Business Minister Edwina Hart is launching the first stage of consultation and urging interested organisations and individuals to contribute to the development of the strategy.
The call for evidence coincides with a visit by the Minister to Chromogenex Technologies, a highly innovative fast-growing business in Llanelli. The company is forecasting its turnover will increase from £5m to £12.5million this year as a direct result of its investment in innovative products.
The Innovation Strategy for Wales will build on the Science for Wales strategy launched earlier this year, which identified the need for a current complementary strategy to deal with the commercial exploitation of research and development and also the promotion of innovation.
Mrs Hart said:
"Innovation is recognised as one of the key drivers for economic growth and job creation and important to all sectors of the economy. It is also central to tackling issues faced by society such as climate change and health and well being.
"We must ensure we support innovation in its broadest sense. This isn't just about R&D, it is taking clever ideas to market and doing things differently that creates wealth and jobs.
"We are issuing a call for evidence and we want all stakeholders to participate and identify issues and suggest ways to improve the innovation performance of Wales. This is the first stage of the consultation process as we want to gain the widest range of views on the subject and is an opportunity to influence the development of the strategy for Wales."