Innovation expert: This hack can help identify new business ideas

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.

The majority — around 80% — occurs in that third segment, with existing technologies reaching existing markets in new ways, said Chin Moody, who co-founded his own company in 2015 based on this theory. The business, Sendle, is a carbon-neutral shipping service designed to reduce inefficiencies in the delivery industry by leasing empty legs from existing courier companies.

"You can now take something in the natural world and really start to identify its digital counterpart," said Chin Moody, co-author of "The sixth wave: how to succeed in a resource-limited world."That leaves plenty of opportunities for would-be entrepreneurs to make their mark. Chin Moody recommended starting on the market side, by looking for a "really painful problem" and trying to solve it.

Innovation never happens at the center of a discipline, it's often at the boundaries. Look for the intersection.For Chin Moody, that meant pivoting Sendle when he discovered a real pain point. What started as a second-hand sharing platform for children's items turned into a delivery service after he noticed the high shipping costs independent sellers and small businesses face.

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