New business opportunities are often a result of industry undergoing significant change. For example in the news, Ferus Natural Gas Fuels Inc. announced the opening of their new Liquid Natural Gas (LNG) facility in the County of Grande Prairie near the community of Elmworth.
The facility can produce up to 50,000 gallons per day of LNG and scaled up to 250,000 gallons. It is a regionally focused small-scale plant that will supply local customers. Almost like a local filling station but different, in that it has the potential to be a game changer and that means new business opportunities.
Ferus sees companies converting their fleets to LNG from gasoline. Why? The answers could be varied and include reducing emission as environmental standards increase or as costs escalate the need to continually reduce one’s cost of doing business to stay in business.
Is LNG being positioned to be the fossil fuel of choice in North America? That would be big.
Ask yourself what new ideas and businesses will spring out of LNG being the fuel of choice?
You have a game changer on your doorstep and it’s ringing the doorbell: so, are you open to new opportunities?
Search out the many news stories circulating and chances are pretty good you will find the name Dick Brown, CEO, Ferus. He is planning to be in Grande Prairie in February at the annual Growing the North Conference as a major presenter. Dick could be one of the ‘right’ people to ask questions on the innovations in, and changes to, the LNG fuel industry. Example questions could include: what will the fuel industry look like in 5 years; what innovations are needed to have the LNG industry grow in the region; what small business opportunities will unfold in the Southwest County area; and how does a community participate in opportunities involving spin offs from a local LNG facility?
I’m thinking that if you are open to and understand changes in industry and business, then you will be open to new ideas: kind of a combination of being inquisitive and innovative? Seeing problems or opportunities and doing things differently to improve the situation.
New ideas and innovation surrounds us, the challenge becomes, will you act on your innovative ideas to create new products or services and ultimately new innovative businesses? For many existing businesses, being open to new ideas and solving problems through being innovative means their business will remain competitive and grow.
To act on the LNG game changer opportunity, call the Grande Prairie Chamber (780-532-5340), attend the annual Growing the North in February 2015 and meet Dick Brown.
To act on your new idea, consider building an innovation resource team that includes the federal, provincial and regional technology development officers and their services.
For your community, consider having technology innovation as one of your community economic development strategies. It’s about supporting ‘grassroots’ business start-ups and development: it is about encouraging an entrepreneurial culture in your community.
Feel free to leave a comment or give me a call at 780-539-2009.