I love this definition of entrepreneurship:
Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.
Compare this to the following definitions of the word “innovation”:
“Change that creates a new dimension of performance.”
“The introduction of new goods (…), new methods of production (…), the opening of new markets (…), the conquest of new sources of supply (…) and the carrying out of a new organization of any industry”
“Innovation is a new element introduced in the network which changes, even if momentarily, the costs of transactions between at least two actors, elements or nodes, in the network.”
“The three stages in the process of innovation: invention, translation and commercialization.”
-Bruce D. Merrifield
So then what is the relationship between entrepreneurship and innovation? Two sides of the same coin? Perhaps. Entrepreneurship takes the perspective of the individuals or the organization that drives the change while the innovation is the change itself. While they are not the same they certainly walk hand in hand.