[shazow]

Agreed.

I'd like to expand more on (2), timing is incredibly important for technology-based ideas. An idea that is ahead of its time or too late could fail just for that reason.

Let's recount the numerous attempts at tablet computing since the Newton in the early 90s to the iPad just a couple of years ago. Timing and the state of technology in time is important.

Sometimes a new technology comes around and threatens to disrupt everything, like Bitcoin. If you have an amazing idea that capitalizes on this momentum, now is the time to execute—not 10 years from now when the Bitcoin economy has been banned and destroyed or matured and stabilized (one can dream). This is the same way that mobile applications were an incredible opportunity in the iPhone age of Smart Phones, but much less so today.

Ask yourself: What is the ideal time window for your idea? Though some ideas are always good, given the right uncompetitive conditions.