Roughly speaking, one can define innovation as “novelties that yields profit”. This definition involves three basic components: (1) “Profit making” (i.e., the market), (2) The operations that deliver these innovations to the market (i.e., the innovation practices), and (3) The process of creating new ideas (i.e., the creative process). Innovations that need coordination of these three components have different types such as product, process, business model innovations. Within the scope of the course, various concepts, approaches and tools that are both related to the innovation theory and innovation practices such as: process of creating new ideas; 4P model of creativity; creative destruction; theory of diffusion; disruptive innovations; innovation portfolio and innovation funnel; ten faces of innovations: ten types of innovation; design thinking; the lean start-up will be covered.