Innovating rhymes with:
abating, annotating, awaiting, baiting, berating, crating, creating, dating, debating, deflating, elating, equating, gating, grating, hating, inflating, mating, misstating, negating, overrating, plaiting, plating, postdating, procreating, rating, reinstating, relating, restating, sedating, skating, slating, stating, translating, updating, waiting, weighting
Innovating sounds like:
impatience, impatiens, impedance, impeding, impotence, ineptness, infatuating, inhabiting, inhibiting, inhibitions, innovations, invading, invitations, inviting