This Management of Organization Review (MOR) special issue aims to explore the key features of the innovation and entrepreneurship ecosystem in India. There is recent evidence that innovation and entrepreneurship dynamics in transforming economies differ from like processes in advanced market economies in significant ways (e.g., Maimone, Mudambi, Navarra, & Baglieri, 2016). Therefore, applying the dominant theoretical lens developed to study innovation and entrepreneurship in advanced market economies may be inappropriate. For instance, the Global Entrepreneurship Monitor (GEM) surveys clearly demonstrate the composition of total entrepreneurial activity (TEA) for advanced and transforming economies is substantially different, with a significantly higher level of ‘need-based’ entrepreneurship in the latter. Hence the typical advanced economy transition from wage employment to a larger share for entrepreneurship may be reversed in transforming economies. Transforming economies also witness a significant role of the transnational diaspora in their entrepreneurial and innovation processes (Riddle, Hrivnak, & Nielsen, 2010). Further, at the level of corporate entrepreneurship, London and Hart (2004) argue that results of studies of subsidiary entrepreneurship undertaken in advanced market economies may not generalize to transforming market economies. In summary, a fundamental question is whether entrepreneurship and innovation in transforming economies are diverging from the norms of advanced economies as these countries get wealthier and develop entirely new trajectories (Hill & Mudambi, 2010).