THE ROLE OF INNOVATION FOR POST-CRISIS RECOVERY OF SMALL AND MEDIUM-SIZED ENTERPRISES

Small and medium enterprises (SMEs) are the most important part of our economy and their condition and development is decisive for the general economic performance and development of the country. They are highly vulnerable to economic shocks and uncertainties, and since the beginning of 2020 they have faced major challenges due to the COVID-19 pandemic and the consequences of the war in Ukraine. In these conditions, the role of innovation as the main tool for survival and getting out of the difficult situation is growing. The purpose of this article is to briefly present the results of an empirical study of the role of innovation in SMEs to recover from the COVID-19 crisis and to improve their economic performance. These results are indicative of the impact of innovation on economic success during times of crisis. They can be discussed, but they can also be the basis for the correct direction of the efforts of enterprises to improve their competitiveness.