Balancing Innovation and Technical Debt in Software Development

As software teams strive to innovate and deliver new features quickly, technical debt often accumulates as a byproduct. This raises an important question: How can we balance the need for rapid innovation with the responsibility of managing technical debt?

What strategies have you found effective for prioritizing technical debt alongside new development?
How do you communicate the importance of addressing technical debt to stakeholders?
Can innovation and technical debt coexist, or do they inherently conflict with each other?