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January 13, 2010, 02:33 PM
#1 Find a product.

#2 Evaluate the product.

Thanks Bob.

I would recommend not to bullet point those 2 things separately. And look out for "product / market fit*"

Some people recommend that you should find a hot market first - and then try to source products for it.
Others recommend that you find a product first and then market the hell out of it.

But the best option is to merge the 2 thoughts together. And look out for a product market fit.

This helps because if you start out only by looking at the patents for sale sites, there is a good chance that you may end up with products that won't hit the sweet spot in the marketplace.

You have to look at the product and the market for it together.

* "Product / market fit" is the term I picked up from Marc Andreseen - the guy behind Netscape. And the person whose vc fund just put the skype buy out deal together.


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