This paper aims at exploring the role of the product generation life cycle (PGLC) on differences in innovation strategy among industries in a cross-industry study of ten multinational technology-based companies, leaders in their respective industries. It is concluded, that the length of the PGLC is a fundamental contrasting variable for the way companies formulate, implement and execute their innovation strategies. Companies in long life cycle industries (LLCIs, PGLCs \ge 6 years) that face higher technology complexity, craft innovation strategies that are characterized by higher emphasis on exploration, and open innovation. The innovation strategies of companies in short life cycle industries (SLCIs, PGLCs \le 6 years) that face higher market uncertainty and dynamism, are more directed to exploitation, reflected in a higher level of in-house competency planning and cross-functional communication. Based on the findings it is advised that innovation managers take special notice of the PGLC(s) they are in.