About Fund | The Innovation Fund

About us

We are a specialized institution that brings together internal and external experts from the fields of research and development, technology transfer, EU funds, financial management and evaluation. We are also engaged in monitoring projects necessary for the implementation of Government programs that contribute to increasing the technological capacities of Montenegrin enterprises.

Our role is also to encourage technology transfer and commercialization of innovations. The Fund's numerous programs will contribute to more efficient cooperation between the academic community and the private sector, as well as encouraging the private sector towards a higher level of innovation.

The Government of Montenegro has launched intensive measures in several fields to build and establish a national innovation ecosystem. The state recognized the importance of innovation for the economic development of the country and strengthening competitiveness, and the most important step was the establishment of the Innovation Fund of Montenegro – an institution that will coordinate, implement and finance state innovation policy measures.

The Innovation Fund is the main state institution in implementing innovation policy measures and programs aimed at micro, small and medium enterprises, as well as technology transfer from scientific research institutions.

Mission & Vision

The key role of the Fund is to develop various support instruments for the effective implementation of the Government's innovation policy based on the concept of smart specialization, aimed at developing innovative entrepreneurship as a generator of sustainable economic development.

With quality grant support programs, created in accordance with identified needs, we create a stimulating environment for faster growth and development of small and medium innovative entrepreneurship and increasing the competitiveness of the Montenegrin economy.

Goals

The primary goal of the Innovation Fund is to stimulate economic growth and competitiveness of Montenegro by increasing the innovation of the Montenegrin economy.

The Fund's activities will encourage innovative micro, small and medium-sized entrepreneurs by financing industrial research and experimental development, improving cooperation between industry and the scientific-research sector, as well as the development and transfer of technologies. The implementation of these measures will certainly lead to an increase in the 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 returns to the state budget through various types of taxes.

Tasks

The main tasks of the Innovation Fund are:

encouraging the establishment and development of innovative micro, small and medium enterprises;
promotion and attraction of investments in innovative entrepreneurship;
insisting on the concept of smart specialization;
technology transfer from the scientific-research sector to the economy;
developing human capital in research and development, educating students and adults in acquiring entrepreneurial skills;
emphasis on the internationalization of innovative entrepreneurs' operations;
participation in international and EU projects as well as associations dealing with various aspects of innovation policy with an emphasis on technology transfer and innovative entrepreneurship;
encouraging the establishment of seed and venture capital funds for the development of innovative micro, small and medium enterprises;
coordination and cooperation with various actors of the innovation system;
promotion of innovation culture values.

Our Principles

Excellence – We recognize and encourage scientific, technological and managerial excellence at the highest level.
Transparency – Our activities, decisions and project financing are fully transparent and public.
Equality – During the evaluation process, all project proposals are considered equally and fairly, and assessment is conducted objectively and anonymously.
Measurability – The effects and results of the projects we finance must be measurable and subject to evaluation.
Expertise – Decisions are made exclusively using objective and expert arguments.
Individual approach – We nurture an individual approach to people, projects and ideas, and insist on personal responsibility of project holders.
Project care – We approach the projects we finance with the attention of a "good host" and also care about their development and success.
Avoiding conflicts of interest – All activities and decisions are carried out avoiding direct or indirect conflicts of interest of all persons involved in the procedure.
Ethics – We promote principles of ethical behavior and good practices.
Confidentiality – The content of project proposals, names of project applicants, names of evaluators and evaluation results are confidential.

International Cooperation

In international cooperation, the Fund recognizes its role in:
1. Establishing cooperation with international institutions and organizations and implementing innovation policy by securing and directing financial resources from international sources towards the development of innovation and encouraging cooperation between the scientific and business sectors;
2. Encouraging business cooperation between enterprises from Montenegro and enterprises from abroad, through research, development and innovation activities, technology transfer and commercialization of research results;
3. Building absorption capacities for attracting EU funds – primarily in the field of research and development and innovative entrepreneurship;
4. Preparing for European Structural and Investment (ESI) funds – given that Montenegro holds a leading position in the process of accession to the European Union in the Western Balkans.

International Projects

Innovation network for the development of solutions and technologies for a sustainable blue economy in the Adrion region – INNOVABLUE
Development of an innovation network for the application of solutions in robotics and sensors for improved monitoring and prevention of freshwater and marine ecosystem pollution – ROBONETCBC
IoT green transformation of academic environments and business-oriented ecosystems in the Western Balkans – IOT ECO
Solar energy for citizens of the Western Balkans