What if I told you that I could give you a map that shows where innovation opportunities lie? Would you believe me? It’s not that easy. When it comes to innovation, finding ideas is the easy part. Finding the right idea and then executing is where the rubber meets the road.

Still, ideas matter, but you know what matters more? Insight.

Insight is what separates the innovators from the imitators. It’s what gives innovative businesses, if executed right, an insurmountable competitive advantage. Anyway, most businesses and entrepreneurs don’t know where to look for ideas. It’s easy to copy what’s already out there without any insight.

But, it doesn’t have to be this way.

Anyway, what are the most common sources of innovation? Peter Drucker’s seven sources of innovation provide us with a purposeful way to search for opportunities, but there are more.

The most common sources of innovation include:

1. Unexpected occurrences or events. Unexpected successes, failures, or external events can often spark innovative ideas. For example, Post-it Notes were created after an accidental discovery of a weak adhesive at 3M.
2. Incongruities. Discrepancies between what is and what should be can lead to innovation opportunities. Identifying and addressing these gaps can result in novel solutions.
3. Process needs. Identifying bottlenecks or inefficiencies in existing processes can drive innovation to improve them. For instance, the development of linotype revolutionized newspaper production.
4. Industry and market changes. Shifts in industry structure or market dynamics can create opportunities for new products or services.
5. Demographic and lifestyle changes. Changes in population characteristics like age, education, or income can inspire innovations to meet evolving needs.
6. Changes in perception. Shifts in how people view or understand things can lead to innovation, even if the underlying facts haven’t changed.
7. New knowledge. Advances in scientific or technical knowledge can enable innovations, though these often have longer lead times.
8. Customers. Customer feedback and needs are a crucial source of innovative ideas, accounting for up to 50% of innovations according to some studies.
9. Employees and internal sources. Ideas from employees, especially those in marketing, sales, and leadership positions, can be valuable sources of innovation.
10. External collaborators. Suppliers, competitors, and other external partners can provide fresh perspectives and ideas.

These 10 sources are a solid starting point to find opportunities for innovation. I know, I said a map! Well, this is a reference to guide your efforts.

Bottom line: Innovation matters. It really does. For customers, and for businesses. Innovation isn’t just about ideas, it’s about insight. Anyone can do it if you know where to look.