Innovation is the key to success, economic growth, sustainable development and the survival of companies and economies. This dissertation analyzes the innovativeness and innovative characteristics of enterprises using statistical and machine learning methods. The thesis tests the relationship between product, process, marketing, service, and organizational innovation with innovation activities and related expenditures. It also analyzes collaboration in innovation, the impact of public support for innovation, and the environmental aspects of innovation. The main focus of the research is on the question: How to increase the innovation capacity of companies in the Republic of Croatia? To answer this question, the key factors of innovativeness were identified using a model based on significant input predictors. The identification of the key innovation factors was performed using machine learning methods, in particular the artificial neural network method and the random forest method. The research was conducted using the Community Innovation Survey database for the Republic of Croatia with a sample size of over four thousand companies. The results show that the Republic of Croatia is a moderate innovator and that some progress has been made recently. However, there are still obstacles in the form of an underdeveloped innovation ecosystem and a less than supportive legal and legislative environment. The results suggest that investing in innovation activities increases the level of innovativeness of firms and encourages companies to collaborate in creating new products and services. Environmental activities further support the development of innovation, and the smallest and negligible contribution to innovation comes from public support for innovation. By determining the relationship between innovation activities, collaboration, public support, ecology and company innovativeness and identifying the relevant key factors, it is possible to make certain recommendations. Such guidelines can serve as a basis for innovation policy makers to make right decisions. The results can also be considered in the preparation of certain strategic documents.