Innovation Fund of Montenegro was established by the Government of Montenegro one year ago as national umbrella institution for implementation, funding and coordination of measures and innovation policies intended for micro, small and medium enterprises, as well as for the transfer of technologies from scientific research institutions. The Innovation Fund brings together internal and external experts in the fields of research and development, technology transfer, EU funds, financial management and evaluation. In addition, Innovation Fund’s team is engaged in monitoring of the projects necessary for implementation of the Government programs which contribute to technological capacity increase of Montenegrin companies. More info are available at: https://fondzainovacije.me/en/home/

THE VISION

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.

THE MISSION

The Innovation Fund builds 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 AIMS

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 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.

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.

ACTIVE SUPPORTING PROGRAMMES AND OPEN CALLS

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 Fund already implements two programs of support to micro, small and medium-sized enterprises with the aim of strengthening their innovation potential, creating new products, technologies, services and networking with scientific research organizations in Montenegro.

1) INNOVATION VOUCHERS

2) Collaborative Grants for Innovation

3) EDUCATION AND TRAINING

The Innovation Fund is committed to provide national innovation subjects, including broader target groups such as students, university professors, children with relevant education in the field on innovation. In this regards, continuous activities and initiatives aimed at increasing knowledge and creating necessary skills for participation in Fund’s Calls for proposals have been launched on social networks, private meetings, roundtables, info days and participation in relevant events.

4) Advisory services

The Innovation Fund helps the companies in the submission process by:

• providing support in the registration to the Fund’s portal: www.programifonda.me necessary for submission of project applications to each open Call;
• providing support in the preparation of applications and checking the eligibility of thematic priorities and administrative procedures;
• providing additional time after the deadline of project proposals submission and prior to external evaluation for the completion of necessary documentation
• partner search: within its networks and contacts within business and research scientific community, the Fund offers specialized services for finding a partner in projects.