The present paper attempts to improve our understanding of the phenomenon called innovation and establish the science of it; from a perspective of a social physics modeling and theories in the spirit of conventional domains of physical sciences. Thus, aims to have a deeper insight into the concept, the properties & the dynamics of innovation, fostering the mindset of an innovative mind, developing a culture of innovation; and thereafter move towards developing a universal theory of innovation. The theory is expected to have significant impact on a wide range of domains of human activities, including mutual interactions and with nature and beyond. This would also go a long way in ensuring solutions for a sustainable quality of life on this planet as envisioned in SDGs enunciated by UNO.