This study analyzes the development of former participants of the Staatspreis Innovation within the time period 1996 - 2013. The development is analyzed for employment and turnover growth within six years. The researched literature provides greater understanding of the relationship between innovation and business development. The focus is on 72 companies of the time period 2000 - 2009 for which the required data was found. Out of seven different identified sectors, the manufacturing sector is dominant with a 78% share. Thus, the focus is primarily on technological product and process innovations. Overall, the research finds higher growth rates for the selected companies compared to the corresponding industries. This positive finding illustrates that innovative companies from all industries and sizes achieve better growth results than the industry average. In conclusion, this study finds a positive relationship between innovation and business development based on company growth, which is consistent with the examined literature.