"Innovation" is a buzzword. It's so context-dependent that the word by itself is almost meaningless.

Values as people understand them are usually about neither profit nor "innovation". It's about people, morality, and goals other than money.

It's a buzz word in marketing.

In strategy, there are 2 types of innovation

Incremental and Disruptive

Both types give organizations increased power over territory.

People are the blood of an organization. Ethics and people determine culture which determines goals.

Innovation is the strategic foothold for keeping an organization alive as it travels into the future.

EDIT: I want to add that all organizations (even non-business) need innovation. Civilizations, Empires, Protests, Support groups, Religious groups, etc... This is due to environments constantly changing. This is what Strategic Planners help with.

It's a buzzword in marketing, and it's a buzzword in corporate strategy. Or "soundbite", if you wish. It's not as if the latter was a hard science.

> Incremental and Disruptive

I'm guessing you're taking this from a particular philosophy, perhaps a particular known book. Even if the word makes sense in there, it's not necessarily how other people are using it.

For comparison, if you look at the first paragraph of Wikipedia's article on innovation, you'll find so much wiggle room in there that you could call every business "innovative".

Here's a book to introduce you to the domain "The Psychology of Innovation in Organizations"

Was this always the case, or is this the face of 21st century? I used to see so many Mom-And-Pop shops that are now being replaced by the bigger power seeking companies.

If this is the way we are heading, then I am kinda scared and feel like the only way for me to not be in the chopping block is to join them.

21st century. I highly recommend the book "The Psychology of Innovation in Organizations"

I help a lot of mom'n'pop type shops introduce innovations into their operations. Most places just need a solid online presence with a proper SEO strategy. Others need unique solutions that are foreign to their industries.

I feel like you just contradicted yourself. If a company didn't think innovation lead to more profits, then they wouldn't try to.

Profits allow for survival in the immediate. Innovation allows for survival in the future

EDIT: The phrase "Innovate or die" is popularized for the concept of profits or innovation.