned for an interview if they have submitted all required accompanying documents on time.

Tuition fees and evaluation of previous studies

Information about tuition fees:  Tuition fees

Evaluation of previous studies: If students have completed university-level courses, they can apply for those previous studies to be evaluated for transfer of credit. Rules and form for evaluation of previous studies Rules and form for evaluation of previous studies.

Contact us


Jóhanna Vernharðsdóttir

Programme Administrator

Tel: (+354) 599 6302

Stefan Wendt

Programme Director

Was the content helpful? Yes No