A corporate innovation strategy is used by organizations to determine how to harness innovation in their area of business that includes all its aspects. It aims to create greater value for its customers, a plan for how to capture that value and the specific techniques that are used to provide innovation. Such a strategy helps grow and foster competitiveness in a business.

When developing an innovation strategy it is important to take a collaborative approach and include all stakeholders in the organization from executives to the employees on the front lines. Ideas need to come from an ideation phase that provides a basic roadmap on how to proceed with ideas based around an organizations mission and core values. Once ideas have been evaluated and chosen they must be effectively executed. A key aspect of the strategy is an implementation plan that sets out how to achieve the desired goals and the resources required. Include a phase for analysis that checks whether the desired innovation was achieved.