Microsoft was too slow to respond to the iPhone and iPad, but if the company's new leader acts quickly, Microsoft could help lead the charge in the next wave of computing: wearables. Google already has a head start with Glass, and Samsung should reveal its Gear smartwatch soon. Rumor has it that Microsoft is working on its own watch, but it could use all the expertise it can get in this burgeoning field.
Microsoft should take a hard look at such companies as Oculus VR for its Rift gaming headset. The company also needs to lock up an exclusive for the Xbox One console. Having an asset like this could spur more interest in high-end Windows 8 gaming machines.
Microsoft could also use some help in the health category, so it should consider taking a run at an outfit such as Fitbit. Integrating that sort of functionality into every Windows Phone would help differentiate the platform, and it fits well with the target audience.