Strategy and Innovation go together. The former sets the vision and goals to aspire, while the later provides the execution power needed to meet the goals.
Strategy also helps define innovation as it helps in answering the following questions:
- Does the company need to grow organically or is inorganic growth a better option?
- Does the company need to build, buy or partner?
- Is this the right time to innovate?
- What kind of financials should the company expect?
- What is the right time frame for profitable innovation?