When one looks at the definition of innovation in the dictionary, not much is explained. it simply says : a new method, idea or product etc.
More can be added to the definition. For me, innovation is the process of putting idea or ideas into practicality that will help eliminate a pain point view by the customers. Innovation can be limitless as pain points will always exist in one form or another. Those innovations for investors needs to realize new growth and higher profit for the company.
When someone innovates and alleviates a pain point, most of the time new pain points are created or will emerge due to the elimination of such pain points. This helps a product organically evolving and eventually getting better or replaced by something that is similar but more to the taste of the customers.
We can see an example with the evolution of social media sharing app:
