socialmedian: Startup Advice: Find Underserved Markets

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Startup Advice: Find Underserved Markets

Nov 04, 2009

Summary

Last week I read the various notes on the presentations
by famous startup founders at Startup School 2009 and found a lot of the anecdotes
interesting but wondered if they were truly useful to startup founders. I tried to
think of some of the products I started using in the past five years that I now use
a lot today and couldn’t do without. In looking for the common thread in these products
and the quote above came to mind.

Finding an underserved market sounds like getting the winning ticket in a lottery,
unlikely. In truth it isn’t hard to find underserved markets if you recognize the
patterns. The hard part in turning it into a successful business is execution.

There are two patterns I’ve used in looking for underserved markets that were invigorated
by products I now use regularly today. The first pattern is looking for activities
people like doing where the technology has been stagnant for a while. For the past
few decades, we’ve been in world where the technology products you use can be made
smaller, cheaper and faster every few years. There is some not

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