6. The Many Approaches to Innovation Strategy

The chapter begins by contrasting the high-level perspective of industrial sectors with the detailed approach of corporate strategy. It defines innovation strategy as the part of corporate strategy that deals with how a firm pursues innovation. The chapter then discusses the product portfolio, competitive advantage, and resource-based approaches to strategy, highlighting their relevance to innovation. It also explores the role of intellectual property and the management of patents, emphasizing the importance of strategic planning and adaptation in a rapidly changing environment. The chapter concludes by discussing the formulation of innovation strategy and the cognitive processes involved in strategic decision-making.