Innovation and discovery are sometimes used interchangeably, and this is a mistake if not caveated. I explain with the example of the atomic bomb.
Innovation is about creating new tools —conceptual or physical— to do stuff differently. For example, a nation may decide to develop new weapons to gain an advantage during a war, as did the U.S. in the 1940s, when developing the atomic bomb.
Discovery is about understanding how aspects of the world —usually through some scientific practice— interact. For example, the atomic bomb was made possible by the 1938 discovery of atomic fission by chemists and physicists.
The difference between discovery and innovation is ultimately between knowing about the world, and the decisions we make with that knowledge.
From my own perspective, knowing everything there is to know about the universe is probably okay, if possible. Conversely, I would advise caution as to how that knowledge should be used: will it reinforce social injustices, further polarise political opinions, widen the gap between the rich and the poor, destroy cities, or something like that?
The distinction is always front and centre for me because my use of the term “responsible artificial intelligence (AI)” stems from the realm of “responsible research and innovation,” a distinction enshrined in EU policy, which admits that research —the process of making discoveries— is different from innovation.