Entrepreneurial Engines of Economic Growth around the World
Edited by Jerome S. Engel
Chapter 1: What are Clusters of Innovation, how do they operate and why are they important?
Innovation is the buzzword of the decade. All over the world, national leaders are looking to innovation and entrepreneurship to revive flagging economies and bring prosperity. Business leaders espouse innovation as the means of creating shareholder value. Companies promote their capability to be creative to attract customers and recruit employees. Indeed, innovation–the transformation of novel ideas into marketable products–is a driver for economic vitality. It is also a force causing major shifts in the paradigms of daily life. In this collaborative volume, the authors explore the factors that drive the innovation process, both in the individual firm and in the ecosystems in which they reside. We focus on the ecosystem inputs and why certain regions tend to support the creation of innovative firms more than other regions. We investigate the role of individual institutions as well as environmental conditions. There are areas, nodes, clusters where new technologies germinate at an astounding rate, where new companies capturing opportunities fostered by these technologies have a tendency to be ‘born global’, targeting global markets from their inception, and where pools of capital, expertise and talent foster the development of new industries and new ways of doing business. Additionally, these nodes or Clusters of Innovation tend to cross-fertilize with other such clusters, accelerating the pace of value creation in each.
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