The Innovation Fund is a dynamic and modern institution, which began its work in September 2021. The Fund's primary mission is aimed at implementing innovation policy, through providing and directing financial resources from various sources, including national, international and other sources to innovative companies. The basic mission of the Fund is to support the development of innovative entrepreneurship and encourage cooperation between the scientific and economic sectors.
In just two years, the Fund's proactive team, with the professional support of international experts, successfully created and implemented ten support programs intended for all actors of the innovation ecosystem.
Thanks to the Fund, many have had the opportunity to realize their innovative visions: micro, small and medium-sized enterprises, scientific research institutions, startups, public institutions, non-governmental organizations, innovators and inventors.
During these two years, the financing of 85 projects was approved, and the total value of the Fund's support is about 2 million 680 thousand euros. All supported projects went through a professional and independent evaluation, for which the knowledge of around 150 foreign evaluators was used. With clear evaluation criteria, predetermined procedures and the participation of international evaluators, the projects that are financed have an exceptional chance of success both on the domestic and global markets. The fact that the Fund received as many as 288 applications for grants with an individual value of up to 200 euros in two years shows how much the market needs such support programs.
Leadership + knowledge = prosperity
One of the most deserving people for the Fund's results and success is the executive director Bojana Femić-Radosavović. She has been at the head of this institution since its foundation, and thanks to her rich professional and academic experience, she contributes to setting innovation as one of the priorities in the development of Montenegro.
Thanks to her agility, visionary approach and team-leadership skills, innovation has become an important social issue.
Bojana's vision is clear - to create an environment where innovators realize their ideas, and to treat innovation as the main driving factor of economic and social transformation.
As the director of an important institution for the revival of Montenegro, she believes that supporting innovative entrepreneurs directly contributes to economic growth, but also encourages the creation of a sustainable and competitive society.
Bojana Femić-Radosavović she was elected in May 2023 in Geneva as vice-president of the Committee for Innovation, Competitiveness and Private Public Partnerships (CICPPP).
Her selection significantly strengthened the international position of Montenegro and the Innovation Fund.
Montenegro received its expert representative in this important body of the United Nations Economic Commission for Europe (UNECE).
Bojana gathered an outstanding team of professionals with various expertises that are necessary for good support of the innovation community.
Significant support to the Fund was provided through the EU IPA project "Strengthening capacity to support the implementation of the Smart Specialization Strategy - TASIS3" as well as through the project "Norway for you - Montenegro" implemented by UNDP. Through these projects, the program framework and other rules important for the implementation of innovation policy, such as state aid and procurement, were developed.
The Fund's team achieved excellent and visible results in an extremely short period of time. Thanks to the combination of expert knowledge and the rich and useful experience of the employees, the selection of consultants, understanding of the needs and ways of functioning of the community, Montenegro is well on its way to innovation becoming a key factor of economic growth in the future.
Proactive cooperation for the improvement of innovations
With its program lines, the fund gives Montenegrin companies the opportunity to finance the development of their innovative ideas through grants.
It also builds good ties with international partners in order to better position Montenegro on the European innovation map.
Today, it can be safely claimed that the state innovation support system in Montenegro is fully rounded and absolutely functional. The Ministry of Education, Science and Innovation leads the innovation policy, clearly defines the strategic directions of innovation development and through the Council for Innovation and Smart Specialization, headed by the Minister Anđela Jakšić-Stojanović, manages innovation activities through the cooperation of state administration bodies, local self-government units, businesses and other entities. Montenegrin innovative companies can also rely on the support of state specialized infrastructures, such as the Science and Technology Park in Podgorica and Technopolis in Nikšić.
When it comes to international cooperation, one of the most significant results of the Fund is the accreditation of the "Collaborative Grants for Innovation" program by the European Innovation Council (EIC) for the implementation of the Plug-In scheme within the EIC Accelerator program.
This accreditation is significant for two reasons: it confirms that all the procedures and rules for selecting projects financed by the Fund are in the same range as those required at the level of the European Union, but companies that received a grant through this program line are also provided with more efficient access significant funds available through the EIC Accelerator program for innovative ideas and commercialization at the European level.
The effectiveness of the Fund and its contribution to strengthening the innovation climate in Montenegro is also evidenced by the report of the European Commission on Montenegro for the year 2023, the part that refers to Negotiating Chapter 25 - Science and research. Citing that Montenegro, with a high level of preparedness, has achieved significant progress in relation to the recommendations dated from the 2022 report, the Innovation Fund stands out as fully operational and recognized as a key actor with program lines to support the development of innovations. Additionally, through the work of the Fund, administrative capacities are being developed for the efficient implementation of EU programs and projects, which will allow us all to go through a significant process of preparation for European structural and investment (ESI) funds, which will be available to us when we become an EU member.
