Chasing Vertical Markets

vertical_markets Interestingly enough, I keep reading about biotechnology in the Business Journal and I’m failing to understand it. It seems that with every popular business trend, the business community in the Triad seems to follow and jive with it without actually wondering about the problems that occur currently and the time for a new industry to take hold.

Everyone understands that money is the number one factor in any sort of industry. To gain traction, you must invest major funds to get anywhere. But if someone else invests more than you, then they probably have an advantage. This is the same with biotechnology. In competing with national business centers with major urban populations, it’s difficult to understand how we’ll ever be on the forefront of biotech. Let me put it this way. Even smaller towns in South Carolina have biotech industrial parks. Don’t ask me why, since I don’t know what the deal is with that one.

Instead, there are plenty of industries leaving the Triad. I got word from a friend recently that in about six months, there will be a headquarter change for a company that has been in the Triad for a long time. No one knows how many jobs are effected, but I can tell you that it’s not going to be pretty when the news comes out. What’s interesting is that there are actual technology (database, programming, etc.) jobs on the line here and I have yet to see any sort of replacement area for these individuals. What next? Where are the technology jobs?

As people are displaced towards larger business centers and our community leadership is blinded by the fact that there are jobs on the line where there are skilled and educated needed, I cannot help but wonder why there hasn’t been any money thrown at technology businesses. When push comes to shove, everyone struggles in a market where you fight to be number one in an industry. But just as a business must segment their target market, a community needs to segment what they target in industry to help revitalize the job arena.

Thus, I propose vertical markets. Why not pick several niche areas and formulate vertical markets within these niche areas? There might be a horizontal market such as biotechnology, but what about being the best at grid software for biotech firms? Or the manufacturing of artificial skin? Perhaps we could even be a leader in small business applications such as online accounting? Either way, I find that the entire push for industry seems rather lost in the noise and we haven’t yet found our pulse to keep the business community going.

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