INOVACIJE KAO POKRETAČ RAZVOJA EKONOMIJE

The development of innovations related to a company's operations can lead to better internal organization, reduced operating costs, and various other opportunities. By developing innovations that impact products and services, businesses can attract new customers, increase market share, and boost profits. Today, most companies recognize the positive impact of innovation, but certain challenges may arise, such as the inability to finance the implementation of a particular innovation or the development of a new innovative product. This issue is especially pronounced among entrepreneurs in Serbia, who often rely on alternative sources of financing. For these reasons, the authors have structured this paper into two parts: theoretical and research, to provide comprehensive clarity on innovation as a driver of economic development.