This introduction presents an overview of key concepts discussed in the subsequent chapters of this book. The book talks about people and the competencies, where each person needs to learn to be successful in his or her future. It provides an understanding of the knowledge, skills, attitudes, and experiences that are needed to increase imagination, creativity, innovation, and new venture creation capability to develop the innovation competency framework. The book focuses on the two major sections: innovation elements and competency categories. The elements are the foundation and the competency categories are the building blocks that inform one's path toward a more precise understanding of how innovation plays an important role in economic development. Beginning with the elements of innovation, outlining the critical innovation and entrepreneurship competencies, one's innovation and entrepreneurship quest will fully explore multiple dimensions of the twelve competencies: behaviors, thinking, problem solving, knowledge building, creativity, culture, theory, entrepreneurship, strategy, leadership, ecosystems, and technology accelerators.