Bustling clusters

Making business clusters work

If you put businesses in the same area and help them work together, they can be more competitive.

Forming clusters of companies and organisations in the same industry, that are located close to each other has become popular in today’s globalised economy.

These clusters offer benefits such as reduced costs, knowledge sharing, and access to specialised workers.

This article talks about the concept of clustering and its importance, as well as the different approaches used by countries like North America, the European Union, China, and Japan.

The authors of a study analysed the factors that make clusters successful and developed a plan to make them more efficient.

They found that technology, human capital, policies, and management all play a big role in the success of a cluster.

They used statistical analysis to show that knowledge creation, dissemination of knowledge, and intangible assets have a significant impact on the Global Innovation Index of a country.

The study also gave recommendations to improve cluster efficiency, such as increasing funding for high-tech research, improving systems to attract new innovative companies, motivating scientists and the population to increase patent activity, and optimising systems for training and recruiting specialists in innovative fields.

However, the study had some limitations, such as the limited availability of relevant data and the limitations of the methodology used. Future research could involve expanding the study to other markets, using more observations, changing the methodology, and using data from other sources.

Forming clusters can increase a country’s competitiveness in the global economy.

By analysing the factors that contribute to their success and implementing the recommendations provided by the study, clusters can become even more efficient and drive innovation and growth.

Vito Bobek, Vladislav Streltsov and Tatjana Horvat, 2023, Directions for the Sustainability of Innovative Clustering in a Country, Sustainability 2023, 15, 3576

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