Innovation is integral to a country’s performance as enhanced productivity ultimately results in higher social welfare. The large disparities in income and social development between developed and developing countries are often rooted in considerable differences in their industrial development and use of technology, and the resulting gaps in their productivity. These gaps may grow with the shift towards the new industrial revolution, summarized in the concept of industry 4.0. However, effective utilization of innovation enables sustainable solutions for inclusive economic development and environmental challenges. Therefore, to achieve transformative changes and to transfer and deploy technology for entrepreneurship, innovation needs to be scaled-up and spread globally.