It is frequently mentioned that during economic crisis one of the key elements of strengthening
SMEs is permanent renewal and capability of innovation. However, only some businesses are able to carry
out classical product/service innovation (Schumpeter). We are of the opinion that observing the best practice,
adoption and/or adaption – the imitation – should be given a higher function in everyday business life. From
the point of view of business development, imitation can be more important than innovation. To find ideas
worth imitating it is necessary to react and start to produce rapidly, at the right time and bring to the market
the essentials of im
itation. The aim of the paper is to give a theoretical overview of the interpretations of
innovation and imitation. Sectoral features and regional differences determine the scope of development
and renewal for existing enterprises. At the same time the knowledge of entrepreneurs regarding innovation
is insufficient, thus a new paradigm is needed
