The Collaborative International Dictionary of English v.0.48:

Innovation \In`no*va"tion\, n. [L. innovatio; cf. F.
   innovation.]
   1. The act of innovating; introduction of something new, in
      customs, rites, commercial products, etc. --Dryden.
      [1913 Webster]

   2. A change effected by innovating; a change in customs;
      something new, and contrary to established customs,
      manners, or rites. --Bacon.
      [1913 Webster]

            The love of things ancient doth argue stayedness,
            but levity and lack of experience maketh apt unto
            innovations.                          --Hooker.
      [1913 Webster]

   3. (Bot.) A newly formed shoot, or the annually produced
      addition to the stems of many mosses.
      [1913 Webster]

WordNet (r) 3.0 (2006):

innovation
    n 1: a creation (a new device or process) resulting from study
         and experimentation [syn: invention, innovation]
    2: the creation of something in the mind [syn: invention,
       innovation, excogitation, conception, design]
    3: the act of starting something for the first time; introducing
       something new; "she looked forward to her initiation as an
       adult"; "the foundation of a new scientific society" [syn:
       initiation, founding, foundation, institution,
       origination, creation, innovation, introduction,
       instauration]