While innovation is a rather well-defined concept, it has a broad meaning to many people, and especially numerous understanding in the academic and business world.
[1] Innovation refers to adding extra steps to developing new services and products in the marketplace or in the public that fulfill unaddressed needs or solve problems that were not in the past.
If the process of technological innovation is formalized (typically within an organization: a company, a public body, a think tank, a university, etc.)
Hence it requires leaders and not managers to give the vision and coach the team to explore the unknown part of the technology.
Investors see bigger returns on investments of companies with new technology due to innovations that have changed the market.
Although companies do adopt technological innovations often, some decide to not which leads to major gaps between what is the new "normal" and what used to be "old fashioned".