In recent decades, business and government development strategies—especially those implemented after the global financial crisis of 2007–2008 have included innovation and entrepreneurship as essential principles behind economic growth. Since the ability to develop new products or services is now commonly regarded as a key indicator of a successful business, its significance has increased. However, the literature has identified a significant gap in the form of a pressing need for a model that integrates economic growth (EG), entrepreneurial development (ED), and innovation management (IM). This study aims to fill this crucial gap by proposing a conceptual model that links innovative business concepts with accelerated economic growth. The model synthesizes viewpoints on innovation and entrepreneurship from an ecosystem perspective, drawing on an exploratory review of 48 books and articles published between 1990 and 2022, indexed in Google Scholar, the Web of Science, Scopus, and other reputable sources. Additionally, the study examined the innovation path experience of a sample of medium-sized companies in Bahrain to verify the applicability of the proposed innovation framework.