Saša Stepanov – MEF, Faculty of Applied Menagement, Economy and Finance, Jevrejska 24/1, Belgrade, Serbia
Todor Petković – VPSSS Cacak, City park 2, Zemun, Belgrade, Serbia
Nemanja Stepanov – Faculty of Political Science, Jove Ilića 165, Belgrade, Serbia


5th International Conference – ERAZ 2019 – KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Budapest – Hungary, May 23, 2019, CONFERENCE PROCEEDINGS

Published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
Conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia;

ISBN 978-86-80194-20-2, ISSN 2683-5568, DOI:


Innovations, as a result of innovation and creativity, are characteristic of all areas of human
activity. The concepts of innovation and innovation are primarily related to the economic sphere and
business of business entities. Innovation must have practical application, to benefit as an innovator
(material and moral satisfaction), as well as to recipients of these innovations. A particularly important
area in the transfer of innovations is the legal protection of intellectual property – how innovators protect
their ideas from unauthorized use or misuse of innovations.

Key words

innovation, creativity, business entities, diffusion of innovation, protection of intellectual


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