Innovation buys you market share...

On average, top-quartile performers generate 20 percent more revenue from new product introductions than companies in the bottom quartile.
High-performance businesses not only introduce more new products than competitors do, and they bring them to market five times faster.

...BUT YOU CANNOT BUY INNOVATION
The most innovative companies have long-term leadership, but R&D spending levels have no apparent impact on company performance. 

HOWEVER BUYING INNOVATIVE COMPANIES WORKS:
John Chambers grew Cisco from 1995 till 2015 starting at US$1,2 billion to US$48 billion with 168 acquisitions. Chambers entered new businesses such as Video-Streaming, the Cloud and the Internet of Things.