Inclusive innovation is a type of innovation that targets not only affordability but also localization of underdeveloped countries, with the aim of reducing poverty. Despite the increasing attention paid to inclusive innovation, there is no common understanding of how the inclusive innovation notion is formed among researchers and experts. This study adopts a novel approach by combining bibliometric methods of co-citation analysis and text codifying of 293 core and relevant journal articles on inclusive innovation. The results reveal that the notion of inclusive innovation has evolved in five clusters: (1) innovation as a tool for affordability, (2) innovation as a tool for inclusion, (3) building of capabilities and innovation, (4) innovation constraints associated with social empowerment, and (5) innovation as an inclusive system. Furthermore, this study proposes a conceptual model based on these clusters, and discusses the nature of how these clusters lead to the possibility for further studies on inclusive innovation.