I'm not sure I agree. I think the distinction is between invention and innovation, not intellectual property and innovation. The governments around the world have become very good at targeting investment. If you look at how the Government of Canada and the Government of Ontario invest money in intellectual property, you find that an enormous amount of it goes to universities. It's more directed towards invention.
Innovation requires a commercial component. It's a marketable service. It has value or it's a marketable product. I think intellectual property underlies both of them, because that's what creates the market. Once you have property in something, then you have a marketplace.