Is innovation an essential element to obtain success within a business setting? What factors need to be in place to nurture an innovative working environment?

One of source: Chapter 10,
Clegg, S., Kornberger, M., Pitsis, T., and Mount, M. (2019) Managing & Organizations. An Introduction to Theory and Practice. 5thed.

Paper should answer on question if innovation an essential element to obtain success within a business setting? What factors need to be in place to nurture an innovative working environment?
Direct quotations shall be formatted: Smith(2019) stated that’…..’.