The Harvard business review has a great article on formulating and the benefits of innovation strategy. Connecting your innovation strategy and business strategy, which should appear common place, but is in fact not happening to the degree of should.
A good example of how a tight connection between business strategy and innovation can drive long-term innovation leadership is found in Corning, a leading manufacturer of specialty components used in electronic displays, telecommunications systems, environmental products, and life sciences instrumnets. (Source: https://hbr.org/product/corning-156-years-of-innovation/608108-PDF-ENG )
Coupling your innovation and business strategy together, ensuring that the right processes, personnel and motivation are in place and tied to investments and objectives is critical. Corning did it well, and there are many other companies that have solid examples. The article also highlights accomplishments and approaches from Bristol-Myers Squibb and Bell Labs as well as others.