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Innovation is becoming more and more important in modern society. There are a lot of researches on different kinds of innovation, product innovation is one of the most studied types of innovation and it refers to the development of goods or service characteristics or with intent to use which differs significantly from previous products made by the company. Innovative product includes significant changes in the technical specifications in components and materials, incorporated software, user friendliness or other functional characteristics. The study shows some key elements of product innovation that are worth paying attention when implementing product innovation projects. Examples of such key elements are the characteristics of new products or strategic options for launching a new product. Beside the key elements of product innovation, we also present some risks that may occur, such as cost, market uncertainty, information leakage, imitation and over depending on experience. By proposing a set of indicators to measure product innovation, the article offers solutions for product innovation implementation so that any organization can have a base for continuous achievement of optimal results.