A CTO's perspective
Most innovations are build on what already exists. Very few are inventions. The definition of innovation according to BIS (2012), is “innovation is the process by which new ideas are successfully exploited to create economic, social, and environmental value.”
In today’s business environment all businesses are developing the internal capabilities to innovate their products/services/processes dynamically and continuously. The capability is a necessity born out of the exponential growth of technological developments. New technologies are developed every 18 months (Moore’s Law). So most business are innovative. Those that have not adapted by developing this capability have closed, are closing, or have bought smaller, more innovative companies.
Here are a few household names who innovate services/products/processes since around 1995:
Air BnB (holiday accommodation),
IBM (their business model)
Procter and Gamble (their innovation business model)
Amazon (online books, Cloud services)
Elon Musk (space travel, electric cars)
Facebook, You Tube, Instagram, Snapchat, Whatsapp (social media apps)
Boston Dynamics - Google (robotics)
Google - (machine learning)
Ebay (online auction).
These are examples of how companies formed through skillful application of technologies to create new products/services/processes/business structures valuable to new and existing markets.