> You need to avoid things like winner take all markets.
Another thing that might work is looking at industries with a lot of software needs that are not traditionally considered "tech companies."
A long time ago I worked in Biotech. There's tons of money there, and an awful lot of software made both in-house and by consultancies. (And I bet it's a hotbed of machine learning right now.)
I'm sure there are lots of other industries where their core business makes a lot of money but there's no way for startups to just "disrupt" them out of existence; however if you can move the needle 0.01% that's more than enough to support a very profitable smallish company.
Another thing that might work is looking at industries with a lot of software needs that are not traditionally considered "tech companies."
A long time ago I worked in Biotech. There's tons of money there, and an awful lot of software made both in-house and by consultancies. (And I bet it's a hotbed of machine learning right now.)
I'm sure there are lots of other industries where their core business makes a lot of money but there's no way for startups to just "disrupt" them out of existence; however if you can move the needle 0.01% that's more than enough to support a very profitable smallish company.