Innovation Theater

/ˌɪn.əˈveɪ.ʃən ˈθiː.ə.t̬ɚ/

Any episodic, PR-guided, or underfunded ‘innovation work’ which is staged to show people (investors, talent, general public) that innovation is happening, even though no tangible outcomes can be expected.

For a more in-depth explanation of the phenomenon you might enjoy Tendayi Viki’s article on Forbes and below articles by Steve Blank.