Complementary skills and knowledge. Usually, 2-3 people.
The team can create a minimum viable product. This is the only proof of competency and motivation.
Ready to learn, change themselves, change the market, change the product.
Able to search for new solutions to the problem, including being able to get out of deep shit.
Large and preferably growing market.
Seeing what type of market you are targeting:
– old market with a leader
– old market without a leader
– “new” market, in the sense of a new way of satisfying an “old” need.
If there is a market leader, then we should have a hypothesis about how to defeat it head-on or take away a segment of their audience.
If this is an old market with lots of small players, then we should have a hypothesis on how to outplay most players in this market.
If this is a “new” market, you should understand which “old” budget expense item you are trying to replace, and how you can be faster then other newcomers.