Oh, I'm not the invester here. I'm just a guest. I'm here to observe and learn more about Icelandic start-up community.

But yes, I am suprised by how many NGO or non-profit funding Europe has. It's just a very different model from USA.

Non-profit funding are necessary to solve social problems that can't make money but important. However, there are also people who just creates NGO for the purpose of getting grants from these fundings which is like the worst part of Capitalism and Socialism combined without true vision or executions. That's why non-profit orgs are usually not efficient at solving problems or at least that's my bias.

I don't have enough knowledge to judge yet. All my comments are my Silicon Valley bias. Khan Academy is a great non-profit and I admire people who do non-profit with honesty and results.

PS: This note is not a reply to you, but just me typing my weird brain out.