Design Thinking has become popular in the management and innovation context but remains mostly misunderstood, as a result of broad interpretations and the lack of empirical research on the subject. This paper aims to reduce the gap between the academic and industrial perspectives on Design Thinking, by reviewing publications focused on three aspects: (1) studies aimed at defining the concept, (2) empirical case studies about its use or adoption, and (3) models or methods proposed to overcome its main challenges. The existing literature suggests that multiple definitions for Design Thinking coexist with some commonly understood design practices, both among designer and non-designer practitioners alike. The challenge most frequently mentioned is the clash of existing organizational structures with the flexibility and unpredictability of Design Thinking. This paper outlines two different approaches to address such challenge and proposes a definition that brings together the academic and enterprise perspectives of Design Thinking.