Strategic innovation refers to the process of developing new ideas and approaches that significantly enhance an organization's competitive position. It involves aligning innovative efforts with the overall business strategy to create value for customers and stakeholders. This can include new products, services, or business models that address market needs and leverage emerging trends. Organizations often use strategic innovation to adapt to changing environments and anticipate future challenges. By fostering a culture of creativity and collaboration, companies can identify opportunities for growth and differentiation. Examples of strategic innovation can be seen in companies like Apple and Tesla, which continuously push the boundaries of technology and design.