This is a fairly randon set of thoughts about Innovation. They are not meant to be definitive just jumping off points for consideration:

Innovation is not invention

Too often the initial idea is taken to be the soluiton. Innovation is the entire process required to bring that idea into fruition, and make no mistake, in the  commercial world that means avaiable to purchase

Never fall in love with you own product

The world is full of competitors trying to make a better version of what you have, Just as innovation is not about invention it is alos not about sitting on your laurels. If your product can be improved make sure you are the one doing it.

Listen to your customers - but filter their input 

Often a customer doesn't know how best to express what they want,maybe they have pre-determined what they think the answer is, or they don't know all the options avavailable, or they may just be saying nice things because they like you (or they want to get you off the phone/out of the office)! Carefully listen to their input but also consider not just what they say but why they are saying it.

Failure to Launch

This is a common problem with tech start ups - especially University spinouts. The R&D 'journey' becomes more important than arriving. There is always just one more feature/tweak/redesign to make the product perfect, and if the product isn't perfect it can't be launched. Besides, if you never launch a product you can never be wrong about how great it is/was. No product is locked into its final design, everything gets can be improved and 'ver 2' is not a failure..it's progress.