Creativity: The ability of creating something new.
Novelty: Something new and unusual.
Innovation: Process by which an idea or invention is translated into a good or service for which people will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves delib
erate application of information, imagination, and initiative in deriving greater or different value from resources, and encompasses all processes by which new ideas are generated and converted into useful products.
So,as we can see you can have creativity to create something new which will be useful,nice or unique for you or small number of people around you;But when you create something which is useful,nice or unique for the people around the globe that would be Novelty and when you create something and then after a while you improve it and make it better and eliminate it's mistakes,that is called Innovation.
References:
http://www.businessdictionary.com
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