Why corporate companies moving

Around 10 years ago co-working spaces began opening up to offer affordable office space solutions to startups and freelancers, but recently much larger tech firms have been jumping in. Over the past year, larger companies are now looking for the benefits of locating in these shared office environments.

As a result, big media conglomerates and newly crowned tech giants have been moving employees to co-working and incubator spaces. These spaces are set up so that Fortune 500 tech companies now have better access to innovators, innovations, talent, and reduced real estate costs.

How to gather local market data

As part of your business plan, and to get a better picture of the possibilities for selling your products or services in a local market, you will need to do some market research. Looking at a local market will give you information about the types of people who might buy your products or services, how far people will drive to get to your location, and what your competition is within that market.

Step One: Determining Your Market Area

Before you can do research on your local market, you will need to know the size of that market. The question to ask yourself is: “How far will people come to buy my products or services?” The answer depends on two factors:

(a) the type of product or service you are providing,

(b) the availability of other similar businesses providing that same product or service (in other words, competitors).

If you have a unique business with no competition, people who want your product/service will come from further away to get it. For example, if you are selling kitchen accessories and there is no other kitchen accessory store in the area, cooks will come from a distance to shop. If you are a dry cleaner, people probably won’t go very far to use your service, because there are many other dry cleaners in the area. The “rule of thumb” is typically how far people would go to a grocery store.

How Crowd-sourcing Is Shaping

As fast as things are changing, they are about to change even faster. Technology is making it progressively easier to access the information, skill, and resources of the crowd. We have already seen how applications of crowd-sourcing technology can provide funding, services, and navigation. Now this technology will accelerate innovation, problem solving and even politics.

We recently had the honor of interviewing the founder of Crowd-sourcing Week, Epi Ludvik. Epi is responsible for pulling together the top crowd-sourcing practitioners in the world and bringing their insights to corporate c-suiters and entrepreneurs worldwide.

Create A product first!

Create a product first please!