What was the most important lesson you learned about the innovative process?

What was the most important lesson you learned about the innovative process?
Explain lessons that could be learned through the process of learning and failing at an innovative venture?
Can a company be competitive if they do not continue to innovate? Why or why not?
Give an example of a company that has been successful due to innovation and forecast what you have faith in their potential for continued success may be in the next decade?