The paper analyzes the process and phases of innovation and the innovation process. The countries of Slovenia and Croatia were also analyzed, where, according to Croatian research, it proved to be one of the countries that is less involved in the growth and development of innovations. Innovation brings growth to the economy of the whole world. Strategic innovation itself is extremely important, because the company depends on its ability to adapt to changes in the environment. Large financial and material investments are needed for our own growth and development of the innovation strategy. Innovation is extremely easy to copy and therefore patent rights have been introduced to protect innovators. Generating new ideas and opportunities based on science and technology is the reason for the existence of a research and development department. Through the paper, various innovators who contributed to the development of the entire economy in the Republic of Croatia, but also in the world, were analyzed. Profit in Croatia and the world generates the development of new products and services.