Spotting a gap in the market is one method for generating a business concept. Spotting a gap means that you identify a need or a want for a certain population of the market which isn’t currently being served. The gap in the market can occur because of a new technological advancement, a new invention, a change in trends and spending habits of the market or a specific event such as an international event like the Olympic Games or World Youth Day.
Besides the typical brainstorm to generate ideas, you can spot a gap in the market by doing some research by visiting your country’s statistical bureau who gathers data and statistics about your country’s population from surveys and census data. You can also find out more economic and spending trends from reading your newspaper, current affairs programs, popular internet websites and by looking up the Google Trends or Yahoo buzz list which lists the top searches of the day.