Other forms: innovating; innovated; innovates
Innovate means to bring something new to something. If you love cranberry seltzers, you might innovate by adding limeade or by making the drink with cran-raspberry juice instead.
In our culture obsessed with finding the next new thing, the word innovate is very popular––behind every "new and improved" label slapped onto the packaging of some perfectly useful product is some eager beaver buried in the ranks of a company, scheming ways to innovate.