The main subject of this article is innovation, with practical applications in IT projects. The article is composed of five major parts. The first one particularizes IT projects and highlights the main characteristics of this type of endeavors. The second part illustrates innovation in a wider landscape with just a few IT references. The third part offers some tips and pointers on how to identify innovation opportunities. The fourth part offers guidance for IT project managers in acting upon innovation opportunities. It also illustrates the theory by providing actual innovation possibilities. The fifth part introduces mathematical strictness into the field of innovation by supplying formulas that help measure the expected degreed of innovation integrated in a project. The last part summarizes the theories, information and facts enunciated throughout the article. In order to access the full paper please contact the author using the Contact form.