Our organization

The Fund for Innovations and Technology Development was established in December 2013 in order to encourage innovations by providing additional sources of funding, due to the need of creating competitive knowledge-based economy.

The organisational structure of the Fund for Innovations and Technology Development includes the following organisational units:

  • Director
  • Sector for Program Activities
    • Department for Program Preparation
    • Department for Program Implementation
  • Sector for General and Legal Affairs and Finance
    • Department for Legal Affairs, Public Procurement and Archive
    • Department for Finance and Accounting

The governing bodies of the Fund are: Managing Board, Investment Approval Committee and Director. The Government of Republic of North Macedonia appoints the members of the administrative bodies and the director

The Managing Board consists of:

- Miss Monika Jovanova
- Mr.Aleksandar Stefanovski
- Mr.Branko Nichota
- Mr.Dimitrija Angjelkovski
- Mr. Driton Ziberi
- Mr.Pishtar Lutfiu

Investment Approval Committee

The Investment Approval Committee consists of 5 members,elected and appointed by the Government of Republic of North Macedonia. The Committee reviews and approves the submited project proposals for all instruments for the Fund’s support. The members of the Comitee are selected from experts with at least ten years of international experience in the field of investment in innovation.

Dr. Clarisse Behar Molad


Professor Molad has more than 12 years of experience in providing efficient business development, consulting services as well as delivering lectures in the third cycle studies. She also provides strategic solutions regarding world trade relations and launching startup companies. Her expertise is in the field of strategic planning and implementation, management of businesses, entrepreneurship; motivation of employees, marketing and sales, design and use of information systems as well as internet marketing.

During her professional career she has coordinated and developed the contributions from 12 different countries to regional start-up communities, designed and developed an international economics course, worked as a main consultant at USAID on a project for launching online training in the Balkans.

Vibhu Sharma

Dr. Vibhu Sharma is an experienced innovation business strategist. He has several years of experience in innovation, launching new products, has several patents and is an author of Springer, NY book. He is also an expert in the field of Circular Economy and has been defining technology assisted circular business models. He has held innovation and business strategy roles at Siemens, STMicroelectronics etc. At Siemens, he has led the Global Regulation Strategy for Secure Digital Transformations for Industry 4.0. Vibhu Sharma holds a Masters degree in business administration from University of Cambridge, Masters from S.University of New York and Ph.D from KU Leuven..

Noel Gregor Paterson-Jones

Paterson-Jones is a member of the Advisory Board of the Coalition for Green Capital which is a collection of sovereign international green banks, international member of European Strategic Fund for Investment- ESFI, special advisor to the World bank for the bond program in Uganda, as well as the Kenyan Pension Fund. Paterson-Jones is also a special advisor to the CEO of United Nations Capital Development Fund (UNCDF) in areas that support micro and small enterprises in the least developed countries in Africa and Southeast Asia. He was previously one of the Senior Managers and Financial Directors of Deloitte in South Africa.

Paterson Jones holds a Master's degree in Management Studies from Oxford University and a degree in Mathematics and Psychology from the University of Cape Town, South Africa.

Donald Lewis Jr

He is a member in the Department of Management at the Mays Business School since 1999. He is currently an executive professor and the director of Blackstone Launchpad TAMU.

He has extensive experience in international economics, entrepreneurial and small business education.He is also an entrepreneur with European experience, and has won prestigious international awards in the field of education and entrepreneurship.

He holds a degree in Business Administration as well as a master degree in the same field form the University of Texas.

Nikolaos Georgulas

He currently works as a Chairman of the Board of Directors of Whitesteps CA, a private company that takes care about the interests of shareholders in Greece, Bulgaria, and North Macedonia , whose businesses tend to expand. He has also worked as a CEO in Telko, a company for data entry and industrial automation with offices in Greece, Bulgaria, Lebanon, North Macedonia, as well as in the telecommunications company in Armenia, ArmenTel, Argo Insurance, Albatross LLC, Multipack SAIK He holds a degree in International Relations from Padios University in Athens a Master's degree in Finance.

Operational Advisor

Dr. Peter Mogyorósi is an Operational Advisor to the Fund. He provides support to the Fund's management by providing international expertise in the field of innovation support.

Dr. Peter Mogyorósi is a majority owner and Director of Laser Consult (Ltd.). He received his degree as a physicist in 1984 and his PhD in laser surface micro-texturing in 1986 at József Attila University (JATE), Szeged, Hungary. He worked as a researcher for eight years initially at JATE and then at the Universities of Linz and Uppsala. In 1992, he founded Laser Consult Ltd. He is the author of more than 25 international scientific publications and 6 new publications related to the innovation management.

As a CEO of Laser Consult Ltd, his main areas of activity and expertise are innovation management, research-industry co-operations as well as technology transfer and project development for international clients. For the past 20 years, he has worked as an external consultant on many projects for the European Union, NATO and the United Nations.