On Monday, December 23rd, the Innovation Fund of Montenegro celebrated three years of dedicated efforts by showcasing its 2024 results and outlining its vision for the continued development of the innovation ecosystem. The event brought together representatives from the Government, the scientific and innovation communities, international partners, and Fund beneficiaries – all key players in Montenegro’s innovative progress.
“Today, we can proudly say that we have established a functional and stable system of innovation support, which serves as a solid foundation for the future development of our country,” was emphasized during the opening remarks.
With the expert guidance of international professionals, the Innovation Fund has, over the past three years, successfully created and implemented ten support programs aimed at all actors of the innovation ecosystem: micro, small, and medium enterprises (MSMEs), research institutions, startups, public institutions, NGOs, innovators, and inventors. During this period, 17 public calls were launched, receiving a total of 556 applications, with as many as 268 submitted in 2024 alone.
“In these three years, we have supported 156 projects with a total investment of nearly €6 million. The Fund is not just about financial assistance – it is a reliable partner that accompanies projects through every phase of development, from the initial idea to market realization,” said Dr. Bojana Femić-Radosavović, Executive Director of the Fund.
In 2024, the Fund offered the community seven distinct support programs. Among the most notable was the Collaborative Grants for Innovation Program, with a total budget of €1 million and individual grants ranging from €50,000 to €200,000. This program aims to enhance the transfer of knowledge and technology between industry and science through research and development projects with market potential. A total of 32 applications were received, and six projects were financed.
Another highlight was the Proof of Concept (PoC) Program, which funds the early-stage development of high-tech ideas. Out of 32 submitted projects, 11 received support. This program enables beneficiaries to assess the feasibility of their ideas and prepare them for subsequent development stages.
The Startup Early-Stage Development Program was the most popular, with 98 applications. With an initial budget of €350,000, the Fund, in agreement with the Ministry of Education, Science, and Innovation and the Ministry of Finance, increased the budget to support additional projects. Individual grants amounted to €30,000 for financial support and €5,000 for mentorship.
Special attention was given to intellectual property protection through a voucher scheme supporting patent protection and the development of inventions. Seven vouchers were awarded, and starting next year, this type of support will be implemented in collaboration with the Technology Transfer Office at Montenegro’s Science and Technology Park.
A standout success story was the AIHeal project, an AI-based healthcare system that went through three different Fund programs: the Patent Protection Voucher, Proof of Concept, and Startup Early-Stage Development Program. Led by Professor Miroslav Bojović, the project demonstrates how the Fund not only provides financial support but also guides beneficiaries through every stage of development, offering security and motivation to achieve their visions.
The event also featured a short informational film about the Fund’s work, summarizing its results and reinforcing its vision of creating a sustainable innovation ecosystem in Montenegro. The informational film, “Ideas Pay Off,” can be viewed at the following link: Watch the film here.
In 2025, the Innovation Fund plans to launch six program lines:
- Support early-stage startup development
- Innovation Vouchers
- Encouraging innovation culture
- Implementation of educational programs in the areas of smart specialization
- Proof of Concept (PoC)
- Program for strengthening the innovation of newly established or existing micro, small and medium-sized enterprises
“Synergy between science, industry, and international partners is the key to success. We invite all those who share our vision to join us in building a sustainable, innovative future,” stated Marijeta Barjaktarović Lanzardi, State Secretary at the Ministry of Education, Science, and Innovation.
The annual results presentation was an opportunity to reflect on past achievements and lay the groundwork for future success. The Innovation Fund remains committed to supporting innovators and creating new opportunities for Montenegro’s development.
IDEAS PAY OFF!
