The document discusses new patterns of innovation and their managerial relevance. It identifies 5 patterns for generating new business ideas using data: 1) augmenting products, 2) digitizing assets, 3) combining data within/across industries, 4) trading data, and 5) codifying services. Actual initiatives often use 2+ patterns. Managers should systematically examine these patterns to conceive solid new business ideas by exploring available data. They must structure idea generation but not expect constant creativity from employees. The patterns are relevant for Indian managers with large workforces.