Enterprise is a term applied to an organization or company. If you have an enterprise then you have a company or organization. It could be that the enterprise uses technology like computers or a non profit organization. The world is used quite a bit in the business world. When talking about enterprise innovation we are talking about a specific department in an organization.
To enterprise innovation means to do the job. In practice this means a larger organization is able to create new products and ideas to solve consumer issues. They are an enterprising company in other words. To keep ahead of the competition a company must be innovative with their ideas, coming out with new products before other companies have a chance to monopolize the market.