1) Solve a real problem. You shouldn’t be starting a company just to start a company, or because you like the idea of being your own boss. You should solve a problem that will still exist in 5 years or 10 years. Do not start a company that’s based around creating better Twitter groups – that’s a feature, it’s not a business.
2) Address a big market.
3) Have a sustainable competitive advantage. That means you have technology / patents, or you are an expert here, or a proven executive.
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Aaron is bang on. Solving a problem is the only place to start. Unless you have something which creates the problem by the very nature of it being introduced. A good example would be the Sony Walkman. Nobody was complaining about the lack of a portbale compact tape player with great sound. But the minute it was introduced everyone 'needed' one as if they had been suffering for years. These types of solutions are tough to sell, because you are asking the investor to employ clairvoyance. It took me 5 years of hunting to find the problem we are solving with our company. Reading, asking questions, thinking. Along the way we solved many problems. But none of the others had a big market, and those that had a decent sized market weren't defensible enough to be sustainable. If it were easy to meet these criteria everyone would be driving Ferraris (I prefer Lotus myself).
