SELECTION OF CRITERIA FOR EVALUATING INNOVATIVE PROJECTS

Market conditions determine the impossibility not only of development but also of the simple survival of organizations without innovations that create new business opportunities. Innovation projects have experienced exponential growth, leading to an open challenge of identifying the best project solutions. Due to limited resources, effective methods are needed to select profitable projects and innovative ideas. An important success factor for project selection is defining appropriate evaluation criteria. The paper focuses on the presentation and selection of criteria for the evaluation of innovative projects. The list of criteria was defined based on the conducted research in which evaluators and providers of grants for financing innovation projects participated. Criteria defined in this way can support funding agencies to improve their decision-making strategies, as well as to make better funding decisions based on expert evaluations.