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updated 9/28/2013 9:16:10 AM ET 2013-09-28T13:16:10

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.

 

 

Copyright © 2013 Entrepreneur.com, Inc.

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