Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, marketing and organizational innovation. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products. Entrepreneurs are operating in a dynamic environment with lots of competitors, as a result of this they need to consistently come up with unique ideas that will result in innovative processes, products, and or services. This chapter addresses types of innovation, importance of creativity and innovation in entrepreneurship and more.