INNOVATIVE has 10 letters, so for a 4 letter word, there is \({10}\choose{4} \) = 210 permutations without considering overcounting. We need to count every permutation ONCE and ONLY ONCE. But if your question does not consider overcounting, then the number of permutations with 4 letters (not necessarily words) is \(\boxed{210}\).
If the problem does consider overcounting, then the solution is different. We did overcount (The word \(N_1 OTE\) is the same as \(N_2OTE\)). There are 2 i's, 2 n's, and 2 v's, so to eliminate overcounted permutations, we divide by 210 or subtract some numbers (i am not very sure).\(\)