IMPACT OF INNOVATION ON THE GROWTH AND DEVELOPMENT OF SMEs IN BOSNIA & HERZEGOVINA

Small and medium enterprises are by their very nature almost compelled to seek their place on the market through the implementation of innovative processes and innovations. Innovation is one of the processes that contribute to sustaining the competitiveness of the company, showing the operational flexibility and the ability to acquire new knowledge, that is, a favorable exchange of information with its environment in which it operates. This paper presents an overview of the innovation impact in SMEs in Bosnia and Herzegovina, observing the impact factors in which innovation influences growth and development, and thus the overall success of the company.