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Talk to people in the business sector. As many as you can. See what they complain about. Usually the best way to solve a problem for an advantage.

Don't limit yourself to technological problems. eg Zerocater. Although they present a technological interface, they still do the grunt work in talking to restaurants on issues.

If you're looking for some "seed" ideas or "food for thought" you might check this list out:

http://ycombinator.com/ideas.html

I'm sure that there are tons, but do you honestly think if someone had a million (or billion) dollar idea that they would just give it to you?

Some people would actually. There are lots of ideas I might not be interested in personally but would love to have exist. In some cases, I don't really care if I build it or not, it'd just be cool if a service did exist. It varies from person to person but there are people who don't mind giving away ideas they themselves may or may not want to build out just to see the service exist.

Good argument.

Will there be any funding if i have a startup, since i am from the subcontinent(south asia) and not living close to any Sillicon Valley.

Entrepreneurship idea