Product Space

Product Space is a way to visualize how different industries or products are related based on the skills, technology, and resources needed to produce them. Think of it as a map where similar products are close together. Moving from one product to another nearby often requires similar expertise, making diversification easier for countries or companies. This helps understand economic development and where new opportunities might emerge, as expanding into related products tends to be less risky than venturing into completely different ones. Overall, the Product Space highlights the interconnectedness of industries and guides strategic growth decisions.