The document provides an orientation on innovation and startups. It defines innovation as the introduction of new ideas, goods, services, and practices intended to be useful. The innovation process cycle and types of innovation like incremental innovation are discussed. Key aspects of innovators like observing, questioning, networking, experimenting and associating are highlighted. A suggested innovation framework is provided that emphasizes setting goals, identifying problems/opportunities, seeking novelty in design and not being afraid to fail. Characteristics of startups and sectors with high startup potential are outlined. Finally, common risks for startups like ignoring competition and reinventing the wheel are reviewed.