TWBM Empower Forum 2026 Held in Podgorica: “From Visibility to Concrete Support for Women in Business”
Women’s Entrepreneurship Is Growing, but Mentorship and Stronger Support Are the Next Steps
Women’s entrepreneurship in Montenegro is on the rise, but its full potential continues to be constrained by limited access to financing, administrative barriers, and insufficient institutional coordination. Support for women in business must therefore go beyond recognition and promotion, focusing on concrete mechanisms for growth, mentorship, and transforming business experience into new opportunities.
This was the key message of the TWBM Empower Forum 2026, held in Podgorica under the theme “From Visibility to Concrete Support for Women in Business”. The Forum presented data on the performance of women-owned and women-led enterprises, the challenges they face, and opportunities to strengthen institutional and financial support. The event also marked the launch of the TWBM Mentorship Program, an initiative designed to turn the knowledge and experience of successful businesswomen into practical support for the development of new entrepreneurial ventures.
Held at CKZ Ribnica, the event marked five years of Top Women Business Montenegro (TWBM), an initiative that has worked to increase the visibility of women in Montenegro’s economy by showcasing business achievements, presenting awards, and connecting women entrepreneurs. More than 100 women have been featured in TBM Magazine, whose fifth edition is currently in preparation. Dozens of awards have been presented, and nearly 280 companies now carry the “Women’s Business” certification mark.
“Behind these numbers are real business ventures, decisions, risks, achievements, but also tremendous persistence and hard work. And it is precisely this experience that has led us to an important conclusion. Visibility matters. Recognition matters. But what comes next is just as important,” said Ljiljana Burzan-Nikolić, founder of TWBM and Executive Director of BI Communication, announcing the initiative’s stronger focus on connecting experience, knowledge, and new business opportunities.
Barriers and Potential Solutions
The need for more accessible mentorship, education, stronger institutional cooperation, and effective mechanisms for developing women’s entrepreneurship is also supported by the findings of analyses conducted by BI Consulting and UNDP.
Data presented by Ratko Nikolić, Chief Analyst at BI Consulting, show that out of 35,744 enterprises in Montenegro, 10,152 are women-owned and women-led. Although the number of women-led businesses has been growing for years, their relatively low share of total business revenues highlights the gap between women’s representation in the business sector and the economic strength of their companies.
UNDP’s gender analysis of the entrepreneurial ecosystem, which includes research findings from businesses across six Western Balkan economies, revealed that women-led enterprises tend to be younger and are more frequently classified as microenterprises, while access to financing remains a significant challenge. At the same time, the gap between legislative frameworks and their practical implementation demonstrates that formal support alone is insufficient unless it produces measurable results.
During the panel discussion “Support That Enables Growth”, representatives of institutions, the financial sector, and business consulting agreed that sustainable development of women’s entrepreneurship requires combining financial and non-financial support, simplifying procedures, and ensuring that available programs respond to the actual needs of women entrepreneurs.
Anđela Gajević, Director General of the Directorate for Improving Economic Competitiveness at the Ministry of Economic Development; Danijela Radeč, Secretary of the Secretariat for Entrepreneurship and Investments of the Capital City; Ana Kentera, Executive Director of Alter Modus; and Danijela Grbin, Executive Director of Adria Savjetovanje, emphasized that, in addition to grants and favorable credit lines, women entrepreneurs need access to mentorship, education, and continuous support in monitoring and developing their businesses.
They also highlighted the importance of reducing administrative barriers, establishing clear and transparent criteria for allocating funds, and strengthening institutional cooperation to ensure that available resources are used as effectively as possible.
As a concrete response to the need for more accessible, individualized support, Top Women Business Montenegro introduced the TWBM Mentorship Program, which connects experienced professionals with women seeking guidance to take the next step in their business development.
The first cycle will be organized as a six-month pilot program involving six mentor–mentee pairs. Each participant will work with an assigned mentor on specific business challenges, ranging from strategic management and finance to branding, team development, and business expansion.
TWBM will coordinate the matching of participants and mentors, monitor the implementation of the program, and use insights gained during the pilot cycle to improve future activities. Information about the mentors and their areas of expertise is available at topwomenbusiness.me.
From Visibility to Measurable Results
An international perspective was brought to the TWBM Empower Forum 2026 through the one-on-one conversation “Who Opened the Door for You?”, featuring Ekaterina Solovova, Head of the European Bank for Reconstruction and Development (EBRD) Office in Montenegro. She reflected on her professional journey, the decisions that shaped her career, and the people who played an important role along the way.
Insights into how to identify genuine customer needs, develop products or services that address those needs, and transform a promising idea into a sustainable business were shared by Jasna Pejović, founder of Flourish and Digital Bee, and Ana Mihailović, Executive Director of Marketing at One Montenegro.
They emphasized that every successful business idea must address a real customer need, while market research, customer feedback, and genuine human connection are essential to building a sustainable business.
The TWBM Empower Forum was held in the year marking the fifth anniversary of Top Women Business Montenegro, under the slogan “THE FIRST FIVE – Visible for a Reason.” The initiative continues to build on its mission of recognizing women’s business achievements while creating new opportunities for their growth and development.
