This guiding document will begin by providing a detailed analysis of the responsible innovation concept, starting by a dissection of the term, to clearly define what the terms ‘innovation’ and ‘responsibility’ mean in their own respect. It will then progress to the practicalities of the concept and suggest a method for integrating responsible innovation into a firm’s strategy and how it translates into a process. This will include an analysis of the opportunities provided by the concept for entrepreneurs, SMEs and technology-based start-ups. Furthermore, the discussions and recommendations aim to provide entrepreneurs directions for increasing their competitive advantage through responsible innovation, whose ultimate objective is to reconcile the firm’s need for performance with the need to be accountable for its actions and innovations. Finally, implications of these thoughts for policy makers at regional and national level will be discussed, including directions on how to include the perspectives of responsible innovation at policy level and the benefits of introducing the concept as part of curricula within third-level education programmes.