Novelty
Novelty is the quality of being new. Although it may be said to have an objective dimension (e.g. a new style of art coming into being, such as abstract art or impressionism) it essentially exists in the subjective perceptions of individuals.
It also refers to something novel; that which is striking, original or unusual. The term can have pejorative sense and refer to a mere innovation.
From http://en.wikipedia.org/wiki/Novelty
Creativity
Creativity is a mental and social process involving the generation of new ideas or concepts, or new associations of the creative mind between existing ideas or concepts, creativity is fueled by the process of either conscious or unconscious insight. An alternative conception of creativeness is that it is simply the act of making something new.
From http://en.wikipedia.org/wiki/Creativity
Innovation
The term innovation means a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A distinction is typically made between Invention, an idea made manifest, and innovation, ideas applied successfully. In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy. In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.From http://en.wikipedia.org/wiki/Innovation
