Hidden Champions of Montenegro

Montenegro has a small open economy, characterized by a small domestic market. Montenegro depends to a large extent on imports, which results in a negative trade balance. That negative balance is partly mitigated by the positive balance in the service sector. We have identified two hidden champion companies in Montenegro: Marina Porto Montenegro in the tourism sector and Domen in the ICT sector. Marina Porto Montenegro is a luxury marina for yachts, superyachts, and megayachts, located in Tivat, in the Bay of Kotor. In the market segment of superyachts and megayachts, Marina Porto Montenegro is the market leader in the Adriatic Sea region. Domen is a joint venture that was founded in 2008 by Afilias Limited, GoDaddy.com (foreign partners), and ME-net (a domestic partner) which does business as a “.me” registry. Domen is the market leader in the region in terms of number of registered country code top-level domains (CCTLD) and is ranked third in Europe in terms of CCTLDs registered outside of their home country. Both companies were founded after the Montenegrin declaration of independence in 2006. In a relatively short period, they have achieved a leading position in competition with companies from other regional countries. The clear visions of both companies’ founders, operationalized through a well-chosen and implemented strategy based on a differential focus, led these companies to success. In their business success, it was of extreme importance that they identified excellent business ideas with high market potential in a timely manner.