If there's a formula, it's partly of things to do and things to stop doing.
Be observant and unreasonable. Try to see your environment as an outsider. We
constantly avoid solving problems because of a silent belief that "that's just the
way the world is."
Become passionate about solving a problem for a customer group. Your solution
will probably change -- that's why passion about the problem is key. Your
customer segment is the group of people you will spend years with as you build
your business. So you also need that founder-customer fit.
Ignore general tech press and instead focus on your customers and what they
read, events they attend, and focus on.