Until the mid-18th century, the land currently occupied by Reykjavík was devoted to farming while trade was monopolized by the Danes. Skúli Magnússon radically changed that when he founded Innréttingar. The company’s original focus was woolen products but it soon expanded into other industries. With the endorsement of Frederik V, King of Denmark, Magnússon quickly built sixteen facilities while providing workers with new industrial skills. The resulting business boom led to the urbanization of Reykjavík and its city charter in 1786. This bronze statue of the Father of Reykjavík was created by Gudmundur Einarsson.