This Hack Can Help Identify New Business Ideas – NBC10 Philadelphia

From Elon Musk to Jeff Bezos, it’s tempting to think that the world’s most successful entrepreneurs are born with an innate ability to innovate.

But according to former space engineer-turned-entrepreneur, James Chin Moody, there are patterns at play in innovation that mean even the most inexperienced entrepreneurs have a good shot at identifying new business ideas.

“Innovation is not a noun, it’s the process of technological change,” he told CNBC Make It.

“Innovation is the process of creating the thing, yes, but that’s such a small fraction. It’s the process of taking the thing and convincing someone that they need the thing,” said Chin Moody, who has a Ph.D. in innovation theory. “The process in the middle is really what we mean when we talk about innovation.”

Understanding the process of innovation

The process of innovation can be thought of in three ways: changes in technology; changes in the market; and changes in institutions…

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