How to Find Blue Sky Opportunities

Blue sky opportunities arise when you see a new opportunity to expand your business into areas it doesn't serve right now. Sometimes blue sky opportunities arise by thinking more broadly or reframing how you are approaching a problem. The downside to blue sky thinking is the potential risk. New products almost always lose money at first. It's hard for incumbent companies to justify trying to build the next big thing while they could be spending their money growing their current product.