Today, innovation is the primary driver of development and success in every firm. It is what distinguishes businesses from their rivals and drives them ahead in an ever-changing environment. However, there is no one-size-fits-all Strategy to Innovation. Organizations may use a variety of Innovation tactics to achieve their objectives and remain ahead of the competition. In this essay, we will look at the What is an 5 Types of Innovation Strategies & Effective Examples . As well as their Definitions, Development, and Importance,