In this chapter, innovation, one of the most important factors for contemporary organizations and even countries, is analyzed in depth. The concept of innovation is divided into two major fields, which are social innovation and technological innovation. The relationship between these two innovation types and gaining strategic advantage are figured out in a macro perspective. To achieve this, the strongest innovators in Europe were selected. Among them are Switzerland, Sweden, Denmark, Finland, Netherlands, Germany, and Norway. To compare the countries, Social Innovation Index and European Innovation Scoreboard were employed to get secondary data. It was observed that by investing more on social and technological innovation, these European countries perform better and gain strategic advantage, which helps them build sustainable future.