In a world more globalized,  complex and interdepent there are new challenges but also opportunities. Some of the steps that can be used to identify opportunities are below.

Identify trends (you can use some of the documents described in link Understanding the World): 

• Geopolitical
• Technological
• Demographic
• Economical
• Cultural

These trends lead to new life styles:

• Technological connectivity
• Ecological
• Extreme sport 
• Tourism
• Health care
  • Organic food and healthy life habits
  •  Senior citizen care and recreation
  • Exercise and being in good shape
• Life Long Learning (executive education)
• Equitable trade
• Corporate social responsibility
• Bottom of the pyramid business
• Pets
• Senior citizen life styles

Retail Forward has identified 10 innovation opportunity areas that provide tremendous potential for creating new consumer benefits and stakeholder economic value:

• Catch a wave  
• Solve my problem  
• Do it for me  
•  Help me choose  
• Come to me  
• Enhance/enrich the experience
• Make it easy
• Do it my way
• Help me connect
• Speed it up

Now, by creating a 2×2 matrix with the life styles and services innovation we can identify places where an innovation can be created:

On top of this, the core competences needed to develop the innovation must be considered.

This post is inspired by the interesting lectures of Dr. Jaime Alonso Gómez, National Dean and Professor EGADE – ITESM, on International Business Strategy and Modeling.