Abstract
Innovation is often recognized as a vital source of competitive advantage for business. Taking into account the conditions of increasingglobalization at a high level of intensity as well as a rapidly changing technological landscape and also continuous customerdemands for new products and services on the modern market, it is needed to assume that businesses have to innovate in order tosurvive and prosper in the contemporary environment. In the context of the paper at hand the main attention is given to the analysisof the theoretical and empirical aspects of the concept of innovation. There were applied such economic science research methods asmonographic, grouping, reference, generalization, graphical analysis and content analysis.KEY WORDS: innovation, growth, Germany, Latvia, competitiveness, enterprise.
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