In the fast changing environment where competitive advantage should not be just gained, but sustained as well, companies need to continuously think in terms of innovation and differentiation. Coming up with several new products each year is not enough to compete and new ways to implement corporate strategy aimed at constant growth should be discovered. New tools for innovation should be observed. Therefore, corporate entrepreneurship should become an effective tool for innovation recognized at all the levels of organization and be properly structured and supported. It should be both employees’ and organization’s driven and successfully communicated around the company. The case of Philips vividly illustrates these statements.