Creativity and innovation are not fungible items. They are steps in the process of making.
Creativity is the first step. Creativity represents all the boundless thoughts that lead to innovation. In other words, innovation is where the ideas go into action.
Innovation is what happens to creativity. You establish an idea and then you innovate it into action with the existing tools, or you build the tools required to make it happen.
Creativity birthes newness while innovation may sometimes lead to marginal improvements. For instance, creativity bred the original iPhone. No one really knew that they wanted a supercomputer that fit into their pocket. Innovation led to the iPhone 5s and iOS 7. Apple is taking the same approach on TVs, presumably turning it into a supercomputer that connects traditional and online media.
If creativity is the mind, innovation is the thing that puts the bone in the goose.
There’s the creative-thinking process and then there’s the doing. Both are pre-requisites for making ideas happen. You don’t just do one, you do both.