The present chapter reflects on the relationship of the concept of innovation to the notions of novelty and change and takes this as an opportunity to subject the contemporary innovation concept to close scrutiny. It examines the essential features that serve to delimit innovation as an independent phenomenon in its own right. Innovation as a process is characterized by developing novelties that entail social change. As a special way of initiating social change, innovation means to actively bring the new to bear and involves an intention for improvement. In addition to this basic notion of innovation, the chapter identifies some major extensions of the concept of innovation that, although improving our understanding of innovations, also contribute to blurring the concept. Finally, it addresses the performativity of the concept of innovation as a major challenge to defining innovation.