It is pretty obvious that innovation powers our modern knowledge economy. Innovation has become the main focal point of companies large and small, and has even led to the creation of popular shows like NBC's Shark Tank. But the question remains – how does one facilitate this innovation? Given that good ideas lie in abundance with a company’s employees, what is the best route for turning them into reality?

The definition of what makes a great C-level executive often differs immensely. However, one similarity that can be said for most great company leaders is that they all know one key concept to be true - encouraging and acting on employee suggestions is a sure-fire path to increased profitability.