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It is widely acknowledged that entrepreneurship contributes to the positive growth of different economical indicators. Adam Smith 1776 already observed different features of innovation in the 18th century and later generations of specialists have showed that innovation is a great force of economic activity. Nowadays, it is well known worldwide that innovation is the engine of growth being an important element of development achievements Fagerberg et al., 2011. In Europe, after 1980, the first programs, which promoted innovation and SMEs, started EC, 2000. The impact on the growth of the innovative SMEs is significant as official data show. Therefore, innovative entrepreneurship started to be considered a key factor of modern economic development UN, 2012. This paper presents a short review of the literature on the relevance and role of innovation and entrepreneurship on economic growth and development. This study intends to analyze the relation between entrepreneurship, innovative entrepreneurship and economic development in EU. For the statistical data processing, we used the SPSS software package.
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