January 15, 2024
We hereby inform you about the results of the Public Call Support for the early phase development of start-ups, announced by the Innovation Fund of Montenegro on September 8, 2023. The total value of the Call amounted to 350.000 euros, with individual grants of up to 35.000 euros each (30.000 for financial support and 5.000 for mentorship).
The Program aims to enhance the Montenegrin startup community by supporting innovative projects with high growth potential. The Program supports projects in various sectors, including priority areas of smart specialization. Ten projects from the Information and Communication Technologies sector, two from Energy and Sustainable Environment, and two from other innovative sectors were supported.
Teams of 2-5 members or micro-enterprises in private ownership registered in Montenegro for up to 2 years were eligible to apply for the Public Call. The call was open until October 20, with 58 applications received. After administrative check, 50 were forwarded for international evaluation. In the second phase, 28 teams were selected, presenting their ideas to the expert Commission on December 4th and 5th, 2023.
Following a successful evaluation process, funding was approved for 14 projects with a total value of 463.420,30 euros. Four additional projects were approved for funding by redirecting unspent funds from other program lines.
Grant recipients have a deadline of 6 months to implement their project activities with mentor support. During this period, the assigned mentor will provide support in market orientation, raising the technological readiness level of the project through the development and definition of prototypes, MVPs, or pilot products. Mentorship also focuses on formulating a sustainable business model and preparing for the next phase of fundraising.
You can find details about each supported innovative idea in the table.
| Applicant | Project Name | Brief Description | Approved Grant Amount |
| Spectro solutions LLC – Podgorica | Spectro Landfill FireWatch | Spectro Landfill FireWatch is a comprehensive AI solution for landfill monitoring and fire risk detection to protect the environment and local communities. | 35.000,00 |
| DeepMark LLC – Kolašin | DeepMark | Solution for audio watermarking based on deep learning. | 33.392,30 |
| NovaGrid Technology LLC – Nikšić | WebPower | Commercial tool for analyzing power systems based on the web, designed to challenge the paradigm shift in the way power system analysis is performed. | 32.000,00 |
| MyTurn LLC – Podgorica | MyTurn app | A mobile application designed for both parents and children, providing a platform where parents can efficiently delegate household chores, while motivating children to take responsibility for them through the gaming experience the app offers. | 32.900,00 |
| Loyalty Wallet LLC – Podgorica | Lollipop | A mobile loyalty card aggregator and customer-centric platform that helps businesses enter the world of loyalty. | 34.660,00 |
| Recrewty LLC – Podgorica | YOUR AI PROFESIONAL SELECTION CONSULTANT | Revolutionizing hiring decisions through advanced software and AI models. | 31.568,00 |
| Deltahes LLC – Nikšić | COMMON DATA STACK (DeltaSCADA, DeltaMES, DeltaERP, DeltaPMS, DeltaEMS) | A platform that enables mass optimization of business processes using machine learning and artificial intelligence. | 35.000,00 |
| Starko LLC – Podgorica | Starko One CRM | An all-in-one solution for developers designed to seamlessly integrate customer support and workflow management, providing a comprehensive platform to bridge the communication gap between developers, managers, and clients. | 31.100,00 |
| Inovul LLC – Tuzi | Vessel mooring device | Production of Vessel mooring device. | 35.000,00 |
| AIBillie LLC – Podgorica | AIBillie | Payment system with AI modules. | 34.700,00 |
| Ovio LLC – Podgorica | Ovio | An online bidirectional market platform providing companionship services by trained individuals for socially isolated elderly people. | 34.700,00 |
| Inovativa LLC – Podgorica | netAI | A tool similar to ChatGPT for creating websites (one or more) in seconds. | 34.700,00 |
| Techlab LLC – Podgorica | SmartSens | Development of an innovative RFID temperature system based on temperature in the cold supply chain of agro-food products. | 34.700,00 |
| Dowater LLC – Podgorica | DoWater | Development of a solar atmospheric water generator based on adsorption processes. | 24.000,00 |
We would like to thank all the teams who submitted their applications, patiently went through the evaluation process, and those who presented their ideas during the assessment phase. We want to express our support to all grant recipients, and especially wish them success in implementing their project activities over the next six months.
Thank you for your contribution and collective effort in strengthening innovation in Montenegro!
For further information or inquiries, feel free to contact us via email: startap@fondzainovacije.me
INNOVATION PAYS OFF!
