The ultimate goal of innovation activities is the improvement of business results. Although a number of studies have dealt with innovation in SMEs, few have investigated results of innovation development. As these results depend on the innovating firm, our goal in this paper is to explore the firm-specific factors that have impact on innovation results. These factors include not only classic features like firm ownership, proportion of highly educated employees, and the market in which the firm operates, but also the firm’s market orientation and its readiness to implement strategic and management changes. The paper seeks to contribute to the extant literature by exploring how firm-specific factors impact innovation results.