Purpose: The purpose of this study is to investigate the innovation process of companies, and to analyse how important success factors and obstacles are in their innovation process.

Method: The investigation strategy used for this essay was to interview companies that work with innovations. The essay has a qualitative approach. Both primary – in the form of interviews - and secondary data – literature found in books, scientific articles and internet - have been used to achieve our results.

Results: The result of this essay is: there is not just one inovation process that is applicable to all companies. On the other hand, there are some guidelines that could be followed in the process. Some success factors are more important than others and companies do not take given obstacles into consideration.