This is only true if you're prioritizing novelty, but a gift has been given to new startups/founders: most of the once-innovative companies have either disappeared or have plateaued and are trapped in stagnation/corporate muck.
Nearly all of the startups/companies I used to adore have embraced some version of Fortune 500 mediocrity.
Now, I think the "innovation" is taking ideas that already exist and dialing them back to what they were before all of the money, press, and massive headcounts. Products designed for the user, not for the investor or social status.
I always come back to this quote by John D. Rockefeller (which I think is dead-on): "the secret of success is to do the common thing uncommonly well."
Just look for the things that are common but have a lackluster experience. There's an overwhelming amount of products fitting that category nowadays.
Innovation doesn't have to mean something "new." For example, Linear's [1] big innovation was taking issue tracking and giving it a polished UI/UX. And guess what? People love it/are buying it.