If one is innovating, does that mean you are also evolving?

Not necessarily. It depends on how you define evolution.

Is it based on rate of production, how much profit is generated, or based on the number of products created? Or is it a qualitative factor?

Does innovation enable people to be more than what they are now? Does it improve the lives of others? Does it enable a society to think differently about people that are different than themselves?

I look to see how a particular innovation transforms the life of another person. I don’t think you can equate innovation directly to evolution. However, it can impact the rate at which people change.

Living in innovative culture would not only be dynamic, but also a place where evolution is expected and normal. Not moving becomes the exception.

How people evolve depends is largely dependent on how they accept innovation. Are they open to new ideas and pushing the boundaries of what people perceive to be acceptable? If so, they may evolve faster.