In order to have innovations made in society, we do not have to stick to the old ways of doing things. But we should know something about how things were done before this time. So a classical education is never wasted and the study of classical methods and literature will give us valuable information that we can build on.
We in toady's age do need classical education for innovation. However, one should also note that not everyone will need today's classical education to be inventive when it comes to things. We should do things that will work for each person. This of course is going out of the typical norm.
Classical education is a rigidly structured, three part process based on a students age. I believe classical education tries to instill logical thinking but I do not see it as promoting innovation. Innovation comes from random ideas and experimentation. Rigidly structured education does not advocate the "free association" thought process that innovation thrives on.
No, we do not need classical education for innovation, because there will be interventions as long as we have a strong economy. A person does not need to speak Latin in order to invent a new machine. Classical educations are fine for liberal arts, but ultimately we just need financial incentives in order to invent.