Montenegro Start-up Index 2026 represents the first structured step towards regular, data-driven monitoring of the development of our innovation ecosystem. The Science and Technology Park of Montenegro, in cooperation with its partner, Game Changer Montenegro, and with the support of the Ministry of Education, Science and Innovation and the Montenegrin Investment and Development Fund, developed this report not merely as a snapshot of the current state, but as a key development tool for the next phase.

The aim is for this document to become a relevant basis for annual progress monitoring, strengthening cooperation among ecosystem stakeholders, and transforming data into concrete support programmes that founders genuinely need for faster and more sustainable growth.

The research clearly shows that an active startup ecosystem is emerging in Montenegro, with an increasing number of teams, a strong technological orientation, and global ambitions. Although significant progress has been made over the past three years and a clearer institutional support framework has been established, it is important to recognise that we are still in the early stages of development. Most startups are very young companies, which means we are in a period of intensive market development, knowledge building, and the establishment of initial investment capacities. The next stage of development will depend not only on the number of new ideas, but also on strengthening competencies and creating an environment that facilitates access to international markets.

When it comes to the maturity of ideas and the journey towards customers, the ecosystem is rapidly gaining momentum. While just over a quarter of teams (26%) are still actively working on validating their concept, and a similar share is already testing their first product versions, we are particularly encouraged by the fact that as many as 26% of startups are already market-ready and offering products available to customers.

When analysing who our startups actually sell to, it is clear that the dominant strategy is to collaborate with other businesses. Almost half of our startups, specifically 46%, rely on a B2B business model. On the other hand, around 18% of founders opt for direct access to end consumers (B2C), while a smaller but highly interesting share of teams—5%—focus their solutions directly on the public sector.

Our market is boldly keeping pace with global trends and the technologies shaping them. Artificial intelligence and machine learning are clearly leading the domestic scene, forming the foundation of 23% of startups. Traditional software and automation rank second at 15%, while the presence of a strong deep tech cluster is an especially encouraging signal for a market of our size. These innovators, working on complex technological solutions, currently account for as much as 12% of our ecosystem.

The youth of the ecosystem is naturally reflected in its financial profile and early successes. Given that many teams are still at the very beginning, more than half of them have not yet generated revenue, as they remain fully focused on early-stage idea validation. Nevertheless, what is highly encouraging is the fact that almost half of these companies (45%) already have paying customers, providing the strongest evidence that their ideas work in practice. Among those generating revenue, the majority earn up to €200,000 annually, while the most advanced companies give us even greater reason for optimism, already generating revenues of more than half a million euros, and in some cases, over €1 million.

This detailed analysis has also provided clear guidelines for further development, focused on three key areas: government policies, support programmes, and the investment community. To help teams scale faster, it is essential to reform grant schemes and introduce a dedicated “Startup Operating” grant that would enable founders to work full-time on their ventures. In addition, it is important to introduce a startup residency status for foreign founders and implement direct tax incentives for investors.

In the area of support programmes, the focus needs to shift from generic mentoring towards practical sales skills and capital attraction, with a recommendation to establish a specialised Sales Academy and programmes supporting entry into regional markets. Finally, to ensure a stronger inflow of capital, it is essential to standardise investment processes, formally organise a business angel network by leveraging the Montenegrin diaspora, and regularly connect local teams with regional investment funds.

For more details about the Montenegro Startup Index 2026, you can read the full report HERE.