Did you get this to work? I have tried to add a picture and the suggested text element but the logo doesn't appear. Only whatever I type in the Text widget.
There are two working solutions below. One uses a formula rich text field (provided by @Mark Shnier (YQC))and the other uses a text form element with HTML enabled (provided by @Laura Thacker). Are you trying to add an image to a form or a dashboard widget?
------------------------------ Adam Keever ------------------------------