The fact is, it can be either or both. Every situation is unique. The trick is to use simple, common-sense reasoning to answer the complex questions. These answers get you where you need to go. A willing market.
Most inventions have value to at least one person in the world, the inventor.
The question isn't whether an invention has value or not, the question is how many people will perceive that value and how many of those will be in a position to pay the cost. A manufacturer willing and capable of manufacturing your invention and reimbursing you with royalties, a cash buyout, a consulting fee or other remuneration. The patent protection available to you may be a crucial element. All these variables weigh into the equation. Particular attention is paid to how to identify and qualify appropriate manufacturers and potential licensees.