Innovation has become mandatory for survival, competitiveness and growth of individuals, firms, regions and countries in the 21st century. Anyone of these units is easily blown out of its respective competition once innovation slows or ceases, ranging from individuals competing in labor markets, firms competing in product markets, states or regions competing for investments, and countries competing in export markets. In the social or nonmarket economy, innovation can make a difference in how a state manages diversity and prevents conflict, educates its population, provides access to safe drinking water, eradicates disease and reduces hunger. The value created by innovation manifests in new ways of doing things and emergence of new products and processes that contribute to increasing the level of society’s well-being. Innovation transforms inner capabilities of individuals, firms, societies and economies, and strengthens their capabilities to learn, adopt and exploit new ideas.