Broadly speaking, innovation activity is considered to be anything that doesn't fall under the usual 'research' remit. Examples can include:
Conferences
Short courses - CPD
Consultancy or collaborating with businesses
Facility hire
Once your ITA has been put into development, central finance will either assign it as research or innovation, so this is not something you need to try to work out for yourself! The only difference for us is that we will cost your activity on a business plan rather than an F31 form.
You may find it useful to watch this webinar from the StoryFutures project at RHUL on applying for funding through Innovate UK and funding options for business-led work.