The research focuses on understanding the evolution path of innovation (as a socioeconomical phenomenon) sciences and its consequences to economic growth. Furthermore the attempt is to propose indicators using novel data in order to evaluate innovation activity trend more accurately. The study will benefit from varied sources of data, such as bibliometrics data and data on social media in order to investigate the effects of innovation as such in society. Natural Language Processing techniques and on top of that Sentiment analysis will be utilized for understanding the big unstructured data from social media. The results will be useful for policy makers and firm decision makers for obtaining more accurate perspective of their innovation policy's performance and regarding that shaping the policies accordingly.