A discussion launched here exemplifies strategic concepts: innovation, entrepreneurship and context and the way they are be interpreted. Entrepreneurship and innovation are described as crucial to create economic, social, personal and collective values including a variety of means, disciplines and methods to reach that. There exist multiple identities of entrepreneurship and innovation, but the approaches are quite singular in their interpretation. Contextual analysis is an approach where the results are, in a very direct way, defined and interpreted by its definition. The argument is necessary within the spatial and functional aspects approached. Each and every one creates differentiated consequences for different categories of actors, action fields and policy formulations.