This applied research project draws the practical experience of the authors, projects sponsored by their respective institutions of higher learning and efforts of an alliance of technology-based organisations. In addition, some basic concepts, tools and philosophies which are well-established in previous applied research are utilised. With this in mind, the objective of this paper is to shed some practical light on the role and process of traditional and strategic innovation. To achieve this goal, the authors draw on a series of conceptual frameworks and practical guidelines. These frameworks capitalise on the open system nature of today's dynamic organisations. Although the approach presented in this study applies to large businesses as well as small- to medium-sized firms, especially it is helpful to small- to medium-sized technology-based businesses as they attempt to manage the rapid growth in their demand through innovation and innovative strategies.