The industrial world has moved away from its exclusive emphasis on the manufacture of goods and services to an era of knowledge creation and application of information. This paper therefore posits that if the objective of higher education is to effectively and efficiently transfer the competencies, atitudes, and behaviour required for citizens to secure employment and satisfy the needs or demands of industry, then higher education has a role in the fostering of innovation. The paper summarizes the literature which postulates that innovation is a competency that can be taught or facilitated. Additionally, it shows how the innovative process can be mapped to an academic setting.