The article produces the fragments of a Lecture at the Philosophical Society of Trinity College (Dublin 2012, October 15) read by the 2006 Nobel Laureate in Economics and Director of the Center on Capitalism and Society, Columbia University Ed. S. Felps. The subject is the indigenous innovation of a nation – its nature and foundations, its importance for the lives of ordinary people and how it can be boosted. Given the historical review of innovation theory – classical and neoclassical; describes the capacities, required in innovators – imagination, creativity, vision of the right future trend. Shown the sources and dynamics of innovation for the nations.