One of the definitions is innovation as the basic factor of technological progress and economic development in terms of replacing old technologies with new ones. The competitiveness achieved by introducing a new product is far more significant than the one based on marginal changes in the prices of existing products. Innovation is a critical and crucial dimension of economic change in the sense of creating new value. Innovation is a generic process associated with constraint and growth. Generally, some phases that apply to all companies are search, selection, implementation, resource gathering, project management and project management, project support, and learning. Ability of survival of any company depends on its ability to adapt to changes in the environment. With innovation in companies, we face certain risks. There are two basic risks: the first risk is the ease of copying innovation. Innovations are, as a rule, easy to copy, but in the developed world, patent law has been introduced to protect the innovators, another risk is destruction of compensation, and it says that a lot can be invested in a potential product but that he never gets on the market. The challenge facing any company is finding a way to manage the innovation process and find a good solution to the problem of competitiveness. An example of an innovative company in this paper will be the business of Rimac automobiles.