Innovations are key to economic growth and development. In economic terms, innovations are said to include the development and application of ideas and technologies that improve services and goods or their production. Innovations can increase productivity, or using equal resources to achieve better results. By increasing productivity, more goods and services are produced, and by that economic growth is achieved. Today's most competitive economies are also the most innovative. In such economies, there is a strong knowledge-based economy, an economy that is equally invested in the development of innovation and the state and private sector. While in the classical economic growth theories did not pay attention to the importance of the role of technology or innovation, it began to emerge in the 1980s in endogenous growth theories. According to such new models of economic growth, producers invest in new technologies. Investments in innovation projects do not have a declining yield feature, which means that the cost-effectiveness of new investments in innovative business does not diminish but provides sustained sustainable growth. From the aforementioned theories emerges that significant and sustainable economic growth can only be ensured through continuous technological progress, knowledge improvement and knowledge-based improvement, and continuous investment in research and development.