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Place-based initiatives have typically sought to improve outcomes in disadvantaged places from a deficit stance, imposing professionally-developed ‘solutions’ in targeted areas, while failing to engage meaningfully with local knowledge. In response, this paper explores the opportunities which could be opened up by using asset-based approaches to draw on existing resources in disadvantaged places. Empirically, it contrasts professionals’ and young people’s understandings of locally-accessible assets which might be used to support positive educational and wider outcomes. It reveals a gulf between these as young people seek to free themselves from professional agendas and pursue their own interests. To become more effective, place-based initiatives must find ways to marry the assets young people value and use, with the strengths of professionally-led provision.