The father of Management, the management Guru I think wrote the most comprehensive seminal ideas on innovation and entrepreneurship. He says that innovation is the tool of entrepreneurship. Entrepreneurship, he says, according to say, is moving from an area of lower value to an area of higher value. On the other hand, innovation is creating value from existing resources (Timmons says that entrepreneurship is creating something from practically nothing (thats magic to you from Disney)
Innovation for it to be effective must have both social and economic impact. Most of the innovation that we see that have the most impact are low tech: the textbook, the university, the printing press, the hospital..... They made the most "dent in the universe" paraphrasing Steve Jobs.
Innovation and entrepreneurship, Peter Drucker on innovation and Entrepreneurship
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