The purpose of this paper is a study of the next generation innovation to deal with changing business environment in which the competition is getting fierce. The ultimate goal of a company is to sustain and grow by creating value or profit continuously. As the social or business environment changes, the way of creating profits also changes. Therefore, business management or innovation should be evolved in accordance with the value change, and this gives basis to the question "What would the next generation innovation be like?". This paper is not to give the definite answer to the next generation innovation, but to get discussion started. We hope that many ideas, critiques and opinions to this paper will make the next generation innovation clear.