Innovation is one of the main factors accelerating the development of the Lithuanian economy and ensuring economic growth. The growth of innovation of Lithuanian companies improves competitiveness not only in domestic but also in foreign markets. Continuous innovation plays a central role in the future role of Lithuania’s economy and the country aspires to be the innovation centre of the North Baltic region. When promoting the creation and implementation of innovation, particular focus is placed on cooperation between business and science, protection of intellectual property, and clusterisation of innovative companies. In Lithuania, as elsewhere in the world, innovation is the key driver of economic growth enabling high added value to be created and ensuring economic development.