The Collaborative International Dictionary of English v.0.48:

Innovate \In"no*vate\, v. t. [imp. & p. p. Innovated; p. pr. &
   vb. n. Innovating.] [L. innovatus, p. p. of innovare to
   revew; pref. in- in + novare to make new, fr. novus new. See
   New.]
   1. To bring in as new; to introduce as a novelty; as, to
      innovate a word or an act. [Archaic]
      [1913 Webster]

   2. To change or alter by introducing something new; to
      remodel; to revolutionize. [Archaic] --Burton.
      [1913 Webster]

            From his attempts upon the civil power, he proceeds
            to innovate God's worship.            --South.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Innovate \In"no*vate\, v. i.
   To introduce novelties or changes; -- sometimes with in or
   on. --Bacon.
   [1913 Webster]

         Every man, therefore, is not fit to innovate. --Dryden.
   [1913 Webster]

WordNet (r) 3.0 (2006):

innovate
    v 1: bring something new to an environment; "A new word
         processor was introduced" [syn: introduce, innovate]