My First Million

The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.

Systematically understand a new industry well enough to identify billion-dollar opportunities

Entrepreneurs, investors, or studio operators looking to enter unfamiliar industries

2.5 months for initial research, 6+ months for full opportunity development

What Success Looks Like

A 50-page document identifying 3-5 major pain points, key players, industry structure, and specific product opportunities with validated demand

Steps to Execute

Attend 2+ industry conferences to meet participants

Interview 50+ people across the value chain (suppliers, customers, intermediaries)

Study industry publications, reports, and academic papers

Map out industry structure and identify inefficiencies

Validate problems with potential customers

Document findings in comprehensive research report

Checklist

Conference attendance scheduled

Interview list of 50+ contacts developed

Industry publications identified and subscribed

Value chain mapping completed

Problem validation interviews conducted

Research document completed and reviewed

Inputs Needed

Industry conference calendar
Initial contact network or cold outreach strategy
Research budget for travel and subscriptions
Dedicated research team member

Outputs

Comprehensive industry analysis document
Validated problem statements
Potential solution concepts
Key industry contact network
Go-to-market insights

Example

“Researching maritime industry by attending shipping conferences in different countries, interviewing ship owners, port operators, and parts suppliers to discover $100B procurement inefficiencies.”