Support of Innovation Activity of SME as a Factor of Competitiveness Growth of Slovak Republic

The main objective of the paper is to evaluate the effectiveness of selected instruments of financial support for innovative SME SR by the state in the years 2014 - 2016 and to propose measures for their streamlining.Design / methodology / approach: The qualitative part of the research was done by the method of controlled interview on a sample of 20 innovative SME. For secondary analysis were used the data of the Ministry of Economy SR, Slovak Business Agency, Slovak Innovation and Energy Agency, World Economic Forum, Global Entrepreneurship Monitor, European Comission and other sources. During the processing of information, we have used general methods of scientific work and standard statistical methods, which allow us to meet the objectives of research.Findings: The results of the investigation indicate the reasons of SME SR low innovation activity, as well as the causes of SME low interest to use the examined financial instruments of innovativeness support from the state.Research / practical implications: The low efficiency of the examined forms of financial support of SME innovation from the state is identified, which is due to low awareness especially of start-up SME, the small volume of selected funds that only partially cover the real costs of SME for the development of innovation. The problem is also the inefficient distraction of funds selected for this purpose and the absence of feedback on the effectiveness of their use.Originality / value: The paper evaluates the effectiveness of selected instruments of financial support of innovative small and medium-sized enterprises by the state and includes proposals of measures for their streemlining.