Business Incubator

Elective Course | 4 ECTS | Námskeið: CRD 21

Kennari: Peter Krost

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In this course the creative potential of the participants will be released. Of course, under the general umbrella of sustainable bioeconomy, and in relation to the Westfjord conditions. Aim is to generate, develop and pursue business ideas, up to a business plan. The innovation course is somehow an innovation in itself. The course format differs from classical university standards: The course content is embedded in a role play which will help to get a feel for the various perspectives in a project application process. The course is demanding and strenuous, sometimes you will have to work until late and there will be no grades. But it’s great fun as well and you will be surprised by yourself and your colleagues!


I live and work in Kiel, situated in the northernmost region of Germany at the coast of the Baltic Sea. Being born in Essen, an industrial city in the middle of Germany I moved to Kiel to study biology and particularly marine biology. In 1990 I finished my PHD there, and spent a year as postdoc in Eilat (Israel), studying environmental effects of fish aquaculture. After that I worked as a research assistant at the Kiel Institute for Marine Science (which is called GEOMAR nowadays) and in 1994 I started – together with 3 friends – the company CRM (Coastal Research& Management) which was in  those days one of the first marine biology companies in the country. In the beginning we performed environmental impact assessments (which we still do today), some years later we installed the first seaweed farm in German waters of the Baltic Sea. The Algae are used for the production of a very healthy and bioactive extract that is suitable as an active ingredient in cosmetics. The seaweed farm evolved into a polytrophic farm by the addition of a blue mussel component in the year 2010-2013. 

As the cosmetic sales picked up we started a new company, oceanBASISLTD, which today produces and sells marine extracts, cosmetics and foodstuffs worldwide.

My personal main interest is the development of sustainable forms of aquaculture, because I think that we need to have a better alternative to simply exploiting the marine resources. In Kiel we are trying different forms of extractive aquaculture and combinations leading to IMTA approaches. IMTAis fascinating concept, which needs to be adapted to the specific regional conditions.

Another ambition is to advise and assist start-ups in the field of sustainable marine bioeconomy. Presently – and until 2023 – I am coordinator of a project that will lead to a business accelerator for the aquatic bioeconomy (“AQUATOR”). This project is funded by the german ministry for research, the consortium encompasses partners from academic institutions and private enterprises.

Last not least I am teaching courses in aquaculture and aquaculture innovation in the University Center of the Westfjords for a number of years meanwhile. This is a great experience that I enjoy every year again! Intense and personalized teaching and learning in a fascinating academic seclusion.


The field course will explore blue/green economy or entrepreneurship in marine aquaculture in arctic and sub-arctic regions. Students will get an insight into the state of the art through lectures and visits to companies. The curriculum will focus on today’s limitations and challenges, an introduction to sustainable resource use and innovative management. Participants will then work individually or in groups on a range of ideas, leading to a business model according to the ‘Business Model Canvas’ for each project.

On completion of the course, a student:

  • can identify contemporary challenges in marine aquaculture.     
  • has demonstrated ability to develop an idea for an innovative and sustainable project within aquaculture and make a business plan.