The notion that Apple Inc (NASDAQ: AAPL) does not innovate like it used to has been circling investors' minds since Steve Jobs passed in 2011. Since then, the company has done little to change that perception, instead opting for gradual, almost baby-step innovation with incremental upgrades in its product cycle.

When Jobs introduced the iPhone in 2007, he talked about how he was fortunate to introduce three revolutionary products in his career, the Macintosh, the iPod and the iPhone. Ten years later, the company arguably has simply been maintaining the status quo under a conservative Tim Cook tenure.

So, Will There Be More Innovation?

Jim Cramer declared on CNBC Thursday that the iPhone was an “old product” and that Apple is considered a “cell phone company.” These remarks come after Paypal Holdings Inc (NASDAQ: PYPL) co-founder Peter Thiel said smartphones won't be “an area where there will be any more innovation”.

Andrew Murphy of LoupVentures carefully analyzed the baby steps that Apple has made within each generation of the iPhone, and he believes the incremental upgrades the phone has seen will eventually lead up to innovation beyond the smartphone.

“Looking at the iPhone 7 Plus’s dual cameras and software features, we see Apple building a huge competitive advantage in augmented reality, 3D mapping and real-time image processing,” he elaborated.

Murphy continued, “Apple is clearly taking steps towards post-mobile computing through the wearables it’s already shipping,” said Murphy.

While Apple may not be innovating at a pace customers may approve of, investors have certainly been rewarded over the past decade. It is likely that there will be much more to be written regarding one of the most prolific company's the world has ever seen.