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Innovation expert: This hack can help identify new business ideas

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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.