The Power of Place: How to Take Advantage of Your Location

Where you’re based can be critical to unlocking potential growth and innovation, so is worth thinking about says Account Executive Tom Horn.

It’s becoming increasingly difficult to deny the power of place. Wherever you are in the country, many companies in the same industry are congregating in the same place, and it’s stimulating growth in the areas and the businesses within them.    

These sector specific hubs, known as ecosystems, are areas where a network of similar organisations are located together to enhance innovation, which makes it a strategic place to be based.

The benefits of ecosystems are clear: Where there are many businesses in the same sector based together it’s much easier to transfer knowledge, build connections and supercharge growth.

These ecosystems can be found across the country, from manufacturing hub of the West Midlands to Liverpool’s Knowledge Quarter. Finding the one which is relevant to your industry can unlock innovation and increase potential for growth far quicker than if based elsewhere.

Reducing Costs, Increasing Opportunities

Stepping away from the noise and finding a location which fits your niche often leads to a more collaborative working environment and much quicker growth.

Take Leeds, which has become a national hub for the MedTech sector. Major MedTech companies like Radar and EMIS have bases there, but there’s also the Medical Technologies Innovation and Knowledge Centre at the University of Leeds, and Nexus, which provides support for MedTech startups.

Rather than leading to a ruthless battle for the same clients, this accumulation of MedTech organisations has led to the development of a supportive ecosystem. Partnerships between companies have emerged, as well as the creation of fresh platforms for innovation and discussion such as the Leeds Digital Festival, which help everyone to grow.

Operations can be Managed from Anywhere, Relationships Can’t

If you’re basing yourself in a sector specific innovation hub, then many of the potential clients and partners you want to build relationships with will be based near you. These types of relationships require effort, time, and trust, which are best built in person.

In a world of Microsoft Teams and Zoom, it’s much easier to coordinate logistics and use services based elsewhere remotely than it is to build personal relationships with potential partners and clients; moving towards them is a sign of confidence and will only augment your growth.

While moving may be a daunting prospect, the key question to ask yourself is why not?

There are probably less reasons than you’d think.