Innovation and entrepreneurship are considered the main engine of economic development. The innovation process is a key factor for the economic growth. To think innovatively means to come on market with something absolutely new, different from competitors and to obtain success in a very short time. Through this research the authors have proposed to present the notion of ,,innovative entrepreneurship’’ and   ,,innovation’’. Also the authors identified countries that have implemented clear policies and strategies to promote entrepreneurship through innovation using holistic and linear approach  and  brought examples of product innovation, process innovation and organizational innovation studying some companies. A special focus on the paper was to analyze how did the innovative entrepreneurial phenomenon could be developed in Republic of Moldova implementing the foreign experience.