Sphere development is a strategy, a way of life, and a procedure for partnerships.
Sphere development is the creation of long-term value for the sphere from investors, firms, and relationships.
There is elegance in simplicity, but perhaps this definition leaves you wanting more. At its heart, sphere development has to do with discovering how the interactions of the above factors combine together to create opportunities for growth. But a theorem requires a proper proof, so let us analyse that statement:
First, what do I mean by ‘long-term value?’ In its simplest form, ‘value’ is time, money, the lifeblood of any sphere (but it can also be access, prestige, or anything else a sphere seeks so as to grow). And there are plenty of ways to make a sphere current. But sphere development is exempt from schemes and tactics that create value that Is gone tomorrow as easily as it came today. It is regarding creating opportunities for that value to persist over the long-term, to keep the floodgates open so that value can flow indefinitely. Thinking of sphere development as a procedure to creating long-term value is the only true way to succeed in consistently growing a sphere.
The ‘investors’ portion of the definition is slightly more obvious – investors fund their investments. They capitalise the sphere as natural investors for the sphere.
That is because investors ‘dwell’ in specific industries. One way to comprehend industries is by geography. But investors also ‘dwell’ in industries that are defined by their demographics, lifestyles, and investment acquisition mindset. Identifying opportunities to reach new investors by entering into new industries is one important gateway to unlocking long-term value.
And then there are ‘relationships.’ Just as the planets and stars rely on gravity to keep them in orbit, any successful sphere development effort relies on a basic foundation of strong relationships. Building, managing, and hedging relationships that are based on trust, respect, and a mutual appreciation of each other’s value is fundamental to enabling the flow of value for the long-term. Relationships with partners, patrons, investors, the press, etc. are all vital to the success of any sphere development effort and as such they demand a bold-faced spot in any comprehensive definition of the term.
So, is sphere development actually strategy? Is it partnerships? Is it a way of life? Well, frankly, yes. It is all of the above and as we will see in future posts, it is much more. It is a complex and fascinating discipline that deserves a clear comprehension so that we can marvel at the beauty of a well-done deal as much as the stars.