Communities typically pursue economic growth in two ways: recruit companies from somewhere else or help entrepreneurs start new ones. Both are important.
But some of our best growth prospects may already be here, hiding in plain sight. I call them “Hidden Scalers.” These are established companies with customers, revenue, industry expertise and other valuable assets that could open the door to much greater growth through new technologies, products, business models or markets.
Unlocking that potential requires two things. First, company leaders must have the vision, awareness and conviction to recognize how their industry is changing and pursue innovation-based growth. Second, communities must recognize these companies earlier and connect them with resources and relationships that can accelerate growth and reduce risk.
Technology is making these opportunities more common. The JPMorganChase Institute reports that small-business adoption of AI increased from 5.2% in 2023 to 17.7% by the end of 2025. Capabilities that once required significant capital, time and technical expertise are becoming increasingly accessible to companies of all shapes and sizes.
Economic development organizations can help uncover and accelerate Hidden Scalers in three ways.
Look harder: Proactively research your existing business base and use industry call programs and trusted networks to identify companies pursuing something new or unusually scalable.
Ask different questions: Beyond questions about hiring, facilities and workforce needs, ask what you are building that didn’t exist five years ago? Where is your industry being disrupted?
Connect aggressively: Help promising companies access experienced entrepreneurs, customers, capital, specialized talent and technical expertise that can reduce risk and accelerate growth.
Keep recruiting companies. Keep cultivating startups. But also search for ambitious businesses already in your backyard that could become something much bigger with the right leadership and support.
Our next great innovation-driven company may already be here. Finding and accelerating it could create significant new growth for the entire community.
John Moore is a principal with Momenteum Strategies, an Upstate-based consulting firm specializing in helping communities and their economic development organizations build thriving, impactful innovation ecosystems.
