Finansowanie innowacji warunkiem zrównoważonego rozwoju

The article points to the financing of innovations as a key direction of the country’s innovation policy, being one o the essential challenges or the sus- tained development of our country. The aim of the article is to discuss and compare three models of financing of innovations applied in the Polish econ- omy in the present financial perspective 2007-2013: grants, mixed and re- turn. Two programmes adressed to the entrepreneurs have been analysed: Innovative Economy 2007-2013 Operational Programme and The Seventh Framework Programme for Research and Technological Development 2007– 2013. Due to the guidelines of the European Committee related to the rec- ommended departure from the grant models for the return models, the arti- cle shows the recommendation of the use of the mixed model in the transition period, modelled on the instrument of technological credit (a return credit combined with irreclaimable grant).