in‧no‧vate [intransitive and transitive]
the need for large businesses to innovate
The company has successfully innovated new products and services.
in‧no‧va‧tion
2 [uncountable] the introduction of new ideas or methods :
We must encourage innovation if the company is to remain competitive.
innovation in
We need to encourage innovation in industry.
Many people feel bewildered by the speed of technological innovation.
in‧nov‧at‧ive also innovatory
1 an innovative idea or way of doing something is new, different, and better than those that existed before :
innovative schemes for recycling waste materials
2 using clever new ideas and methods :
an innovative design team
Definition source (with modifications) via http://www.ldoceonline.com/