What does Innovative "exactly" mean?

Hi All ....
One of the main criteria for the Innovation Founder visa is that the business to be innovative.
Well .. what is considered innovative?
Does it have to be a new invention/technology or a scientific discovery?
There are several levels of business innovation and I need your experience on what is considered innovative and what is not.

1. A brand new business implementation for an existing technology?

2. A new business proposition (opening new markets or targeting new customer segments) to already in-market business idea

Your thoughts and experience sharing is highly appreciated.

Eligibility

You must be able to show that your business idea is:

new - you cannot join a business that is already trading

innovative - you must have an original business idea which is different from anything else on the market
viable, with potential for growth

scalable - you must give evidence of planning that includes creating jobs and growing into national and international markets
You’ll need to get an endorsing body to assess that your business idea meets the requirements.

Point 1 may meet the requirements
Point 2 unlikely for existing market based ideas

Thank You @Frontier Mole

I am posting this for the benefit of whoever search/read this thread and topic.
In a Q&A call with one of the 3 endorsing organisations, they clearly stressed that unless the technology is new and either have IP or in the process of getting one, it won't be considered innovative.

I hope this helps someone out there