The main goals of this chapter are to present an overview of the relevance of innovation and entrepreneurship in modern economies and analyze the importance of these two concepts in modern economies during economic and financial crises, as a relevant way to perform economies to prevent and to overcome crises, in an evolutionary perspective. The understanding of different frameworks of innovation, with a particular emphasis on the effects of innovation and entrepreneurship supported by governmental incentives, is studied through an integrated framework of innovation to overcome economic crises in long business cycles over time. The present chapter bases its analysis on a wide literature review and analysis of case studies that will show the importance of innovation and entrepreneurship during crises and to overcoming crises.