We aimed to assess the efficiency of the selected national innovation policy programs in the Republic of Serbia. We analyzed the impact of the Innovation Fund’s Mini-Grants and Matching Grants programs on the operating revenue growth of beneficiary micro, small, and medium enterprises. An econometric analysis of panel data was conducted. Because of the small number of periods observed, a model of individual effects was applied. Conclusions and recommendations were based on the results of random effects models. The findings indicate that program funding increased business revenues compared to the period before and that there was a direct link between indebtedness and revenue growth, which confirmed the positive impact of financing on the sustainable development prospects of beneficiaries through facilitating access to funding and innovation capacity improvement. These findings can have important policy implications as they provide guidelines for designing future actions and empirically confirm the need to increase public expenditures for innovation policy.

The aim of the research is to identify medium-sized agricultural enterprises with the greatest potential for innovation development. The subject of the research is the key financial performance of the observed enterprises in 2017. Data were obtained from official financial statements publicly available on the website of the Serbian Business Registers Agency (SBRA). The aim of the research was realized by applying financial analysis methods and the Altman Z-score model. The purpose of the research is to improve the efficiency of limited funds for financing innovative activities in the agricultural sector. The research results are data on enterprises with negligible probability of bankruptcy and which thus have the greatest potential for innovation development.

The research objective is to identify causes and alternatives for exiting the loss zone for agricultural enterprises in Serbia. The subject of the research is financial performance of agricultural enterprises in 2010-2014. Economic and financial power of all medium sized agricultural enterprises was determined by applying financial analysis. Based on the sample of least successful entities, the causes and alternatives for exiting the loss zone were identified. The results show that loss appears due to a reduction in operating income or in contribution margin, or due to an increase in financial expenses. The first suggested alternative refers to increasing the volume of production and sales at current global price parity, while the second assumes shifting global price parity in favour of sales prices at current real capacity utilization rate. The effects of proposed alternatives are evaluated by two measures of profitability - return on assets and return on equity.

The growing complexity of innovation has led to transition to an open innovation approach. Achieving sustainable economic growth based on knowledge and innovation depends on the efficiency and intensity of interactions between the government, business sector, and academia. Searching for ways to improve the innovation performance of small and medium-sized enterprises is high on the agendas of policy makers in developed and even more in developing countries. Through innovation policy, a favorable environment and stimulating system is created in which innovation activities are realized, information and knowledge are flowed, and cooperation between different actors is established. Academia plays a key role in the open innovation approach and is perhaps the most important partner for small and medium-sized enterprises. The subject of the research is the effects of innovation policy support on science to business collaboration in Serbia, with additional emphasis on the national innovation system and innovation performance of Serbia.

The main objective of the research is to analyse and assess the innovative potential of women entrepreneurs in Serbia. A field survey was conducted in order to realize the research objective. The questionnaire was designed to gather perceptions of women entrepreneurs on the following five factors: motivation of women to be entrepreneurs, conditions and opportunities for conducting innovative activity in Serbia, investments in innovative activity, level of cooperation with relevant institutions in national innovation ecosystem, and familiarity with the role and measures of institutions supporting innovative activities in Serbia. Considering an even geographical coverage the sample included 30 women entrepreneurs in 6 areas. Based on the survey results, the innovative potential of women entrepreneurs in Serbia can be assessed as relevant but underdeveloped. In order to develop their innovative potential, improve innovative performances and increase the level of participation in innovative activities, a set of recommendations for policy makers is suggested in the paper.

This research focuses on assessing the general profitability of organically produced spelt. Spelt is an ancient grain that has experienced a resurgence in Serbia in the late seventies of the previous century, due to its exceptional nutritional value and high compatibility with organic farming. Field experiments were conducted in northern Serbia over four years, applying further financial analysis. The main goal of the research is to identify and quantify the costs, benefits, and general profitability of organic production of spelt in the climatic conditions of Serbia. Results indicate that organically produced spelt is economically profitable, primarily due to its significantly higher market price compared to conventionally produced spelt. Given climate change concerns, promoting the cultivation of climateresilient crops, like spelt, becomes crucial. Organic spelt cultivation could play a significant role in adapting crops to climate change, emphasizing the need for activities that mitigate negative environmental impacts.