It makes little sense to set up shop to make a product or provide a service that no one is buying or likely to buy. Yet a lot of effort in economic and community development is focused on producing more of what we already do or make in our region or attracting new industries—without finding out if that’s what buyers want now, or will want tomorrow.
WealthWorks action is built around a market opportunity where you can document demand. And you can document demand because you have established relationships with actual and potential buyers well before you put your development “spade” to the ground.
Of course, there are a lot of buyers out there buying a lot of goods and services. You can’t talk to all of them or research every product or service. So in WealthWorks, you start with what you know about your region to determine the buyers with whom you want to engage. By following one or more of three Scans for Demand, you can target the buyers you want to consult—both inside and outside the region—to find out what products or services they want and are willing to buy.
You might think of each of these scans as a set of conversations in which you are exploring. In fact, looking for market opportunities often sends you in a direction you never thought of before. So it is important to be curious and think outside the box. And none of these scans are mutually exclusive. In fact, one can often lead to another, and it’s quite useful to employ them all—in whatever order makes sense from your starting point—to connect with and better understand potential buyers and an initial set of market opportunities they might represent.