Purpose – Innovation is an important precondition for the continuous development of enterprises and thus the sustainable growth of state economy. Innovation can be interpreted as a change in the thought process meaning a complex set of scientific, educational, technological, organisational, commercial efforts. Closer interaction between enterprises, universities and research institutes is the key component of innovation promotion, that contributes to the improvement of competitiveness of enterprises as well as make the economy forward-looking ensuring thus the sustainable growth of national economy. Design/methodology/approach – Scientific references, practical experience, logical, comparative analysis, forecast, statistical data analysis. Findings – interaction between enterprises, universities and research institutes is the key component of innovation promotion requiring continuous cooperation through organisation of conferences, discussions and round tables, international educational programs, ensuring more active use of modern IT, attraction of financing for educational purposes and scientific research in order to promote innovation in entrepreneurship. Research limitations/implications – The research is based on analysis of the efforts that can be made by scientific and educational institutions to promote innovations in entrepreneurship. Originality/value – Nowadays innovation becomes very topical in EU, other countries and is one of the key elements in different policy documents in order to ensure development of innovation and knowledge-based economy. Introduction of innovations in enterprises requires a change in thought process that can be ensured through the interaction between enterprises, universities and research institutes. The paper provides several proposals to ensure this interaction leading to promotion of innovation in entrepreneurship.