Digitalization, sustainability, global competition and geopolitical conditions are presenting traditional industrial companies with major new challenges. Strategic innovation is needed to successfully address these by identifying, developing and realizing suitable new business potentials. With a sound scientific basis and numerous practical examples, this book explains the necessary dynamic capabilities for strategic innovation and shows a systematic approach to establishing and applying them in traditional industrial companies. For decision-makers, the book serves as both a wake-up call and a solution for achieving lasting success in the highly dynamic market environment of the 21st century.