A recent issue of Business Week featured some of the new crop of Internet entrepreneurs like the guys behind Digg, Facebook, and Yelp. In this issue, they described what some people are calling the “Valley Formula” – a pattern of special ingredients these new entrepreneurs are using to find success.

Here is my summary of The Valley Formula as adapted from Business Week, August 14, 2006:

The Valley Formula

• Look for ways technology can fill a gap in your own life
• Then build the service and share it with friends
• Once something works, it will dribble out to the world
• Nothing too fancy that needs money to get started

That’s it. If you can do that, you can join the ranks of the new wave of entrepreneurs! (If only…)