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:
- is already making money for someone else in a growing industry;
- interests you;
- aligns with your skill sets.
Once you find such an idea, simply carve out a niche within the industry by
- addressing pains of an under-served segment within that industry;
- or, making it much easier to use than existing solutions;
- 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.