An article on the Princeton education site explains the difference well in the context of economic theory:

“The central meaning of innovation thus relates to renewal. For this renewal to take place it is necessary for people to change the way they make decisions. They must choose to do things differently, make choices outside of their norm…so innovation must be seen as something that does not something that is…..contributors to the scholarly literature on innovation typically distinguish between invention, an idea made manifest, and innovation, ideas applied successfully in practice.”

In other words, innovation is a mindset not a product.