If in the past, the success of innovation was measured primarily in the economic sphere, recently the non-economic sphere has increasingly become more of a matter of corporate management and, therefore, of innovation management. Management's acquisition of non-economic aspects has been strongly influenced by the vision of sustainable development. Sustainability is a direction of action important for innovation as well, integrating economic, social, and environmental responsibility in the management of innovation, leading to sustainability-oriented innovation (SOI). Research on SOI approached innovation processes has been carried out in large companies, however in recent years the use of TRIZ (teoriya resheniya izobretatelskikh zadach) tools has been tried for SOI. The TRIZ-based approach is a valuable tool because it does not require an encyclopedic knowledge of field-specific technology and it enables the expansion of the scope of problem solutions beyond the skills of the team members. This paper discusses the concepts of sustainability, innovation, and risk management in small and medium-sized enterprises (SMEs) for the purpose of developing a flow chart for the implementation of the TRIZ method in SMEs and for evaluating the state of innovation in such companies. Through the use of the TRIZ method in the field of SMEs, fast and efficient processes, products, and sustainable services have been obtained.