About Fund | The Innovation Fund

1 About us

The Innovation Fund of Montenegro is the umbrella state institution responsible for implementing and financing innovation policy measures and programmes intended for micro, small and medium-sized enterprises, as well as for technology transfer from research institutions.

Through its activities, the Fund contributes to strengthening the competitiveness of the economy, developing the national innovation ecosystem, and fostering sustainable economic growth based on knowledge, research and innovation.

Through financial and professional support programmes, we encourage businesses to increase their level of innovation, support technology transfer, strengthen cooperation between academia and industry, and promote investment in research, development and innovation.

The Fund brings together experts in research and development, technology transfer, European Union funds management, financial management and project evaluation. In addition to implementing support programmes, we participate in monitoring and implementing development initiatives that contribute to enhancing Montenegro's innovation and technological capacities.

The establishment of the Fund created an institutional framework for coordinating and implementing national innovation policy measures, recognizing innovation as one of the key drivers of long-term economic development and national competitiveness.

2 Mission & Vision

The Innovation Fund of Montenegro develops and implements support instruments for the effective implementation of the Government's innovation policy, based on the Smart Specialisation concept and aimed at fostering innovative entrepreneurship as a driver of sustainable economic growth.

Through financial and professional support programmes designed in line with the needs of the innovation ecosystem, we create a supportive environment for the growth and development of innovative micro, small and medium-sized enterprises, strengthening cooperation between science and industry and enhancing the competitiveness of the Montenegrin economy.

Our vision is a developed and sustainable innovation ecosystem in Montenegro, where science, industry and the public sector are connected in creating new value, driving technological progress and improving quality of life.

3 Objectives

The primary objective of the Innovation Fund is to foster economic growth and enhance Montenegro's competitiveness by increasing the innovativeness of the national economy.

Through the Fund's activities, the development of innovative micro, small and medium-sized enterprises is encouraged through the financing of industrial research and experimental development, strengthening cooperation between industry and the research sector, as well as supporting technology development and transfer.

The implementation of these measures contributes to:

the creation of new jobs, particularly in high-tech sectors;
stronger protection and commercialization of intellectual property;
increased private-sector investment in research and development;
export growth;
the creation of additional value for the Montenegrin economy.

4 The priorities

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.

5 Our Principles

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.

6 International Cooperation

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.