DEFINITION of ‘Greenfield’
The Greenfield concept applies across almost all industries and simply refers to the capacity to build new. Incipiently, the term was used in construction to reference virgin land (previously un-used land that didn’t require demolition or restoration). However, it now classifies any project where new technologies or facilities will be built from scratch.
BREAKING DOWN ‘Greenfield’
Unlike Brownfield projects which typically have existing development requiring redesign, Greenfield projects are initial builds, examples of which can be found throughout the business world. In real estate, Greenfield refers to undeveloped land. In the cable industry, it applies to projects such as in new housing developments, where the operator has the levity to install a brand-new network. In sales, Greenfield refers to a virgin marketplace that has yet to experience a new commodity or service.