Even though geo-locational services are the rage, there is a broader meaning of local as “proximity to information”. The biggest drivers of proximity to information at the moment? Mobile devices, Internet access, search and contextual awareness (physical, social, situational).

Locality, Godalming, England

A nugget from Steve Randy Waldman in a post about financial innovation and small business equity investing:

I want to qualify that when I use the word “local” I really mean whatever you have the most direct information about, given the habits of your life. That might usually mean physical proximity, but not always. Every individual who meaningfully interacts in the economy is “located” by virtue of the information that they naturally acquire without having to do costly information work or rely upon the representations and opinions of others.