A systematic plan for developing and implementing new ideas, products, or processes to create competitive advantage and drive business growth.
From Latin 'innovatus' meaning 'to renew or change' combined with Greek 'strategia' meaning 'generalship.' The business concept emerged in the mid-20th century as companies recognized the need for structured approaches to fostering creativity and technological advancement.
Innovation strategy paradoxically requires both rigid planning and flexible execution - companies must create frameworks that encourage breakthrough thinking while maintaining focus on measurable outcomes. The most successful innovation strategies often involve 'failing fast' with small experiments rather than betting everything on one big idea.
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