Aleksandar Dimitrijević, CEO of Digital Den - Although we don't have a "unicorn" yet, startups that will shape the global technology scene are born in the region

This is what Aleksandar Dimitrijević, CEO of the Digital Den startup venture studio, which for several years has been intensively supporting startups from the entire region, opening the door to global markets for them, said in an interview for eKapija.

Established in December 2021, Digital Den Hub has positioned itself as a key catalyst for innovative solutions and startup development throughout the Western Balkans. As Dimitrijević told us,

as a startup venture studio, Digital Den has the ability to transform initial ideas into concrete products, following their development through all stages, from concept to market.

- The Digital Den Hub offers startups from Montenegro, as well as the Western Balkans a unique support program designed to encompass all stages of development - from the innovative idea to the validation of success. Through a series of strategic activities, Digital Den will enable each startup to receive the necessary resources, knowledge and contacts to realize their potential - he states.

Digital Den also works intensively on connecting startups with global markets, and projects like the Montenegro Technology and Startup Bridge (MTSB) enable startups to present themselves on the American market, linking with investors and participation in accelerator programs, opening the door to international success.

Mentoring support is important for the development of any startup, and startups in the Digital Den have access to mentors from the USA, Europe and the Balkans.

- Additionally, our cooperation with universities encourages innovation and entrepreneurship already at the academic level. This end-to-end support model allows startups access to mentors, capital and regional and international markets, while simultaneously contributing to the development of the Montenegrin economy and creating a sustainable innovation ecosystem - the interlocutor of eKapija points out.

As he clarifies, the program consists of two key segments. The first one is the Soft landing program within which three of the most promising startups from Digital Den`s portfolio get the opportunity to stay in the USA.

- During the program, startups have access to top-notch mentors and experts which help them to successfully market their products in the US market. The aim of this segment is the opening of sister companies in the USA, thus ensuring their presence on one of the most important world markets - Dimitrijević points out.

The second segment is an accelerator program, where seven selected startups participate in an intensive accelerator program focusing on idea validation, development of market and business strategies, and the preparations for the prestigious SXSW conference in Austin, Texas.

- We are well on our way to becoming an important player on the regional and global scene. Compared to neighboring countries, such as Serbia, Croatia, and Slovenia, which have started developing their ecosystems earlier and today have a more developed infrastructure and greater access to capital, Montenegro shows great potential for progress and building a competitive ecosystem - Dimitrijević says.

In order to make Montenegro recognizable on the regional and global startup scene, several key initiatives need to be carried out. The first, as he says, is to improve the legal framework.

- Digital Den has been building partnerships with key ecosystem players in Western Europe and America for years, building bridges between Montenegrin startups and global opportunities. The acquired knowledge, experiences and contacts are transferred to the local ecosystem, thereby speeding up the growth process that has already become visible. Along with timely reforms and strategic investments, Montenegro has the opportunity to transform its startup ecosystem into a regional and globally recognizable innovation center, opening the door to new generations of entrepreneurs and laying the foundations for long-term economic development - he points out.

It is well known that a large number of startups from the region have attracted significant investments. We asked Dimitrijević if it is realistic to expect to get a "unicorn" from these areas.

then the focus on innovations that solve globally relevant problems and attract the attention of investors and partners worldwide.

- Validation of the idea and market demand is also a challenge where many startups have to prove that their solutions really meet the needs of users and the market. It is also important to mention the scaling of business, in particular to international markets, which is often burdened by legal, logistical and operational challenges - he states.

- Due to all of the above, Digital Den provides support through a comprehensive approach which includes mentoring support, with experts in various industries, legal and administrative assistance,

facilitating business, educational programs that strengthen the founders and teams, liaising with investors to ensure access to capital, and infrastructure resources, which are necessary for business growth and scaling - Dimitrijević points out.

- With the adoption of the Law on Incentive Measures for the Development of Innovation and Research, more favorable conditions were created for the work of startup companies, including tax credits and other benefits. The register of innovation activities additionally facilitates business and attracting investments, which contributes to strengthening the position of Montenegro on the innovation map of the region - he says.

Institutional support, he adds, comes through collaboration with key actors such as the Science and Technology Park, Technopolis and the Innovation Fund, while the strategic programs of the Government and the Ministry of Science provide a foundation for long-term growth. It also indicates that universities play a significant role in encouraging the entrepreneurial spirit through educational programs and projects, like the Digital Den Corner initiative.

When it comes to legislation, our interlocutor says that the aforementioned Law on Incentive Measures for the Development of Innovation and Research represents a key step in strengthening the Montenegrin innovation ecosystem. As he points out, through its implementation, Montenegro builds solid foundations for the sustainable development of startup companies, attracting local and foreign investments, and improving the competitiveness of its economy.

- Implementation of this law is already bringing results. The startups from Digital Den`s portfolio have so far managed to attract almost EUR 4 million of investments, thanks to the benefits and support that the law provides - the interlocutor of eKapija points out.

- The Law on Incentive Measures for the Development of Innovations and Research opens the door for companies to invest in startups, with tax incentives, which attracted significant attention from the domestic business sector. I repeat, based on this law, Digital Den managed to attract 35 investors who invested almost EUR 4 million in startups from our portfolio over a period of three years. These investments provided startups with the necessary capital for initial development, from the idea to market-ready products. Such results clearly show that there is potential and interest of domestic companies to invest in innovative projects - he points out.

- This fund brings a key opportunity for continuous financing of innovative startup ideas within the domestic ecosystem, exactly in the stages when the state support, corporate investment or private investment reaches its limits. The significance of this fund lies in this fact that startups will no longer be forced to seek a Seed or Series A round of investment outside of the ecosystem. Instead, they will have the opportunity to secure the necessary funds for further growth and development in Montenegro - says the interlocutor.

When asked about activities in the coming period, he responds that Digital Den`s plans are ambitious,

- We understand that different products and visions require a customized approach, and we want to enable startups to focus on the market that best suits their needs and potential. In addition, Digital Den is actively working to improve partnership relations with key countries in the USA, which have distinguished themselves as global leaders in specific industry verticals such as med-tech and fin-tech. Through these partnerships, our aim is to give startups additional support, directing them towards large markets and increasing their chances of global success - concludes Aleksandar Dimitrijević in an interview for eKapija.