ABSTRACT
This chapter reviews the sociopolitical and economic contexts that led to the emergence and growth of LYSI. This review summarizes the challenges involved in LYSI's development; they will hopefully serve as critical learning points in comparison to and reflections on similar stories by small businesses based in other small island jurisdictions. LYSI established in 1938, and the basis of its foundation serving as a key provider of vitamins and nutrition to both people and livestock. LYSI maintains a leadership position in its field, fuelled by expertise in manufacturing high-demand fish oil products from both Icelandic fish stock and imported crude fish oils from other parts of the world. The Icelandic state has also been supportive of LYSI's export drive by including the company's managers among overseas business delegations and trade missions led by Icelandic. The history of fish oil in Iceland can be traced back almost as long as the country has been inhabited.
