What is the relationship between innovation and knowledge management?

A question I am currently thinking about is how innovation and Knowledge Management are related to each other. I see bloggers like David Pollard who seem to be interested in these two subjects; his blog's title is "Dave Pollard's papers on business innovation & knowledge management".

I also once read an article about how the title CIO should become the Chief Innovation Officer:

In his concluding remarks, he observed that the title of CIO should come to
stand for "Chief Innovation Officer" rather than its current "Chief Information
Officer"... (InformationWeek)

Then there are emerging groups that study Intellectual Asset Management, an innovation practice in my opinion. They talk about Knowledge Management in these circles as well.

It seems to me that innovation is about bringing the outside in. Open Innovation is all about the enterprise and how it can innovate by embracing the outside. But Knowledge Management seems to be all about firms managing their internal information.

So maybe the intersection of Knowledge Management and innovation is some notion of managing the information outside a firm and bringing it in.

If someone has sorted this all out, please let me know because it seems like some connection is there between innovation and Knowledge Management.