You want to find the really crazy but still somewhat reasonable outliers within the customer ecosystem.

Tip: Take the stodgiest, oldest, slowest moving industry you can find. And build amazing software for it.

You can look at the cost structure of an incumbent company and discover: where are they not going to be able to drop their prices... because that business model is fundamental to the existence of the company.

Execute like there's no tomorrow, strategize like there will be.

I think because of the iPhone and the fact that we now have a ubiquitous internet, our creativity in the startup space is 10 times different. Every single industry, every single market, is going to be technology-driven in some way. There's an infinite opportunity for startups because now you can go and solve problems that previously looked like they had nothing to do with technology.

You intentionally start small, because you will not be able to compete with an incumbent... because the incumbent is always going to go for the full solution.

Always look for these changing technology factors- any market that has a significant change in the underlying raw materials ...or enabling factors, is an environment that is about to change in a very significant way.