An Innovation Strategy is a plan that organizations create to foster new ideas and improve products, services, or processes. It outlines how a company will develop and implement innovative solutions to meet market demands and stay competitive. This strategy often involves research, collaboration, and investment in technology to drive growth and efficiency. To be effective, an Innovation Strategy should align with the organization's overall goals and culture. It may include methods like design thinking, open innovation, or agile development to encourage creativity and adaptability. By focusing on innovation, companies can better respond to changes in the market and enhance customer satisfaction.