I work for a company that's reasonably large (8000+ people) and is consistently profitable, and we prize and celebrate innovation. People are encouraged to try out ideas quickly and if they fail, at least they failed fast. We have an intranet website where people post their successes and learnings. I personally know many coworkers who came up with ideas, implemented them, and made money for the company.
I am a technical manager of a team that specializes in automating manual processes and eliminating waste. I very intentionally leave room for my direct reports to innovate. If they come to me with an idea -- this is a critical point -- I treat my opinion as a HYPOTHESIS, not as absolute truth. After all, I am just guessing whether their idea will work or not. I'd rather have them build a minimum viable example to get some empirical evidence if their idea will work or not.
If I think their idea has no chance whatsoever of succeeding, I'll put forward my objections and see if they have good answers for them. This discussion is important. Sometimes they show me I am wrong, which is fine with me. (Nobody's perfect.) Other times my objections spur them to come up with a more robust idea.
Anyway, not all companies are pits of innovation death.