Innovative business owners don't just change products and technology, but also their business models, according to one expert.

Noel Quinn, head of commercial banking for HSBC said that innovation in business is about opening up new channels and markets via an innovative business model.

He gives the example of an engineering company who had a policy of having 200-250 graduate employees working for them at any one time all around the world.

"They now have a unique product in the market. We don't play those stories up enough and I think we have some hidden gems in the UK," he says.

Meanwhile, the 2010 Deloitte Entrepreneurship Survey found that over 90 per cent of the UK's entrepreneurial businesses expect to their revenues to increase in the next year.

In addition, nine out of ten of these entrepreneurs predict double-digit revenue growth over the next three years.