Rapid changes are taking place in global economy. It has become a necessity for enterprises to respond to these changes. Innovation in the business is the solution to face these changes. Identifying the right type of technology, knowledge and process are the main elements in designing an innovative method. Two business models are discussed for creating innovation models. Some of the concepts in information and communication technology and management are applied in these business models. Further, this chapter talks about the contribution of global virtual teams in designing and developing ideas for innovation.