This is interesting yet a difficult question.
Here are the basics…
The society must innovate in order to grow forward. So it is very important.
But, today there are many who are very obsessed with innovation that they tend destroy what the solid foundation purely on the ideal of innovation of the society – not because they found an important innovations that can produce more for the future at a cheaper cost.
When it comes to fundamental innovations, in my own sense is that, a little goes a very long way. Writers about innovation history tend to point to the times of great change to “prove” how analytical innovation is. But then they ignore the broad swaths of time when the society integrates, subsumes, and lives off the rewards of that from innovation.
I suppose that the direct answer to this question is that it’s very important alongside with this other key important factors like stability, economic strength, societal cohesion/strength, and many other factors.