Regarding their innovative potential, the percentage of innovators is lower in Romania than in the more developed countries. In an effort to identify the reasons, the paper presents some of the results of questionnaire-based research work, aiming at identifying links and correlations between innovation and innovative elements – on one hand – and the company strategy – on the other. The managers of 255 Romanian companies were the subject of this survey – most of them active in service industries. The results emphasised the correlation between innovativeness and company strategy; growing strategies based on acquisitions are associated with higher innovation rates in those firms. The conclusions are important for business strategists and top managers of service companies.