Innovation and entrepreneurship in the multinational corporation is essential for the development of new global business opportunities and grow from the sensing of regional market needs by individual managers disbursed across the local business entities. This chapter discusses the innovation and business development potential offered by a diverse multinational market presence across a multinational corporation, and consider the implications for opportunity capture to gain the upside performance potential. Decentralized decision-making increases the ability to respond to changing conditions in the local markets but is not sufficient to generate sustainable performance outcomes because this also requires that the dispersed multinational actions be integrated within an efficient global operational setup. Effective value enhancement from multinational strategic options hinges on the ability to create options at low cost and exercise the options optimally based on a superior understanding of the competitive context.