Innovative project is considered to be one of the most effective, but also the riskiest instruments of value based management. Within the theory and practice of project management the emphasis is placed on substantiation the project start. But monitoring project realization is also very important. We are to understand the term “value” in a broad sense, taking into account the possible interests of all stakeholders. We also shouldn’t forget that innovative project can improve one indexes and degrade the others. Within our research we base on statistics for 50 companies and offer the system of indicators for realizing the monitoring of innovative project in terms of its impact on the company’s value.