This chapter examines the importance of competencies; as well as review and outline the role of core and distinctive competencies in US and global competitiveness. It discusses the improving competitiveness and the critical aspects of creativity, innovation, and entrepreneurship. The chapter explains a number of universal aspects of innovation and entrepreneurship that apply in the global marketplace. It focuses on the importance of creativity, innovation, entrepreneurship, and education in relation to the relevant competency-based model. The innovation competency model can be used in traditional time-based education, competency-based education, or massive open online courses. Imagination, creativity, innovation, and entrepreneurship are vital to sustaining and improving an advanced standard of living. The innovation and entrepreneurship competency framework is designed to facilitate the needed learning experience to improve creativity, innovation, and entrepreneurship capability. The conceptual framework for traditional learning provides one curriculum model for everyone based on passive, time-sequenced lectures, textbook reading, and test taking.