1. The act of innovating; the introduction of something new, in customs, rites, etc.

2. A change effected by innovating; a change in customs; something new, and contrary to established customs, manners, or rites.

3. A newly formed shoot, or the annually produced addition to the stems of many mosses.

NOW – to use the word American with the word innovation would be up to the answerer. If you are American – and conceive of an innovation – YOU would be producing an “American Innovation”, right?

Formed in 2004, the Task Force urges strong, sustained increases for research budgets at the National Science Foundation, Department of Energy Office of Science, National Institute of Standards and Technology, and Department of Defense.

This all i could find, and sums up what many other sites stated. The website is useful, and explains in more detail, with a list of organizations.

I hope this was some help