Innovation and Entrepreneurship play an important role in the social and economic development of any economy in the world. Entrepreneurial start-ups strengthen the economy by identifying new opportunities and redirecting resources to them. Established firms need to be innovative in order to develop competitive advantage for survival in the new millennium. This major focuses on the skills necessary for the planning, development and launch of entrepreneurial and innovative ventures. This major will help in understanding the functioning of small and medium firms owned by family businesses, managing brands and role of social entrepreneurship in the society.