THE IDENTIFICATION OF INDICATORS FOR THE DETERMINATION OF IMPACT INNOVATION OF SMALL AND MEDIUM ENTERPRISES IN THE CONTEXT OF GLOBALIZATION

The speed of innovation spreading in the economy is crucial for productivity and economic growth, therefore assessment of innovation capacity is highly needed as a tool that should be developed to support companies that are willing and are able to bring fundamental organizational and production changes. The innovation level of a company, along with other economic indicators, constitutes a key element in the comparative analysis of the market. Innovation is recognized as an essential component of the process of economic growth. In the context of globalization, the economy becomes more integrated and interconnected, the ability of entrepreneurs and SMEs, especially the innovative ones, to identify and use in the same time new business opportunities by marketing new products and processes before competitors is crucial in ensuring the economic development at a nation's level. Innovative SMEs are a heterogeneous group that includes a variety of companies characterized by a pronounced dynamic, focused on development and diversification. The hereby study undertakes to analyze the indicators system for determining the impact of innovation of SMEs in the context of globalization.