[rajat]

1. Yes, the approach is right. You don't need to start a company, particularly if the project could be open source. Even talking about the project in local meetups (assuming there are meetups by the time you are ready to talk about the project) can also help. 2. Do you need to quit working? At least, do you need to quit working immediately to start on the project? Wait until you have something concrete. Work in your "garage" until it's absolutely essential that you quit your current job.