Take the discovery of nylon. Although nylon was first synthesised in 1928, the commercial exploitation of polydamide fibres, under trade names such as Enkalon, BriNylon and Celon, did not begin for 11 years. As a result of innovation the idea in its new, usable form was brought to market. To innovate is to renew, or alter something, usually an idea that has been translated into successful use. The innovation process captures those creative ideas that have attractive potential applications.
Innovation is both a journey, or process, and a destination, or outcome of that process.
Innovation is technology with a competitive edge, not just 'straightforward' technology. Inventions remain no more than bright ideas unless and until management develops them for the marketplace. There are other differences, too. Inventions and ideas are very often the creations of one person or perhaps a small number of people. Once the idea or invention is born the process of innovation involves many more people, with different capabilities, reflecting the complexities of the process of bringing an idea to market.