Abstract
Business is an important factor that leads to the economic prosperity of various states and provides a strong stimulus to the revival of production and the increase in the economic activity of the population. One of the main factors of creating a perfect market environment in the transition to new economic relations is the formation and development of entrepreneurship. There is storng links between entrepreneurship and innovation since past. Innovation both helps developing and developed countries to grow fast and increase the social welfare for economies. There several indexes which show measures the relation between innovation and entrepreneurship. In this article the connection between innovation and entrepreneurship was analyzed by means of comparision of Global Innovation Index and Global Entrepreneurship Index respectively. Results which has been got from the comparision explain that there is connection between innovation and entrepreneurship. Also, it has to be mentioned that Azerbaijan case was been researched in this article and all necesserary steps for improving entrepreneurial ecosystem were stated.
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