Innovation space can be envisaged 3-dimensionally—passion instilled with innovative spirit (in this dimension actors are either individuals or organizations), problem or need (individual need or society or market need), and persistency or time factor. This view provides four different unique opportunities which require special fostering. These opportunities need unique infrastructure, market, policy and capacity building. In this paper, we stress on various nuances of the opportunities that arise out of this 3-dimensional innovation space with supporting case studies, merits, demerits and recommendations. We argue that managing innovation space is much of a customized process and less of establishing common building blocks between opportunities. We also argue that individual plays a critical role in the entire innovation space. Every innovation opportunity is directly or indirectly supported by an innovative individual or a group of innovative minds. Hence, it is important to develop a platform for individuals either in terms of their education or ecosystem development.

Innovation is the process of managing the need, converting the same into an opportunity and reaping soft and hard dollars from it. Van De Ven (1986) states that managing innovation process involves ideas, people, transactions and context executed over a period of time. Drucker (1998) stresses, “innovation can be systematically managed if one knows where and how to manage”. He highlights seven sources of innovation: unexpected occurrences, incongruities, process needs, industry and market needs which exist within the organization, and the other three sources like demographic changes, changes in perception and new knowledge which exist outside the company in its social and intellectual environment. There is a lot of research going on in the area of identifying types of innovation. Tidd and Bessant (2009) highlight 4Ps approach in innovation arena: product innovation, process innovation, position innovation and paradigm innovation. There are various types of innovations. They are service innovation, management innovation (business strategies, organization structure, systems), marketing innovation, disruptive innovation, application and platform innovation, social innovation, customer experience innovation, open innovation and closed innovation. Though they are not limited to these types, they provide the basic framework to pursue and create an appropriate solution.

Chieh-Yu (2007) studies the influence of individual, organizational and environmental factors on technological innovation in Taiwan’s logistics industry. Chieh-Yu (2007) proves that an employee with higher adaptability or positive attitude will have stronger innovation ability and the individual factors will influence the technological innovation for logistics service providers. The key individuals (sometimes a group of people) who support innovation cause, supply dynamism and enthusiasm for the benefit of the organization system. Many famous innovations in the past are directed by these types of individuals. For example, some of the innovations like the development of Pilkington’s float glass process, and Edwin Land and Polaroid Photographic system are orchestrated by key innovative people (Tidd and Bessant, 2009).

Entrepreneurship Development Journal, Managing, Innovation, Space, Role of Individual Innovator.