We have long sought a concrete, simple definition of innovation. Behold! According to this definition, innovation is defined as invention times commercialization. We like this definition a lot. But we think it can be expanded upon.
We added an n-term to allow for the iterative process of innovation that happens over and over again, independently. The value, therefore, of an innovative company is how not only the single produce of invention and commercialization. But it's also the result of multiple iterations of the process.
This interpretation, we think, also ties in the the build-measure-learn cycle of the lean startup methodology. The intention is to repeat the cycle rapidly and multiple times (the n-term).