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    Date submitted
  • 26-Feb-2013

geoSilica Iceland ehf.

Abstract

geoSilica Iceland ehf specializes in the production and marketing of high-quality silica health products using geothermal water in Iceland. The company utilizes the geothermal byproduct for creating value, increasing the sustainability of the geothermal power plant and enhancing public health by producing natural supplements. In addition, geoSilica has developed an advanced technology for the production of health products using the raw materials from the geothermal power plant.

The first product of geoSIlica is a Silica Supplement, a 100% natural silica mineral extracted from the high-temperature geothermal reservoirs in Iceland. The product is naturally produced with no added chemicals or preservatives. It is bottled and packed in a GMP certifed facility. The Silica Supplement from geoSilica is registered by the Vegan Society. The Silica Supplement was launched to the Icelandic market in 2015. With great feedback from the market, geoSilica has developed three new products using the same raw materials. These three new products are more focused on specific individual needs: REPAIR contains silica and manganese which is designed for joints and bones. RENEW, on the other hand, contains silica, zinc and copper which is good for hair, nails and skin. And the third new product is RECOVER which has silica and magnesium that is for people who want to focus on their muscles and veins. All three new products are registered by the Vegan Society and were launched to the Icelandic market last August.

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Additional Questions

Who is your customer?

geoSilica products are for: For people who care about their bone health as silica can prove important for bone mineralization, bone retention and decreasing bone breakdown. For people who care about the appearance of skin, hair and nails in which silica can significantly strengthen and enhance while simultaneously working against the agents that cause the damage. For people who exercise extensively. Silica will strengthen cartilage, sinews and ligaments, reducing the likelihood of injuries during tough exercises. It helps reduce pain from arthritis, osteoarthritis and other problems in the musculoskeletal system.

What problem does this idea/product solve or what market need does it serve?

The company utilizes geothermal byproduct for creating value, increasing the sustainability of the geothermal power plant and enhancing public health by producing natural supplements. The business idea enhances the social impact of geothermal power plants in Iceland and may serve as an example for the global geothermal sector. As well as, the health sector.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

geoSilica has taken care of those main aspects that had hindered the market of silica supplements:  Silica must be taken in a bio-absorbable form: The daily intakes range from 20mg/day to 50mg/day, but its absorption depends on the form ingested. The liquid is the most bio-available form, but most offerings are given in tablets.  Sustainable source: geoSilica has designed an innovative production process that contributes to circular and greener economy. The company purify the products from the water running at the geothermal power plants in Iceland. Iceland is one of the most dynamic volcanic regions in the world and uses geothermal energy for heating and electricity. The separated water contains 680ppm of silica, which translates into >16,000 tons/year only at the Hellisheidi plant.  Safety: Silica is regarded as safe by the EFSA6, with no toxicity due to silica intake in excess. This is in contrast to what occurs with other minerals and vitamins, which have been harmonised in the EU with upper levels. The purification production process allows to isolate the products and standardize the concentration of the batches.  Silica impacts bone health: Silica works at the organic matrix level of the bone structure, which is more impacted by deficiencies than the calcium-mediated mineralization. As people age, the body‘s ability to take up silica from diet decreases. Thus, as people become older, they need silica supplements to maintain bone health.  Growing Demand: As the global population grows older, the incidence of a bone loss and osteoporosis becomes larger, increasing the rates for fracture. Thus, geoSilica expects a fast market uptake for the unique supplements.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

GeoSilica team is composed of passionate people who aim to make things happen. The team started from scratch and built up the success of the company through hard work and dedication. The company has received support from the local grant providers for the realization of an idea. It is somehow a validation for the team that the vision of the company is reachable. In addition, the team has a diverse background and continues in acquiring new knowledge both academically and the corporate world. FIDA ABU LIBDEH CEO Education: MBA (Master in Business Administration), Reykjavik University Energy engineer, Ministry of Industries and Innovation BSc. in Energy and Environmental Engineering, University of Iceland Business and Economics – Preliminary Studies, Keilir Institute of Technology BURKNI PÁLSSON CTO Education: BSc. in Energy and Environmental Engineering, University of Iceland BSc. in Physics, University of Iceland BSc. in Mathematics, University of Iceland Former Bioinformatics Specialist at deCODE genetics Inc. FE AMOR PAREL GUÐMUNDSSON INTERNATIONAL MARKET DEVELOPMENT Education: MSc. in International Business, Reykjavik University BSc. in Business Economics, University of Saint La Salle BSc. in Operations Management, University of Saint La Salle Certificate in Policy and Innovation for Green Economy, Oxford University Energy Systems, Iceland School of Energy ÁGÚSTA VALGEIRSDÓTTIR PROJECT MANAGER & BUSINESS DEVELOPER Education: MSc. in Project Management, Lancaster University BSc. in Global Business Engineering, VIA University