To unlock the power of creativity and innovation, it is very important to engage the entire in- novation ecosystem so that the full potential can be unveiled. These collaborative intersectional spaces between different disciplines — academia-industry, faculty-administration, and faculty-students — can open new dimensions for creative excellence, and thus, such intersectional spaces need to be created and nurtured. To this end, here, the pillars of innovation: creativity, motivation, ecosystem, and support, are discussed and their impacts on generating innovations are presented. While existing challenges in the academic setting are acknowledged, the role of faculty and the technology transfer offices and their positive interactions have a very critical role in the success of generating impactful innovations and their transfer to commercialization. In addition to the pillars of innovation, diversity, equity, inclusion, and justice are crucial components for creating impactful and sustainable innovations. Embracing diversity in all its forms, providing equitable opportunities for all, fostering an inclusive environment, and ensuring justice for all members of the ecosystem can lead to a broad range of perspectives and ideas, ultimately resulting in more creative and impactful solutions to the current and future challenges of the 21st century.