Creativity
Creativity is a mental and social process involving the generation of new ideas or concepts, or new associations of the creative mind between existing ideas or concepts. Creativity is fueled by the process of either conscious or unconscious insight. An alternative conception of creativeness is that it is simply the act of making something new.
From a scientific point of view, the products of creative thought (sometimes referred to as divergent thought) are usually considered to have both originality and appropriateness.
Innovation
The term innovation means a new way of doing something.
It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A distinction is typically made between invention, an idea made manifest, and innovation, ideas applied successfully. (Mckeown 2008) In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy. In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.