Innovation is one of the underlying dimensions of entrepreneurship. It is a key function in
the entrepreneurial process. Without innovation, an entrepreneur cannot survive in the modern
competitive business world. Entrepreneurship is a creative and innovative response to the
environment and an ability to recognize, initiate and exploit an economic opportunity. An
entrepreneur is an innovator who introduces who introduces something new in an economy.
As per the Schumpeter’s view, a person becomes an entrepreneur only when he or
she is engaged in innovation .further, innovation is equal to competitive advantage. The
entrepreneurs today realize the need for innovation. Innovation adds value to the product. It is only
through innovation, the organizations can survive the increasing competition in the market place
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