Creativity is the act of turning new and imaginative ideas into reality. Creativity is characterised by the ability to perceive the world in new ways, to find hidden patterns, to make connections between seemingly
unrelated phenomena, and to generate solutions. Creativity involves two processes: thinking, then producing. If you have ideas, but don’t act on them, you are imaginative but not creative.
“Creativity is the process of bringing something new into being. Creativity requires passion and commitment. It brings to our awareness what was previously hidden and points to new life. The experience is one of heightened consciousness: ecstasy.” – Rollo May,The Courage to Create  [Is this possible in business? I believe so, but you have to be willing to take risks and progress through discomfort to get to the finish line.]
“A product is creative when it is (a) novel and (b) appropriate. A novel product is original not predictable. The bigger the concept, and the more the product stimulates further work and ideas, the more the product is creative.”
—Sternberg & Lubart, Defying the Crowd

What is Innovation?

Innovation is the implementation of a new or significantly improved product, service or process that creates value for business, government or society.
Some people say creativity has nothing to do with innovation— that innovation is a discipline, implying that creativity is not. Well, I disagree. Creativity is also a discipline, and a crucial part of the innovation equation. There is no innovation without creativity. The key metric in both creativity and innovation is value creation.