Market-driven approach to finding startup ideas that make money

via paraschopra.com:

While idea-driven startups rarely make money, I professed market-driven approach for someone looking to find startup ideas that actually make money.

The market-driven approach is quite simple. It essentially means:

Find a startup idea that:

  1. is already making money for someone else in a growing industry;
  2. interests you;
  3. aligns with your skill sets.

Once you find such an idea, simply carve out a niche within the industry by

  1. addressing pains of an under-served segment within that industry;
  2. or, making it much easier to use than existing solutions;
  3. or, disrupting the market by making your product accessible to masses at a much affordable price.

And once you dominate a particular niche, expand from your niche with your eyes set on the largest player in the market.

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