There are many facets to the concept of entrepreneurship. From the perspective of innovation, innovative entrepreneurship represents an invincible approach of developing, growing and sustaining at least, a new business enterprise, out of diverse business opportunities in an environment. This study recognises final year research project of undergraduates, in Nigerian Universities academic environment, as a promising avenue for the students to own businesses after graduation. To drive this, there is a need for a well-designed innovative entrepreneurship model. However, the extant literature is deficient of information on this phenomenon. Hence, this study conceptualises an innovative entrepreneurship model to be used in adding commercial value to final year research project of undergraduates in Nigeria. This is a qualitative research that is based on systematic review of relevant literature on entrepreneurship. The findings were in two parts the description of ingredients of the proposed model and an innovative entrepreneurship model for this study. For optimum application and outcome of the proposed model, the study concluded that the model could be adapted to fit into academic curriculum and strategic plan of each tertiary institution in the country