The concept of "intrapreneurship" is a good way to create a culture of innovation, writes Greg Tseng, CEO and co-founder of Tagged. The concept means empowering employees of a company to come up with new ideas. To put it into practice, you'll need to seek ideas wherever you can find them and then assemble small teams to pursue the most promising initiatives. "Once you agree on vision, give the team space to make decisions on how to build and iterate toward that vision, but be there to give advice whenever asked," he writes.

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