What Really Fosters Innovation (Infographic) Innovation is more than just a buzzword, it's what sets successful businesses apart. So how do you make it happen?

By Kathleen Davis

Opinions expressed by Entrepreneur contributors are their own.

Innovate or die. That's the credo of modern business. So it doesn't come as a surprise that 61 percent of CEOs surveyed by professional services firm PriceWaterhouseCoopers say that innovation is a priority in their businesses.

However, according to data compiled by management software company Mindjet, the majority of businesses either don't have effective innovation strategies or don't effectively seek opportunities to innovate.

For a look at what's needed to foster innovation at your company, check out the infographic below.

Click to Enlarge+

What Really Fosters Innovation (Infographic)

Wavy Line

Kathleen Davis is the former associate editor at Entrepreneur.com.

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
Lock
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
Lock
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One

Related Topics

Business News

'Just Say You Are Going Broke': Starbucks Slammed For Price Increase On Popular Item

The chain will start charging $1 extra for customization on its popular Refresher beverages.

Business News

'The Last Straw': Customers Furious as Netflix Begins Charging Accounts for Password Sharing

The announcement is long-anticipated — Netflix has been threatening a crackdown since last year.

Business News

The Virgin Islands Want to Serve Elon Musk a Subpoena, But They Can't Find Him

Government officials would like to talk to Tesla's owner as part of an investigation into the Jeffrey Epstein case.

Business News

'Iconic': Woman Defies Wedding Food Budget by Ordering Chili's for Guests

TikToker Madison Mulkey is going viral for her savvy spending decision.

Growing a Business

My Startup Scored a Multimillion-Dollar Contract With a Fortune 100 Client in Just 3 Years. Here's What We Learned.

There's no perfect litmus test to gauge if you're ready to go after big business or not — but if you don't take the risk, you'll never realize the reward.

Marketing

5 Questions to Ask a PR Pro Before Hiring Them

You probably haven't considered asking these questions, but they're a great way to find the right PR firm for your business.