Follows said that companies need to recognise that “maybe there are some people who are just better suited to innovate than others” and processes should be in place to identify and support them.

He provided a checklist of key questions business leaders need to ask themselves to see whether their business culture encourages innovation or protects the status quo.

This includes reviewing individual attitudes to risk and assessing whether employees are rewarded for well-run projects, even if they ultimately fail.

He added: “If you are a 100-year-old business, you are not going to turn yourself into a Silicon Valley start-up, but you can look at your culture, and at your people, and you can make adjustments to try to enable innovation to happen.”