When I tell people that I work in the trend and innovation space, the follow-up question is always "what does that mean and how do you do that?" For a long-time, trend was seen as something that a few far-out people did by peering into a crystal ball. And these people were happy to have the public believe that. No more...
Trends, their tracking, watching, and even creating, are now accessible is everyone, much to the dismay of many fashionistas who prefer to see themselves as the most forward thinking people around. One of my favorite sites that I view regularly is The Cool Hunter - http://www.thecoolhunter.net/. They follow a number of product categories, interior design, as well as track event planning and design from all over the world. There is a weekly e-newsletter you can sign-up for. The visuals are stunning and I promise that no matter what business you are in, these photos will get your creative juices flowing.
Another site that I visit quite often is Faith Popcorn's Brainreserve. http://www.faithpopcorn.com/. I had the great pleasure of meeting Faith at a business meeting a few months ago. She's been in this business of trend for a longtime and she's very honest about how she does her work. She pays attention to what's happening out in the world. Trend is very much a matter of awareness and connecting the dots between seemingly disparate populations.
As with all trends, whether or not they take off in a business has as much to do with brilliant execution as they have to do with the quality of the products or services being offered. The name of the game is still differentiation, effective communication, and helping the guest get the joke through presentation.