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In modern economic conditions, innovations that are based on the knowledge are the key resources of companies in their fight for gaining competitive advantage. While striving to develop the corporate culture in which the emphasis is on the knowledge and skills of employees, some companies have introduced their own corporate universities. The concept of corporate universities differs from classical training courses in a number of aspects. The companies that understand the power of knowledge in modern economy and have a proactive approach to learning and educating are establishing their own corporate universities. The universities are not considered to be an expense, but rather an investment in human potential that will eventually improve the performances and competitiveness of the organizations. These universities are the means for achieving the strategic objectives of companies. The research analyses the concept of corporate universities in terms of the develop­ment of the corporate culture and employees skills that lead to the creation of organization's competitive advantage in a highly competitive global environment. It also concentrates on the basic theoretical hypotheses of learning, educating, and employees' contribution towards an organization through the process of development and progress. The conclusion of this research is that corporate universities do have strategic significance and that they can bring numerous benefits to the companies that have established them, but only when there is an actual need for that type of the education.

Small and medium-sized enterprises present the key factor of economic development of the state, because they employ the largest part of the working population and so significantly influence the generation of gross domestic product. Furthermore, they solve the problem of unemployment, raise living standards and strengthen the international competitive position of the country through export. However, SMEs in Serbia are currently at an unfavorable economic, technical and innovative level. One of the main pillars on wich recovery of the SME sector in Serbia should be based is the development of innovation. Innovative SMEs are the most effective and most flexible part of modern economy, as well as the key factor for strengthening competitiveness and overall economic development.