New approach identifies emerging business areas with high novelty for growth.
Emerging business areas are important for finding new business opportunities. This article introduces a method that uses language models and outlier detection to identify these areas with high novelty. By focusing on new goods and services, the approach helps businesses understand where to invest. The researchers created business opportunity maps based on recency and visibility values, showing the potential for growth in different areas. The method can be used as a tool to analyze business opportunities using trademarks.