Innovation models are widely used in strategic management of business. In the course of time a movement from linear to more complex models can be observed. Any enterprise can choose the most suitable model, according to its work specifics. The attitude of entrepreneurs towards withholding intellectual property is changing: open innovations are gaining popularity as the aim is to commercialize the developments which are not used by the enterprise or are not considered a commercial secret. The use of imitation is becoming more common. Similarly to innovation, imitation is vital for the survival and prosperity of business and required for effective innovation development. By imitating products, the entrepreneur gains significant advantages: a ready niche in the market and confidence about market demand. The use of imitation models could substantially decrease manufacturing costs as well as technologic, commercial, innovation-related and financial risks which explain the vast possibilities of using this strategy in conditions of commercial uncertainty. Imitation in management, unlike imitation of goods, services and technologies, has not been researched thoroughly. Imitation models, unlike innovation models, have not been widely described in scientific literature. The author offers a self-developed imitation model. By uniting models of imitation and innovation, the author develops a new model – imovation model which results in the imitation of products, strategies and other processes of another enterprise or the creation of an improved version, applicable to own management style. The combination of imitation and innovation processes in business is promising in business and research for both Latvian and global market