In chapter 2, I gave a definition of ‘new value creation’, and also suggested that a new original current of thought was emerging around this notion in the field of entrepreneurship.

It is difficult to dissociate the notions of new value creation from innovation. Successful innovation, be it technical, commercial or organisational, is always a source of new value, but innovation is not the only source of new value creation. For example, human skills or specific resources that are applied to operations in association with key factors of success can lead to new value creation (Deeds et al. 1998). These skills and resources may, for example, ensure a better control of the key factors, thus entailing a new competitive advantage.

New value creation is therefore linked to innovation and the creation of sustainable competitive advantage. The notion of value is linked to that of opportunity. We cannot speak about opportunities of business creation, recovery or growth without referring to the creation of new value that these opportunities bring about. We use the term ‘value’, here, as in ‘useful value for the final customer’, as opposed to financial value for the entrepreneur or the shareholders. In our field of research, new value creation appears to be a pivotal notion that interlinks various other key notions. In this chapter, we will first develop the concept of innovation from this new value creation perspective.