The only problem with this idea is that it's dangerous. The reputation of the Internet is that of a haven for pedo predators...you make a dating site for 14 year olds (or even allow them on your site) and you will bring down the wrath of every Sarah Palin-loving soccer mom in America (i.e. the really dumb ones, who believe it when Oprah tells them that pedophiles are organized, after their children, and have over 9000 penises).
Besides that, kids from high school through college already have tremendous dating-related interactions at school. They're not short of new people to hit on and flirt with. I just don't think it's a very good market to go after, even if it wasn't a death wish from a legal and political perspective.
But, it should be kept fun, distinctly non-sleazy, and light. I've always been totally turned off by the "Find your soul mate, who has passed our credit check and has a valid US ID.
You could even hit the whole parenting thing head on & let parents in on the action. Could be very successful in certain places. I hear China is resurrecting arranged marriages in a modern form.
Hence the market opportunity: a social site for kids/adolescents -- or security tool for same -- that ensures that users are the ages they say they are, and only allows close-in-age interactions. In fact, there is already at least one angel-funded startup working on this very concept. They work with schools to confirm user identities and ages:
http://www.thefrankpetersshow.com/2008/07/eguardian_protects...
TCA deal lead Steve Block liked what he heard about eGuardian before they even presented! He had another company that was dealing with children online. Steve would put the two companies together and bring the critical focus to transform eGuardian.
Attorneys General from 49 states are pressuring social networking sites to protect kids. eGuardian partners Ron Zayas and Robert Patrick have a new approach to protecting children while they're online.
Which isn't what they've built. It seems like maybe you're after a different business entirely. It might be a good business, but I don't think it's the one the OP is trying to build.
Another point about market opportunity: some high-school and college students go to same-sex institutions (which might be a good idea, since it minimizes distraction, and hence could become more popular over time).
1. Most players are paid services. I think there is a good chance that whatever winner emerges will be a free service or at least free for 90% + of active users. The service is essentially better if it is free (network effects but more then that: You can take it lightly if it's free. It's serious business if it's paid) so any paid service would be in constant danger of a free clone emerging.
2. Let non-singles get involved. Encourage meddling. Set other people up. Introduce, create polls on who should be together. I dunno, something in that area. Maybe think along the lines of 14 yr olds instead of 30 somethings using a professional dating service. The former have fun. The latter do not.
3. Let people approach this from an angle. Just like in real life. Meeting in singles bars, via introductions, pickups etc. is only one way. Most people prefer meeting someone at work, meditation workshops or University. Dunno how you'de do that online, but it would be interesting if you could piggyback on ways people interact with each other online already. Facebook/Myspace is an obvious path. But maybe Digg, blogs, wiki editing, amazon reviews or even HN might provide a thread to pull on.
4. Be un-sleazy & you have an immediate edge (design looks right for this). That feeling that half the users are fake, that they inflate women or men's numbers... That's will be on users minds (good reasons too). All that damage needs to be mended.
5. Try to build in dynamism. However this is gonna work, I doubt anyone can predict the whole picture. Find some ways to let users find ways of dating online rather then handing them a system.
6. Let the kids show you how to do it. Maybe you should try & focus on getting dates for 14 yr olds. They might pave some sort of a path.
7. Maybe focus on the non market. There's a tendency to focus on those people that are having trouble. They're very goal oriented. There is a problem that they're going to fix. So many services are tailored around filling that whole. But there it might be easier to get earlier successes with those that will probably get a date this month anyway. You just fill the 'how'.