innovation strategy

Definition

A plan made by an organization to encourage advancements in technology or services, usually by investing in research and development activities. For example, an innovation strategy developed by a high technology business might entail the use of new management or production procedures and the invention of technology not previously used by competitors.

Use innovation strategy in a sentence

  • The company's new CEO said during his first speech to shareholders that the company's new innovation strategy will be to invest in new military technology for the Pentagon as he sees this as the best pathway for the company's future.

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  • The innovation strategy set forth by the company would be brand new and it would create a lot more opportunity.

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  • Innovation strategy is a key factor in the success or many companies, specifically those industries dealing specifically in the fiercely competitive field of technology.

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