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Innovation, Management and Business success 2012 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/1/3410 http://slavkadraskovic.com/books/INNOVATION-AND-BUSINESS-SUCCESS.pdf S. Drašković A new global world has developed new paradigm of success that includes need for constant change, knowledge based society and a paradigm of innovation as a part of it. The paper focuses on innovation paradigm and analyzes possible connection of innovation and business success. It is based on the research done between US business leaders of Serbian descent followed by structural and qualitative analysis of their life stories and biographies and autobiographies of more than fifty American business leaders of the 20th and 21st century. As a result of a search for the structure and success patterns in gathered material, the author develops Scheme of Success. The Scheme defines success as a process and gives the patterns/elements of that process one should follow in order to be successful. Innovation, any form of pioneering undertaking, is shown to be one of those defined, inevitable, elements of any process of big business success. By analyzing business leaders narratives and biographies, this paper deals with the topic of leadership and innovation using newest leadership study methodology flows which include more qualitative methodology in leadership studies. Keywords: innovation, business leaders, leadership, elements of success, scheme of success. conferenceObject 159 164 Symоrg 2012