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Abstract
This paper emphasizes on the concept of innovation which is more and more nowadays recognized
as of significant importance for all companies across different business sectors. The paper
initially provides a review of the innovation literature in terms of types, classifications, and
sources of innovation that have been proposed over time. Then, innovation in the context of the
food industry is examined and it is attempted to identify innovation strategies followed by
Greek food companies based on a value driven approach of innovation. The paper finally, provides
insights from eight Greek food companies, which were selected from four subsectors: fruit
and vegetables, dairy products, meat products (cured meats), and bakery products. The criterion
used for the selection was market success and outstanding performance (e.g. market share, achieved
results). Evidence indicates that companies tend to innovate along the dimension of offerings,
which is more related to the traditional view of product and process innovation.