Today’s competitive society asks for modern, efficient, inclusive solutions mainly focused on the needs of knowledgeable, skilful people. The aim of this university textbook is to make the students familiar with the importance of the role of innovation in enterprises. The relevance of innovation holds across all markets, and if understood and applied correctly, companies are subject to gaining a substantial competitive advantage over rivals. Introducing changes that are favourable and achievable throughout the organisation is the main pillar of innovation, affecting its employees, management, customers, and stakeholders. A successful process of innovation implementation calls for information sharing, personal development, and trust. Firms put great emphasis on training and motivation of their staff, as their collaboration brings higher value into the organisational culture. In order to support a prosperous work environment, all areas of the enterprise should strive for making use of as many benefits as possible. It is vital for innovation to be carried out at a larger, societal scale, which is why scientific parks, incubators, and innovation centres and hubs have come to exist as a part of the innovation ecosystem. Lastly, the university textbook Innovation Management provides real-life examples of successful integration of innovation, presented via interviews with representatives of suitable professional areas as well as with students involved in Erasmus+ scheme and VELUX scholarship.