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What is a cluster?
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Clusters are geographically specific groupings of inter-connected companies (specialized suppliers, service providers and support institutions). Examples include the film industry in Los Angeles, the high technology industry in Silicon Valley and the finance industry in New York. By locating near each other, or clustering, businesses can increase their productivity, accelerate innovation, and stimulate new business formation.
Regions around the world are realizing enormous benefits when the different parts of each cluster work better together. This means a better dialogue between businesses in the cluster. It also means a more responsive relationship between the cluster, government, and the cluster's support institutions (universities, research centers, etc.). Those regions that have fully developed economic clusters have proven to be among the fastest growing, best performing regions in the world. They exhibit higher levels of job creation, higher wages and higher levels of wealth creation than regions without well-integrated clusters.
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