To confront and alleviate challenges, innovation holds great importance as it confers a competitive advantage upon entities such as businesses and nations. Due to the vast array of problems, it may be difficult to tackle all of them. Some of these challenges have already been addressed by a multitude of individuals, while others have received less attention. Currently, there have been numerous advancements in the domain of text analysis, bolstered by Large Language Models. These models facilitate the retrieval and examination of huge amounts of textual data, yielding in the creation of new insights. Consequently, these models aid in the identification of existing problems and shed light on overlooked issues. As a result, innovators can explore novel avenues in both business and technological innovation. This chapter delves into the present progress and state-of-the-art technologies pertaining to the discovery of opportunities in innovation. The existing literature on opportunities encompasses two perspectives: opportunity creation and opportunity discovery. Opportunity creation is subjective, relying on the perception of researchers or entrepreneurs. On the other hand, opportunity discovery involves the analysis of the limitations of the current state-of-the-art. While qualitative analysis techniques have traditionally been employed in these studies, the availability of new text analytics methods and tools accelerates the process of uncovering new opportunities in both business and technology. This can lead to effective innovations that may address previously overlooked challenges.