nterview: Velibor Bošković for MINA News Agency

Podgorica, (MINA-BUSINESS) – Montenegro has significant potential for the development of the startup community, which has so far been underutilized, said the Executive Director of the Science and Technology Park (STP) Velibor Bošković. He added that one of the main challenges is the lack of recognition of high-quality ideas with growth potential.

In an interview with Mina-business, Bošković noted that positive developments have been observed recently, as the state is willing to support innovative and creative individuals and teams who want to start their own businesses in various ways.

“A startup is fundamentally based on innovation, and bringing innovation to the market carries many risks. In this regard, entrepreneurship comes with numerous challenges, and one of the biggest is certainly the fear of failure, which prevents many ideas from coming to light,” Bošković stated.

He believes that one of the current issues is the failure to recognize high-quality ideas that have the potential for growth and development.

“Traditional approaches and interpretations sometimes lead to ideas being more appreciated in foreign markets than in our own, which further discourages individuals with excellent ideas. That is why our approach is multilateral, involving the cooperation of various stakeholders and individuals to improve existing models while discarding outdated ones and replacing them with new, better, and more efficient approaches,” Bošković added.

Strengthening Competitive Potential and Overcoming Barriers

According to Bošković, additional efforts should be directed toward gradually developing competitive strength, which would enable Montenegrin startups to expand into foreign markets.

“Even when individuals decide to launch their startups, they are faced with numerous obstacles from the very beginning. One of these obstacles is insufficient knowledge of legal regulations, which should certainly be improved,” Bošković stated.

He further explained that even if companies manage to overcome the initial challenges, they soon encounter another major issue—the lack of funding sources. This, in turn, eliminates many promising ideas from the entrepreneurial landscape.

“Nevertheless, it is evident that we are moving in a positive direction, given that the number of newly established startups is continuously increasing, creating a favorable environment for others who wish to enter the entrepreneurial world,” Bošković assessed.

When asked whether the COVID-19 pandemic demonstrated that startups can support the community in emergency situations, Bošković responded that despite the serious problems it caused worldwide, the pandemic also had positive effects. These primarily relate to the utilization of the business environment’s existing potential.

Bošković highlighted that Montenegro’s 3D printing community provided a positive example of how science, knowledge, digitalization, and new technologies can contribute to community life and functioning—both during crises and in normal circumstances.

“This sends a clear message that modern technologies should become a standard even in regular conditions, as they demonstrate the importance of technological application and its impact on society,” Bošković stated.

The coronavirus pandemic, according to him, initiated a process that had been in a form of stagnation for a long time, regarding the digitalization of the economy.

“Such an action sends a strong message that the field of 3D printing is a completely new and underutilized market segment with potential for development in various business areas, as it is characterized by the ability for rapid modeling, production, and application in scalable business,” Bošković said.

He believes that individuals, companies, and the state need to take a visionary approach toward the future and draw lessons from this process, which demonstrates the strength of the foundation on which the economy is built.

“Companies that contributed, as well as the actions taken by the state, already within the first ten days of the pandemic, proved through digitalization and technology that these are areas that should be invested in more and significantly, because although they serve as a backbone in crisis situations, they are in objective circumstances, drivers of growth,” Bošković noted.

Montenegro, he believes, should, in the future, be a kind of test ground where the latest technologies are tested before their final implementation, as a small economy like Montenegro’s can provide ideal indicators and data on the application of such technologies.

When asked what advice he would give to young people who want to start a business, Bošković said they need to believe in themselves and their ideas, but also work tirelessly on realizing them.

“Investing in knowledge is the best possible investment, one that is always profitable, so I encourage them to work hard and constantly examine their surroundings,” Bošković stated.

According to him, experience shows that Montenegro has many creative people, especially among the youth, but what is missing is thoroughness, dedication, systematic approach, and readiness to take risks.

“Because of all this, the Ministry of Science decided to establish the STP in partnership with the University of Montenegro, as part of its activities to improve the innovation and entrepreneurship ecosystem, in order to systematically and organizedly provide support that will give young people the opportunity to try to develop their ideas in their own country,” Bošković added.

As he said, Montenegro, as a small country, has the possibility for quick reaction and implementation of constant changes, and this is one of its comparative advantages.

He told all individuals who want to succeed in business ventures that only through diligent work, continuous learning, and improvement, without excuses, can they achieve their goals and turn ideas into successful businesses.

“And what is very difficult for us to understand is that if they don’t succeed the first time, it means they have learned valuable lessons that will help them significantly in regrouping, strengthening, and trying again. This time with many more chances for success because the lessons learned are an immeasurable competitive advantage in the market that often determines the development path of an entrepreneurial idea,” Bošković explained.

He stated that a dynamic period of development lies ahead, an incredibly exciting future, continuous, and never all-encompassing changes, due to the development of new technologies and innovations.

“For us, it remains only to decide whether we will choose the position of an ordinary observer or one of the creators of that future,” Bošković said.

He added that the procedure for selecting the contractor for the renovation of the building of the future STP, located within the UCG campus, has recently been completed, and the works will begin in May.

“According to the plan, the STP will achieve full operational capacity by the end of next year or the beginning of 2022, and until then, we must adequately prepare for the many challenges we are already facing,” Bošković concluded.

The STP is conceived as the central unit of the future innovation and entrepreneurial ecosystem, aiming to connect all key players around one common imperative, which is strengthening the competitiveness of Montenegro’s economy through the development of high-tech innovations and entrepreneurial ventures.

“The core vision of the STP is focused on encouraging and supporting the development of innovation processes in Montenegro, through various services and support to companies whose operations are based on creative, innovation-oriented, and high-tech ideas,” Bošković explained.

The STP will primarily focus on supporting entrepreneurial ventures through carefully designed pre-incubation, incubation, training, and mentoring processes for individuals and groups whose ideas are aligned with the strategic directions of Montenegro’s economic development.

Additionally, the STP will actively work on connecting all stakeholders of the technological innovation ecosystem, both at the national and international levels.

“Through support processes, the STP will focus its activities on accelerating product innovations in the private sector, implementing support programs, and ensuring access to available grants that will enhance the development of new products and services,” Bošković added.

The NTP is designed in a modern style, with a high degree of functionality, and will represent a unique place where all key stakeholders from academic, business, and social life will gather.

“At one location, residents, partners, and visitors will be able to use numerous facilities, such as a business incubator focused on the development and strengthening of start-up companies or teams, modern business spaces for existing companies, and a coworking space for all creative individuals, teams, and early-stage start-ups,” Bošković concluded.

Residents and future users of the STP will have the opportunity to work in the most modern possible conditions, using the latest technological solutions, modern business spaces, functional meeting rooms, a café-restaurant, and a garage with charging stations for electric cars.

Izvor: MINA