I don't think the cloud specifically should be excluded or even a factor in and of itself, I think the most innovative companies in the world are by definition the ones who are innovating the most, cloud or otherwise.

Twitter belongs on the suspect list too, how can they still be one of the most innovative companies in the world for a product largely unchanged in 5 years, during which time a jaw bone was printed and transplanted into a person?

This is innovative: http://news.discovery.com/tech/printed-jawbone-120207.html

This was innovative: "It was created in March 2006 by Jack Dorsey and launched that July."