Innovation and entrepreneurship are no longer two words that only assist in describing societal phenomena of “newness”, “change” and “diffusion”; they have also grown into important policy areas for assisting the European Union Member States to establish conditions for creating economic growth, new jobs and social cohesion. Our interest lies in understanding the gender dimension of innovation and entrepreneurship policy. Do entrepreneurship and innovation policies consolidate, adapt to, challenge, or even transform the gender system? The gender system is referred to here as a theoretical concept which recognises how men and women are separated in society, horizontally as well as vertically. This chapter provides a discourse analysis of two texts within the framework of the Lisbon Strategy - Innovative Sweden (2004) and the Green Paper of Entrepreneurship (European Commisson, 2003), with the aim of looking into how innovation and entrepreneurship policies are gendered.