Most people would agree that innovation is important and that understanding how to repeatedly innovate is crucial for global, regional, and individual prosperity. Not only is innovation the fundamental driver of how new value is created, but understanding and empowering the innovation process is key to a sustainable advantage for any business or economy.
In summary, a simple definition of innovation is the intersection of 1) an invention with 2) a market insight.
(See Nail It Then Scale It, pgs. 21-26)