An innovation is the introduction of something new. If you run a magazine about new technology, then you're constantly looking out for the next innovation.
Innovation comes from Latin innovare for renew, whose root is novus or new. It can be used for either the act of introducing something new, as in a company that rewards creativity and innovation, or something that is newly introduced, like an innovation in microchip design. It was once used politically in the sense of revolution, but now you're most likely to hear it in relation to technology, or new ways of doing something.