This chapter summarizes the latest development of China’s innovation and entrepreneurship and the evolution of the dual creation environment. Whether it is innovation or entrepreneurship，high-tech industries such as artificial intelligence and equipment manufacturing have been hot spots in the past two years. In terms of regional distribution，Beijing，Shanghai，Jiangsu，Zhejiang，and Guangdong are still the focus of innovation and entrepreneurship activities. On this basis，this chapter discusses the new exploration of China’s innovation model in open innovation，school-enterprise cooperation innovation model，and industry collaboration innovation model，and analyzes the problems that should be paid attention to in the future development. Based on the analysis of the current status of China’s entrepreneurial activities，this chapter analyzes and summarizes the three entrepreneurial models of business incubator incubation，technical talent-led team entrepreneurship，and technology-driven team entrepreneurship based on the unicorn companies newly added in 2018-2019. Finally，this chapter puts forward that we should pay attention to the differences in entrepreneurship models in different industries，and take the realization of IP in the “Internet celebrity economy” as an example to illustrate that with the development of technology，other new entrepreneurial models may appear in the future economy