As US news organizations have faced twin crises in funding and authority in recent years, innovation has become a key concept and ideal driving many interventions aimed at saving journalism. Often, ahistorically and uncritically deployed notions of innovation elide questions of digital journalism’s democratic aspirations in favor of market-oriented solutions. To critically examine the discourse around innovation, this article interrogates documents produced by think tanks and non-profit institutes researching the future of journalism: the Knight Foundation, the Tow Center for Digital Journalism at Columbia University, Harvard’s Nieman Foundation, and the Shorenstein Center at Harvard’s Kennedy School of Government, among others. A post-industrial vision for journalism emerges with an overriding and celebratory focus on innovation. We argue that this discourse marginalizes normative concerns about journalism’s democratic purpose and rests on an entrepreneurial logic that seeks to dictate digital journalism’s broader public virtues.