The terms innovation, entrepreneurship, invention, discovery, research and development, and entrepreneurship are often used (and confused) interchangeably. Whereas innovation refers to new products, process, and services, entrepreneurship involves both the identification and exploration of opportunities to innovate. Invention and discovery refer to beginnings in the innovation process and we refer to R&D as the formalised process for pursuing innovative ideas and bringing them to fruition. Intrapreneurship usually refers to process of innovation within the organisation whereas entrepreneurship can include the creation and growth of new enterprises./