Starting and Closing a Bank in 3 Months with Bala Kamallakharan

In this episode of the Give First podcast, Brad Feld talks with Bala Kamallakharan, founder of Startup Iceland and a driving force behind the country’s modern startup ecosystem. Bala shares the remarkable story of moving to Mumbai to build an Icelandic bank in 2008, only to watch the entire financial system collapse overnight. Within three months, he went from launching a new bank to shutting it down, navigating canceled credit cards, emergency flights home, and the emotional aftermath of Iceland’s economic freefall.

What followed was a personal reset. Returning to Iceland with no clear path forward, Bala began to rethink how the country could rebuild. His belief that new ideas and young founders could reshape the future led him to invest in early startups, create Startup Iceland, and champion the power of community-driven entrepreneurship. That work later earned him the Order of the Falcon, Iceland’s highest civilian honor.

Bala reflects on uncertainty, resilience, and why believing in founders can transform not only companies but entire countries.

Bala Kamallakharan LinkedIn ➡️ https://www.linkedin.com/in/balakamallakharan

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