Yes, use Terminology to change various Innovation Central labels. In the Admin Space > Additional Setup > Terminology, first select a language, and then type the label you want to change in the Search for this text field. Matching results are shown in the Terms section below. Type the new label below the current label, and then click Submit.
Note: Terminology changes cannot be made in the “Default” language, you need to select an actual language. Further, the language in which you make terminology changes also needs to be selected in the Event Details setup.