Daniel Cozza and I have been working for the past few months on number of iPhone app ideas.  We’ve got a some prototypes and working code.  But honestly, it’s been very hard to find interesting angles:  the iPhone app space is off-the-charts on the hype curve and is extremely crowded.

This app “gold rush” is great for Apple and for consumers (once the App Store is open).  The availability of third party applications will further distance the iPhone from other mobile devices.   However, entrepreneurship is fundamentally about discovering and developing unnoticed opportunities.  The iPhone market app has clearly been “noticed”!

(Worse, the real Gold Rush was open-ended:  there was always a chance that there was enough gold for everyone.  The iPhone app rush is finite:  there’s a large batch of developers competing for a finite (but growing) set of devices and user attention.)

What to do?  Options:  (a) dive into the rush anyway, (b) sell tools to the miners, or (c) look elsewhere?  It’s your typical non-obvious entrepreneurial judgment call.