In this book, we examined the factors (i.e., strategies, contextual factors, antecedents and capabilities) that were assumed to influence the extent to which innovation and ambidexterity occur; and how innovation and ambidexterity are likely to be undertaken and executed to generate greater innovation and ambidexterity that resulted in higher business performance and sustainable competitive advantage. We conducted case studies and administered surveys to collect data from American and Chinese companies, and administered survey questionnaires to collect data from Taiwanese companies to answer our main research question how do strategies, contextual factors, antecedents and capabilities foster innovation and ambidexterity? Our results provide some intriguing insights into how firms may be able to foster innovation by managing their contextual facilitators and antecedents to enable the effective execution of innovation, knowledge strategies, and multiple types of innovation simultaneously. They also suggest how firms may use the outcome of ambidexterity (i.e., innovation ambidexterity) to generate higher firm performance.