The experience of the developed countries shows that the innovation are motive force of every economy and they are influencing a long-term growth potential. Innovation policy of a country shall play an extremely important role in the development of innovation processes. Innovation policy should be a well-balanced combination of generating the knowledge by means of choosing a sector strategic for a particular economy and eliminating obstacles to a capital access. The aim of this article is to present innovation policy and its role in the constantly changing economy.