he missed out an important aspect: demand. your startup needs to not just be uniquely well in what it does but also be in demand, or at least would change the industry or system that it's involved in from useless to useful to the point that it generates demand. for example, you could revolutionize the floppy disk to the point that reads data 100x faster and could store 100x more information for an extremely cheap production and purchasing cost.
‘I think, technological innovation requires, I think, three separate things, there’s sort of a brilliant breakthrough idea, there is incremental improvement, and there is complex coordination. We are pretty good at the incremental improvement part. We are pretty bad at the other two and we probably need to think really hard about the other two” - Peter Thiel (Sep 2012)
For those who didn't understand Peter, he was trying to give notice to the market sectors that are needed and good to for entrepreneurs to focus their startups e.g. new or alternative techs, bio-medical, etc.
Complex coordination: Peter means things like the Tesla Model S, the first iPhone, the SpaceX Falcon 9 rocket, where much of the technology was already there, but the way the pieces were put together to create the end product, was brilliantly new and unique, and so the resulting product was disruptive and revolutionary, "Zero to One"
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