Abstract: The aim of the paper is based on detailed analysis of
literary sources and carried out research to develop a model
development and implementation of innovation strategy in the
business. The paper brings the main results of the authors conducted
research on a sample of 462 respondents that shows the current
situation in the Slovak enterprises in the use of innovation strategy.
Carried out research and analysis provided the base for a model
development and implementation of innovation strategy in the
business, which is in the paper in detail, step by step explained with
emphasis on the implementation process. Implementing the
innovation strategy is described a separate model. Paper contains
recommendations for successful implementation of innovation
strategy in the business. These recommendations should serve mainly
business managers as valuable tool in implementing the innovation
strategy.