It is a continuous task of an entrepreneurially oriented firm to be more innovative than its competitors (Lumpkin & Dess, 1996). Firms that innovate faster than others can rely on this capability as a source of competitive advantage (Artz et al., 2010; Srivastava et al., 1998). As such it is surprising that few studies thus far have analyzed the link between entrepreneurial orientation (EO) and innovation outcomes (Maatoofi &Tajeddini, 2011). This study fills this gap by investigating the relation between EO and innovation outcomes taking the moderating roles of economic and market turbulence into account (Tosi et al., 1973).