Find (1) simple solutions to (2) overlooked problems that (3) actually need to be solved and (4) deliver them as informally as possible, (5) starting with a crude version 1, then (6) iterating rapidly.

1. Simple solution (spot on Paul!)
2. Overlooked problem (I would say, “not adequately solved for some group”)
3. Needs to be solved (I would say, “an important problem”)
4. Deliver informally (this can’t be improved upon)
5. Starting with a crude version 1 (You shouldn’t release anything crude. I’d say, “starting with the minimally viable version 1”)
6. Iterating rapidly (this can’t be improved upon)