Innovation is a core competency for almost all companies and organizations. Innovation is a set of processes and activities, which starts from idea generation and is followed by research and development and finally the successful commercialization of a product or idea. Thus, managing innovation processes is a very challenging and complex task for organizations. Therefore, the purpose of this work is to enable organizations to understand the innovation process by comparing different models of innovation processes in theory and practice. In addition, this study highlights the new model for developing entrepreneur, new product and/or new company. The study was carried out through secondary data. The required information was mainly collected through company accounts, online databases, textbooks, journals, press, and directories. Innovation and new product development process models were analyzed with the help of available information from innovation and incubation centers. At the end, new model was developed. This model gives better understanding of innovation process for developing entrepreneur, new product and new company.