Innovative paths - proactive support programs of the Fund
In order to have an economy based on knowledge and innovation, it is necessary to provide continuous support for the development of innovative ideas from their inception to commercialization. This is precisely why the Innovation Fund was founded, which has so far, with its ten different programs, offered support for all stages of the technological development of project ideas.
And what kind of support and to whom does the Fund offer?
A team of creative individuals or a young startup - at the very beginning of the development of an innovative idea, product or service with a high growth potential on the market can apply for the Fund's support through the Early Stage Development Support Program. The special value of this program is that, in addition to financial support, this grant also includes the support of a mentor with whom the team works during the duration of the project, totaling up to 35 euros (up to 30 financial support and 5 for work with the mentor).
The innovative concept verification program is ideal for financing the early stage of the development of an idea, which should demonstrate whether it is profitable to invest in further development and whether it has commercial capacity. Grants in this program range from 20 to 40 thousand euros.
For more technologically mature projects, the Fund has created a Program for encouraging innovation. Its goal is to increase the innovation of micro, small and medium-sized enterprises (MSMEs) by introducing process innovations or developing new or improved market-oriented products, services or technologies. The program is also aimed at strengthening the capacity of staff for research, development and innovation. The value of an individual grant within this program ranges from 50 to a maximum of 200 euros per individual project.
The Fund actively encourages the promotion of innovation culture by awarding grants, worth up to 8 thousand euros per project, for the organization of events that contribute to the popularization of innovations and innovative entrepreneurship, for the realization of activities to raise awareness of the importance of innovations for sustainable development. Through the program line related to the implementation of educational programs in the field of smart specialization, the Fund finances intensive trainings, lifelong education courses and special training programs for pupils, students, young researchers and professionals in the fields of smart specialization with grants worth up to 10 thousand euros per project.
From the very beginning, the Fund has paid a lot of attention to the topic of intellectual property protection. A special line of vouchers for the protection and development of inventions has been opened, through which support is provided for patent protection and development of inventions, in Montenegro, but also abroad.
The Fund also pays great attention to programs that encourage cooperation between science and business, such as innovation vouchers and collaborative innovation grants.
The Fund's support is reflected in a wide range of incentives; we are talking about a colorful palette of initiatives that shape the future of innovation in Montenegro.
Starting from the production of pellets from olive waste to the development of advanced AI solutions for monitoring landfill fires, from an action RPG game to a portable solar power plant, a real estate evaluation platform through machine learning, to the realization of an inspiring podcast that promotes innovative culture and entrepreneurship. In addition to all that, the Fund's support also extends to innovative initiatives such as a revolutionary approach to feeding fish fry, innovative hygienic drinkers for bees, and the implementation of an AI professional consultant for recruitment selection.
These stories are only part of the supported projects and examples of how the Fund's support goes beyond the role of financial investment, becoming a strong incentive for creativity, innovation and the development of an innovative community. Through such innovations, the Fund consistently achieves its mission of contributing to prosperity and progress, creating the foundations for the future of innovation in Montenegro.
Mentorship
Grant winners through the program line Support to the early stage of startup development have the privilege of working with a mentor. From whom they receive support for the development of their startup projects through personalized advice, guidance and experience.
This integrated support creates a sustainable environment for the innovative prosperity of the startup community in Montenegro. The Innovation Fund believes that this synergy of support will result in the long-term success of startups, fostering innovation, growth and competitiveness in the domestic and global markets.
Information sessions
With the idea of facilitating the application process and achieving greater transparency, the Fund organizes informative events during the duration of the competition, including Info Days and Online Info Sessions.
During the Info Day, Fund managers present in detail the goals, conditions of participation, the application and evaluation procedure, and in direct communication resolve all doubts of potential applicants, and answer all questions related to the application at the online open door.
Interdepartmental cooperation
An excellent example of interdepartmental cooperation was shown through the Program for Encouraging Innovations in the Function of Energy Efficiency in Industry. This program was created in cooperation with the Ministry of Economic Development, the Ministry of Education, Science and Innovation and the Ministry of Energy and Mining with the Fund in order to establish the necessary synergy of industrial policy, innovation policy and energy policy with the priorities of smart specialization. The main goal of this program is to increase energy efficiency and/or increased use of available renewable energy sources by MSMEs in the processing industry by introducing innovative technologies.
Innovations and the classroom: EduRobotić - national project
In addition to the support programs it implements, the Innovation Fund of Montenegro launched an initiative to integrate robotics into the teaching process. The EduRobotić project, started in 2022, was expanded to the national level in May this year by signing the Protocol on financial education in schools through innovative methods with the Central Bank of Montenegro and the Ministry of Education, Science and Innovation.
This protocol initiates the introduction of robotics in all primary schools in Montenegro. It includes the procurement of robots, the organization of educational camps for teaching staff and leagues (competitions) for students. The goal is for children to develop specific knowledge and skills through interactive robot programming learning activities.
