The Innovation Fund of Montenegro launched the Public Call for Startup Early-Stage Development Support on 8 September 2023, with a total budget of EUR 350,000.
Individual grants amounted to up to EUR 35,000 (EUR 30,000 in financial support and EUR 5,000 in mentoring support). The Programme aimed to strengthen Montenegro’s startup community by supporting innovative projects with high growth potential. Projects from various sectors were eligible for support, including the priority areas of smart specialisation.
A total of 10 projects in the field of information and communication technologies, two in energy and sustainable environment, and two in other innovative sectors were supported.
Eligible applicants were teams consisting of 2 to 5 members or privately owned micro-enterprises registered in Montenegro for up to two years. The Call was open until 20 October 2023, and 58 applications were received. Following the administrative check, 50 applications were submitted for international evaluation. In the second phase, 28 teams were selected to present their ideas before an expert commission on 4 and 5 December 2023.
Following a successful evaluation process, funding was approved for 14 projects with a total value of EUR 463,420.30. An additional four projects were approved for funding through the reallocation of unspent funds from other programme lines.
Grant beneficiaries had 6 months to implement their project activities with the support of a mentor. During this period, the assigned mentor provided support in areas including market orientation and increasing the project’s technological readiness through the development and definition of a prototype, MVP or pilot product. Mentoring support also focused on developing a sustainable business model and preparing for the next stage of fundraising.
Further details on each supported innovative idea can be found below or in the table.
Fund recipients
Project name
Spectro Landfill FireWatch
Project description
A comprehensive AI solution for monitoring landfills and detecting fire risks to protect the environment and local communities.
Project name
DeepMark
Project description
An audio watermarking solution based on deep learning
Project name
WebPower
Project description
A commercial web-based tool for analysing power systems, designed to bring about a paradigm shift in the way power system analysis is performed.
Project name
My Turn
Project description
Project description: A mobile application for parents and children that provides a platform where parents can effectively delegate household tasks while motivating children to take responsibility for them through a gamified experience.
Project name
Lollipop
Project description
A mobile loyalty card aggregator and customer-oriented platform that helps businesses enter the world of loyalty programmes.
Project name
Recrewty
Project description
Revolutionising recruitment decision-making through advanced software and AI models.
Project name
Deltahes
Project description
A platform that enables large-scale optimisation of business processes using machine learning and artificial intelligence.
Project name
Starko | One CRM
Project description
An all-in-one solution for developers designed to seamlessly integrate customer support and work management, providing a comprehensive platform that bridges the communication gap between developers, managers and clients.
Project name
Mooring device
Project description
Production of a vessel mooring device.
Project name
AIBillie
Project description
A billing system with AI modules.
Project name
OVIO
Project description
An online two-sided marketplace platform that provides companionship services by trained individuals for socially isolated older adults.
Project name
netAI
Project description
A tool similar to ChatGPT that enables the creation of one or more websites within seconds.
Project name
SmartSens
Project description
Development of an innovative RFID temperature monitoring system for the cold chain of agri-food products.
Project name
DoWater
Project description
Development of a solar atmospheric water generator based on an adsorption process.
