"Innovation is key" is a mantra that sounds good, but it's not true. It's what people want to believe. It's like saying you need to constantly buy lottery tickets so you don't risk being a poor retiree.

If you have established a business and you bank on "innovation" your likelihood of anything from a net loss to catastrophic failure is actually quite high. In the long run, most companies fail anyway, whether they attempt to innovate or not.

Case in point, those companies that did survive in the S&P 500 since its inception don't strike me as particularly innovative:

http://www.aei.org/publication/fortune-500-firms-1955-v-2017...