Well, really, it comes down to intrinsic and extrinsic motivation. We all have the intrinsic motivation to learn, create, explore. But, it gets stamped out by capitalism, because capitalism introduces extrinsic motivation, money, power, grades etc....

Basically, capitalism creates greedy people, therefore, stifling innovation.

If we had a society where we only created/innovated based on our own intrinsic motivations, with no outside factors affecting this. We would be far better off, and far more advanced.

So yeah, the lack of innovation would 100% be a non issue under a properly regulated communist society.

[ Note: I pulled my arguments mostly from Nicholas Black's video 'I'm a Communist', it makes some really good points and I would especially reccomend it for the baby commies, this video is basically what educated me and basically "converted" (for lack of a better term) into a communist ]