In the discourse of the knowledge-based economy, the link between creativity and innovation is usually taken for granted. However, not only is this link of recent date, it joins together two diametrically opposed concepts: the economic concept of innovation and the humanistic concept of creativity. In research too, there is a lack of enquiry into the nature of the processes of creativity and innovation and into how these processes are similar yet different. Building on the original insights of Henri Poincaré and Joseph Schumpeter, I present the hypothesis that creativity and innovation are similar in nature, not in regard to knowledge or skills, but in that both are ways of relating to the novel. My findings suggest, meanwhile, that creativity and innovation differ in that creativity is about experiencing the novel in the creative process, whereas innovation is about willing the novel as a strategy for the innovative process. Furthermore, my findings suggest that there exists a structural similarity between creativity and innovation and Aristotle's concepts of practical and philosophical wisdom, in that innovation is a form of practical wisdom in regard to the novel, whereas creativity is a form of philosophical wisdom in regard to the novel.