Development of entrepreneurship innovation process theory

At present, innovation is necessary element of economic growth and competitiveness of entrepreneurship as well as it is one of key elements of global sustainable development. This paper represents understanding of an innovation during 20th century and is based especially on the secondary research. As well as everything in the world, definition of innovation has come through a long process of evolution. From early definition of Schumpeter who has connected innovation especially with changes in products or production processes, to recent definition based on cluster and network. Innovation has always played an essential role in economics. But its role has been changing fundamentally within last decades. Nowadays, nobody doubts about these informational and knowledge changes in world economics and society. Therefore it is important to focus on innovation and to know basic definition of it