Strategy is making future-thinking decisions about how to create what could be termed competitive separation. Strategic thinking can be viewed in multiple ways: the red ocean of hyper-competition, the blue ocean of uncontested markets, and a hybrid, where a blue ocean can exist within a red ocean. It is all about the present in relation to the future, and can be viewed through the window of time. That is, strategic thinking, just as people observed in the context of innovation and entrepreneurship, can be viewed as four time periods: the past state or institutional memory, the present or current operational whirlwind, and creating the future and the future after next, simultaneously. Vital to the economic revitalization of national economies and global competitiveness, both innovation and entrepreneurship rely on creating and following a strategic direction. Innovation strategy is more about the ways in which a venture seeks to pursue a strategic intent and achieve its big dreams.