The educational philosophy of an academic programme is an important statement of the underlying approach to teaching and learning. This chapter investigates Aristotle’s writings, especially examining his synthesis of the ideas of knowledge and wisdom and their application in practice. This he achieved through the concept of phronesis (phronēsis) variously described as practical wisdom with connotations of intelligence and soundness of judgement. There has been a modern revival of the concept in the academic literature. The chapter proposes that the teaching of design and innovation requires a phronetic approach to counterbalance prevalent theoretical and abstract methodologies. It provides a taxonomy to assist this undertaking that will be used in Chaps. 6 and 7 to examine practice-based case studies.