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We represent a specialized institution, and we bring together internal and external experts in the fields of research and development, technology transfer, EU funds, financial management and evaluation. In addition, we are engaged in monitoring of the projects necessary for implementation of the Government programs which contribute to technological capacity increase of Montenegrin companies.
Our role is also to encourage the transfer of technologies and commercialization of innovations. Numerous programs of the Fund will contribute to more efficient cooperation between the academic community and the private sector, as well as incite the private sector to a greater degree of innovation.
The Government of Montenegro has launched intensive measures, in several fields, to build and establish a national innovation ecosystem. The country realized the importance of innovations for the economic development and strengthening competition and took the most important step by establishing the Innovation Fund of Montenegro – an institution which will coordinate, implement, and finance measures of national innovation policy.
The Innovation Fund is a national umbrella institution for implementation of measures and innovation policies designed for micro, small and medium entrepreneurship, as well as for the transfer of technologies from research and development institutions.
The key role of the Fund is to develop various support instruments to effectively implement the Government’s innovation policy, which is based on the concept of smart specialization, and intended for development of innovative entrepreneurship as a generator of sustainable economic development.
We build a stimulating environment for faster growth and development of small and medium innovative entrepreneurship and increase competitiveness of the Montenegrin economy with quality grant programs, created in accordance with the identified needs.
The primary aim of the Innovation Fund is to boost Montenegro’s economic growth and competitiveness by raising the innovativeness of the Montenegrin economy.
The Fund’s activities will encourage innovative micro, small and medium entrepreneurs by funding industrial research and experimental development, by improving cooperation between the economy and the research and development sector, as well as development and transfer of technologies. Implementation of these measures will certainly lead to increased number of new jobs, especially in high-tech sectors, increased protection and commercialization of intellectual property, greater private sector investment in research and development, export growth and greater return of funds in the national budget through various forms of taxes.
The main priorities of the Innovation Fund are:
- stimulating the incorporation and development of innovative micro, small and medium enterprises;
- promotion and attracting investments in innovative entrepreneurship;
- insistence on the concept of smart specialization;
- transfer of technologies from research and development sector to economy;
- development of human resources capital in research and development, education of students and adults in acquiring entrepreneurial skills;
- emphasis on international business activities of innovative entrepreneurs;
- participation in the international and EU projects as well as associations dealing with different aspects of innovation policy with an emphasis on technology transfer and innovative entrepreneurship;
- encouraging the establishment of seed and venture capital funds for the purpose of developing innovative micro, small and medium enterprises;
- coordination and cooperation with different players in the innovation system;
- promotion of the innovation culture values.
- Excellence – We recognize and stimulate scientific, technological and management excellence at the highest level.
- Transparency – Our activities, decisions and financing of projects are fully transparent and public.
- Equality – During the evaluation process, all project proposals are equally and rightfully considered, and the evaluation is conducted objectively and anonymously.
- Measurability – The performance and results of the projects which we finance must be measurable and subject to evaluation.
- Expertise – Decisions are taken exclusively upon objective and professional arguments.
- Individual approach – We nurture individual approach to persons, projects and ideas and insist on the personal responsibility of the project holders.
- Care for projects – We approach projects, which we finance and evaluate, with the care of the “good host” and we also take care of their development and success.
- Avoiding conflict of interest – All activities and decisions are carried out by avoiding a direct or indirect conflict of interest of all persons involved in the procedure.
- Ethics – We encourage the principles of ethical behaviour and best practice.
- Confidentiality – The content of project proposals, the applicants’ names, names of the evaluators and evaluation results are confidential.
In the international cooperation, the Fund recognizes its role in:
- Achieving cooperation with international institutions and organizations and implementation of innovation policies by providing and directing funds from international sources towards development of innovative entrepreneurship and stimulation of cooperation between the research and economic sectors;
- Encouraging business cooperation between companies from Montenegro and businesses from abroad, through research, development and innovation activities, technological transfer and commercialization of research results;
- Raising absorption capacities in attracting EU funds – primarily in the field of research and development and innovative entrepreneurship. The administrative capacities such as structure, human resources, as well as systems and procedures will be developed through the activities of the Fund, to enable efficient implementation of programs and projects funded by the EU Program.
The implementation of the projects will further empower the beneficiaries of the Fund and lead to achievement of the necessary results, to gain of knowledge and competences for participation in EU competitions conducted centrally at the EU level.
- Preparation for the European Structural and Investment Funds (ESI) funds – since Montenegro occupies a leading position in the process of joining the European Union in the Western Balkans. The European Structural and Investment Funds will become available in the near future, and each country must develop a system of managing and controlling its use. The Fund will create an institutional framework for the implementation of the ESI funds, as well as a critical mass of beneficiaries and projects for future financing.
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