Innovation and entrepreneurship are considered the main engine of economic development. The innovation process is considered 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. Through this research the authors have proposed to present how it means the notion of ,,innovative entrepreneurship’’ and ,, innovation’’. Also have been brought examples of product innovation, process innovation and organizational innovation. Finally, the authors explain how did the innovative entrepreneurial phenomenon has been developed in Moldova and in other countries.