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This paper, exploratory by nature, raises a fundamental question regarding the relevance of Schumpeter and Schumpeterian Thought in our contemporary economy. This is done by arguing that in reading Schumpeter, we distinguish between an ‘Early’ and a ‘Later’ Schumpeter. By analyzing contemporary developments in innovation at both the firm cluster and the systems level we demonstrate how Schumpeter’s analysis is indeed still relevant. What is argued, however, is that we can observe a merging of the ‘two phases’ of Schumpeterian thought with individual businesses seeking collaboration and partnership for the entrepreneurial spark and management of the innovation process. JEL codes: O33, L21, L26