It's true. But also somewhat reminiscent of the "What is a startup?" discussion a few months back which was inconclusive. It seems "everyone knows what it is but no one can explain it" But to take a stab at it I'd say the level of innovation is directly tied to the amount of economic improvement and/or life improvement that results. Internet = huge change in economic efficiencies and life improvement. ("Life improvement" would have to be related to time free'ed up to spend on other goals) Mobile the same.