This chapter focuses on applying the concepts, competencies, and tools of the innovation and entrepreneurship competency framework. It also examines the simple and complex aspects of the process of making things; the role of divergent, convergent, and emergent thinking. Building on Tidd and Bissant's work, people review the process of managing innovation and outline the expanding role of design-thinking in innovation and entrepreneurship. Design thinking process is intended for ecosystem-independent, rather than ecosystem-dependent innovations. It is based on the generic innovation process, and starts with building emphatic relationships through watching, listening, observing, and engaging customers. While the innovation and entrepreneurship journey begins with an idea, to move forward it must be transformed into something tangible or concrete. The act of making things is a driver of imagination, creativity, innovation, and new venture creation. Capturing value is building the infrastructure for the new venture in order to commercialize the innovation initiative to derive the benefits.