World-renowned expert in Artificial Intelligence on the Present and Future of the Montenegrin Startup Community

The COVID-19 pandemic continues to cause changes in every area of activity. For some, the crisis has made regular business operations more difficult, while for others – in line with the thesis that every crisis is also an opportunity – it has opened up new possibilities. Around the world, experts in IT, computing, robotics, and technology have created and improved tools that have facilitated overcoming the crisis. In Montenegro, this community was also, along with others, on the front lines of defending against the coronavirus. In a short time, their role in the systemic development of society proved to be crucial, even beyond the crisis, and the digitalization process has shown to be not only inevitable but necessary.

We spoke with experienced international expert Vladimir Nedović (Netherlands) about global trends, opportunities, threats, how the corona crisis is changing markets and society, and the potential and perspectives that Montenegro has in this field.

Vladimir Nedović is a computer science doctor specializing in artificial intelligence, residing in Amsterdam. He has years of experience in digital innovation and startup ecosystems. His journey began with research work on high-resolution cameras (Imaging Technology Lab, USA, 2001), continued at major research institutes (Philips Research, University of Amsterdam, Netherlands, 2004 – 2011), and he also worked on pioneering projects in the field of augmented reality (Layar, Netherlands, 2012). He is the founder and co-founder of several companies in the field of artificial intelligence, such as Flavourspace, which develops technologies for personalized dietary advice. He is a resident entrepreneur and technical director of the Rockstart AI program, Europe’s first accelerator dedicated to AI startups.

V.N.: Given the pandemic and crisis that has shaken the planet and forced us to reflect on our (previous) reality, it will take some time before digital innovations gain the necessary momentum. However, some existing technologies (since they are often available much earlier than they are accepted by the market and the critical mass) have, despite or precisely because of the crisis, gained significant importance: video call platforms, virtual education, online food ordering and delivery, all kinds of e-commerce platforms, and especially digital medical tools. It is in this last sector where I primarily see space for innovations in the near future: not only digital tools but also those based on virtual reality and artificial intelligence.

Has the pandemic actually accelerated the development, acceptance, and integration of innovative and digital solutions across all sectors of activity, or will it direct this sector in a different way?

It will take some time before the world emerges from the slump and begins to invest again in innovations: for now, funds are largely frozen, and the focus is mainly on cost reduction. However, certain sectors, such as the aforementioned medical sector, will certainly be in the spotlight, and new living and movement conditions will lead to new needs that are already somewhat evident. For example, a recent report revealed that Uber is negotiating to acquire the competing food delivery platform in the US, Grubhub. I wouldn’t be surprised if we hear similar news about Google or Zoom in the coming months. The pandemic has shaken us as a civilization and forced us to reflect on what is important and necessary in our lives, while resourceful entrepreneurs among us see opportunity even in crises (“in every defeat, I saw a part of freedom,” as Catherine the Great says), carefully observing new trends and being creative with new ideas and solutions. Attention will be redistributed across sectors differently than before: new reality, different priorities. New day, new opportunities!

“AFTER EVERY CRISIS, THE GROUND IS FERTILE FOR STARTUPS AND INNOVATIONS”

The acceleration will come from the startup community and young people with their ideas. Montenegro is already well underway, thanks to the S3 strategy for smart specialization in the process of society’s digitalization. This is further supported by BoostMeUp, the first national pre-acceleration program conducted by IPC “Tehnopolis,” the Science and technology park, and “Amplitudo,” which have brought together development teams and individuals whose ideas will be developed, transformed into successful startups, and launched into the business orbit. In the previous phase of the program, the Bootcamp, out of 19 teams that participated, six ideas with the greatest potential were selected to be part of a four-month pre-acceleration program. Six teams will receive financial support of 4,500 EUR each, a mentoring program in 7 modules, access to coworking spaces at Code Hub Nikšić, FILA innovation labs, biotechnological laboratories, rapid prototyping spaces, while three teams will receive non-financial support.

As a mentor in the project, Nedović has the opportunity to follow the development of team ideas and assess Montenegro’s startup potential.

The BoostMeUp BootCamp was recently held under the circumstances imposed by the current crisis. How satisfied are you with the teams and their approach and presentations?

V.N.: I was pleasantly surprised by the ideas that were submitted – first of all, how diverse, modern, and relevant they were. The teams took the interviews very seriously, and it seems that the sudden new circumstance – virtual meetings via Zoom – didn’t disrupt them at all. And among the teams, there was not just programmers or Generation Z, but a very broad range of profiles – from proven inventors to unfinished students and even high schoolers.

How do you see Montenegro’s position in the context of the startup ecosystem? What have we done so far, and what should we focus on and direct our capacities and potentials towards?

V.N.: It’s clear that, when it comes to the startup ecosystem, we are still in a relatively early stage. The broad range of profiles I mentioned also points to the fact that there are people with different needs and ambitions, but some concepts are still not sufficiently differentiated among the population. Thus, every idea is seen as suitable for a startup program, whether it is based on a new scientific formula, software code, or a clearly defined revenue model. But this is not only characteristic of Montenegro – I have encountered it often in the Netherlands as well. Simply, rare successful startup examples, mostly from the US and Silicon Valley, have received significant media attention and created a romanticized image of this type of choice and lifestyle. But as we’ve recently witnessed many “inflated” cases that ultimately burst (e.g., WeWork, Uber, and even Tesla is constantly on the brink), we can learn from their examples and make wiser choices. So, we’ve made a good start, and the Tehnopolis team from Nikšić has done great work motivating all those teams who applied, engaging quality mentors, and organizing everything. In the next phase, we could invest further in engaging even more mentors who are active in startup ecosystems worldwide – from people from the region or abroad to members of Montenegro’s diaspora, who would certainly be willing to contribute in this area.

The teams that advanced to the next stage of the BoostMeUp program will undergo months of training and master skills within the 7 modules. What must someone with a startup idea know right from the start? Where are the best opportunities and possibilities hidden in their idea’s development, and where are the most common pitfalls and dangers?

A message for young people with ideas, on one hand, and decision-makers and investors, on the other hand?

V.N.: First of all, don’t give up! And that applies to both sides. While each of us generates many ideas, not everyone is able to turn an idea into a successful business or product for the global market. But the dynamics of this process is very interesting, and often it doesn’t drain people, but rather gives them drive and energy. However, on that journey, which is certainly very thorny, support is needed – both from family and the wider community, and from state institutions, which need to provide the necessary ecosystem and influence public opinion. As I mentioned before, we can learn from the mistakes of others and thus progress much faster.