Innovation Strategy is Business Strategy
According to PwC's Innovation Benchmark study (link), a majority of managers fail to link their "innovation strategy" with their "business strategy." In my world that makes as much sense as saying that you're having trouble linking your arm to your shoulder. Unless you're already well on your way to being a cyborg, arms are not routinely separated from the rest of your body and then reattached, right?
For brevity's sake, I am fond of saying that in a business setting, innovation is something new, of value. A more precise version of that would be, "Innovation is something new, of value, and that our company can capture a reasonable amount of that value in a reasonable amount of time." I know. More precise, but it doesn't really roll of the tongue, does it?
Working on a so-called innovation strategy that is parallel from a company's business objectives is just silly. It's missing the point completely. It's not really innovative and it sure isn't strategic.