The entrepreneurship-oriented initiatives in the field of public policy are often related just to business activities, including all stages of its development, without the link to innovation. This could be named as the one of main causes of low business innovation performance rate in such developing countries as Lithuania. Therefore, this article is directed towards an analysis of the main directions of entrepreneurship policy implementation in order to identify their linkages with the possibilities to promote innovation development in business. The paper explains entrepreneurship as a public policy area, analyses the existing public initiatives of entrepreneurship development and their implementation results, suggests the preconditions to integrate both the entrepreneurship and innovation policies into one interdependent public policy framework.