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Avoiding failure to launch when a new industry emerges

Associations seeking to be the dominant group for a new business sector must demonstrate value, stake visible claim early on

Dec. 14, 2018
By Walt Williams

“If you build it, he will come,” a ghostly voice whispered to Kevin Costner in the 1989 film “Field of Dreams.” The same principle holds true for the business world: When a new industry emerges, associations soon follow.

In recent years, stakeholders have launched groups to represent a variety of new or emerging industries, such as online lending, commercial drones and legalized marijuana. At least five associations seeking to represent the growing cryptocurrency and related blockchain technology industries have been founded this year alone.