Innovation is one of the essential components for management theories and practices. It has strategic importance to the survival and the development of enterprises and even nations. Since the introduction of this concept into management domain by Schumpeter in the early 20th century with the improvements made by various academics and practitioners，innovation has been widely accepted as one of the fundamental survival strategies for enterprises. In the field of theoretical research，the subjects of studies are usually individual enterprises with the objective of how to promote innovation and maximise the benefits. It usually takes the organisation itself as the referential point. It is evident that there are few research paying attention to the overall ecosystem with emphasises on the mechanisms exist within the whole ecosystem. This article tries to rethink the concept of innovation from the perspectives of individuals，units and social groups，and further examines innovation in three different aspects including the ontology，practice and value. In this article，we have suggested a dynamic system which keeps the balance among three key elements of innovation，including human，objects and environments. In practical level，we extended the innovation ecosystem to the understanding of the mechanisms of why it is needed and how can it be applied in business management. We examined the second dimension of the three key elements，and identified invention，learning and adaptation are the three key practical approaches for successful innovations. Towards the end of the article，we have discussed how a nation can adopt innovation as one of the key objectives and how to balance invention，learning and adaptation through rules and legislations to reach a innovative status. We have also discussed the roles of the nation，enterprises and employees to contribute to the status of innovative nation.