ABSTRACT
The traditional business model has changed in the past two decades. Information Technology has enabled organizations to reengineer their processes and therefore create flatter organizations. As a consequence, many redundant managers have been forced to consider other options, such as establishing an entrepreneurial venture. This chapter examines several definitions of innovation and entrepreneurship. The chapter provides the contextual variables that play a significant role in the entrepreneurial and innovation process, leading to successful commercialization of products and services.
