What is innovation?

The act of innovating; the introduction of something new, in customs, rites, etc; A change effected by innovating; a change in customs; something new, and contrary to established customs, manners, or rites; A newly formed shoot, or the annually produced addition to the stems of many mosses
en.wiktionary.org/wiki/innovation

Innovation is the application of fresh ideas that enable a business to better compete in the future. Such ideas can include any new or significantly improved goods or services and operational processes or managerial processes.
http://www.business.nsw.gov.au/innovation-and-research/innovation-in-nsw/what-is-innovation