The dynamics of innovation are viewed in this book both from a strategic and project perspective: First, innovations might lead to a radical restructuring of a firm. Second, the necessary restructuring is only possible if highly dedicated and committed individuals cooperate to achieve the desired outcomes. Third, any successful innovation has to fit into a strategic framework. This, in itself, is difficult to identify and it is in flux, depending on changes in the technological and competitive environment as well as the mastering of the innovation process itself. The book assembles contributions from American and German researchers on dynamic aspects of strategy formation and strategic impacts on the one hand, and dynamic aspects of project management on the other hand.