Positioning innovation in competitive markets is difficult. Finding the right balance of delivered value, development costs and market constraints is often a trial and error process. We propose a conceptual framework for framing innovation in a competition landscape by addressing a key point that are crucial to coherent, effective and efficient innovation: the notion of Neglected Value. Neglected Value is the main driver of market adoption for segments that are currently not well-served by mainstream products. Identifying the Neglected Value for a given market segment, allows entrepreneurs to focus on the relevant value and thus minimize the waste (and cost) of irrelevant value. Delivering the neglected value must be done respecting the constraints, which if overlooked would jeopardize any possibility to penetrate the market. The Neglected Value is the essential component of the Innovation Canvas, a tool for designing innovation, which can be used both as an educational and a decision-making tool. This paper outlines the underlining of the Innovation Canvas and provides two business cases where the canvas can be applied. Moreover, the paper discusses a methodology for business development that is currently used in a university start-up pre-incubator.