I have got it down to a three-point hypothesis followed by ten simple questions

The innovators hypothesis

  1. people doing X
  2. have experience Y
  3. which makes them want Z

The questions that need to be answered:

  1. who is actually doing X?
  2. are they really having experience Y?
  3. what other relevant experiences are they having?
  4. do they really want Z?
  5. what else do they want?
  6. how much would they be prepared to pay for it?
  7. how many people would be prepared to pay that much?
  8. could you deliver what they want, when they want it?
  9. could you deliver what they want, financially sustainably?
  10. does this particular business model fit your needs and aspirations?