442 Vision 2020: Innovation, Development Sustainability, and Economic Growth Factors Determining the Process of Creating and Implementing a Strategy Based on Innovation and Technology 1 Letycja Sołoducho-Pelc, Wroclaw University of Economics, Wroclaw, Poland, letycja.soloducho@gmail.com Joanna Radomska, Wroclaw University of Economics, Wroclaw, Poland, joanna.radomska@ue.wroc.pl Abstract The goal of this paper is to analyze the relationship between the creation of a strategy based on technology and innovation with the various aspects of its implementation, such as flexibility, diversity, interaction with others, expansiveness and funding implementation activities. Research was conducted using the correlation and descriptive statistics. Fieldwork for the main leg of the study was carried out by by PAPI – i.e. Paper and Pencil Interviews – additionally, the quantitative study used open and standardized data collection methods. The size of the sample was set at 150, and split into three subcategories by company size. The main findings show the links between the creation and implementation of the concept of development based on innovation and technology, and flexibility of a strategy; between a wide-ranging cooperation with industry partners and cooperators outside the industry, and the rapid growth as a priority action. Keywords: strategy implementation, innovation, flexibility. Introduction According to Hamel (2006) "So far, the management in the twenty-first century has not been much different from the management in the twentieth century. Therein lies an opportunity”. This opportunity relates to the use of innovations - and not just those commonly understood as innovations in the field of products, production and technology, but also in management. Especially the aspect of building long-term competitiveness based on innovation and technology as part of the strategy seems to be of great importance. In the work by Morris (2011) from a strategic point of view, this innovation is a way of gaining a competitive advantage, while from an operational perspective it is a way to generate a new performance and quality that lead to profit. It is impossible to "reverse the trend which shows that with each passing year the present day becomes less and less of a useful hint for the future". Kandampully and Duddy (1999) mention that in the long term, the innovation of companies is necessary, because it serves as an important creator of new standards in the future. Innovation versus Strategy According to Hoholm and Stronen (2011) global competition, rapid changes in the market, the shortening of a product and technology’s life cycle, high and varied expectations of customers, are all challenges faced by the company. Today's competition conditions undoubtedly determine the possibility of achieving and maintaining a competitive advantage, and competitive pressure is felt by the vast majority of companies. This is particularly difficult in the case of an advantage based on innovation and technology, which requires the appropriate parameters of the strategy, as well as operational flexibility and creativity 1 The project was financed with the funds of the National Science Centre as a research project no. N N115 402240.