I'd the opportunity to speak to a bunch in a university recently about innovation. Apple, the penultimate innovator (tic) is really an engineering agency but doesn't innovate around technology - more around user experience, linkages and partners and material. Up to my design pals might ache to say it, there's a lot of development occurring that has little or nothing to do with technology.
Engineering innovation is actually a part of innovation typically, and all innovation is not technology innovation while all engineering innovation is innovation. Certainly a variety are of companies that innovate around technology and research, so I do not want to minimize the importance of engineering in invention.
Apple, the penultimate inventor (tic) is actually a technology organization but does not innovate around technology - more around user-experience, linkages and partners and information. As much as it might discomfort my executive pals to state this, there is a lot of innovation happening that has little or nothing to do with engineering.