Numerical studies of dimple and jet formation from a collapsing cavity often model the initial cavity shape as a truncated sphere, mimicking a bursting bubble. In this study, we present a minimal model containing only nonlinear inertial and capillary forces, which produces dimples and jets from a collapsing capillary wave trough. The trough in our simulation develops from a smooth initial perturbation, chosen to be an eigenmode to the linearised ${O}(\epsilon )$ problem ($\epsilon$ is the non-dimensional amplitude). We explain the physical mechanism of dimple formation and demonstrate that, for moderate $\epsilon$, the sharp dimple seen in simulations is well captured by the weakly nonlinear ${O}(\epsilon ^3)$ theory developed here. For $\epsilon \gg 1$ the regime is strongly nonlinear, spreading surface energy into many modes, and the precursor dimple now develops into a sharply rising jet. Here, simulations reveal a novel localised window (in space and time) where the jet evolves self-similarly following inviscid (Keller & Miksis, SIAM J. Appl. Maths, vol. 43, issue 2, 1983, pp. 268–277) scales. We develop an analogy of this regime to a self-similar solution of the first kind, for linearised capillary waves. Our first-principles study demonstrates that, at sufficiently small scales, dimples and jets can form from radial inward focusing of capillary waves, and the formation of this may be described by a relatively simple model employing (nonlinear) inertial and capillary effects. Viscosity and gravity can, however, significantly influence the focusing process, either intensifying the singularity or weakening it (Walls et al., Phys. Rev. E, vol. 92, issue 2, 2015, 021002; Gordillo & Rodríguez-Rodríguez, J. Fluid Mech., vol. 867, 2019, pp. 556–571). This leads, in particular, to critical values of Ohnesorge and Bond numbers, which cannot be obtained from our minimal model.