The subject debated in this article consists of identifying innovation opportunities provided by social media projects. The social media environment is described and critical aspects that differentiate it from traditional media environment are presented. Popular social media websites are listed and briefly described while at the same time showcasing their purpose and features. Social media relevance for the business environment is displayed. The concept of user generated content and its value are presented. Social media is also presented as a form of collective wisdom aggregator. Innovative ways to exploit the characteristics of social media projects are submitted. Applying social media generated opportunities in real life is exemplified in fields like business, politics and healthcare. Comprehensive conclusions are formulated based on the theories, methods and information presented in the article. In order to access the full paper please contact the author using the Contact form.