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How 'cluster' initiatives can help cities become high-tech industry leaders

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July 26, 2018View for printing

The Brookings Institution published new research ... nitiatives/ this morning on "cluster" initiatives -- that is, when cities decide to center their economic development strategies around one or two industries. I'll dig into more of the findings in a separate post for VentureBeat, but I wanted to highlight some highlights I imagine readers of this newsletter will be interested in. First, the report identified five traits shared by successful cluster initiatives:

Anna Hensel@ahhensel ... ry-leaders/

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As with any successful initiative, a thorough inventory of all elements of all industry niches to find out which cluster will be the best to pursue. It then takes further inventory items not usually included in economic development. These include former C-suite execs living in the area or who don't live there but are interested in participating, retired research professionals now living in the area, execs or industry notables who may be interested in relocating to the area if a cluster is developed etc.

Doing this in-depth type of inventory also generates much more local interest and participation that should contribute to a true consensus that is much more powerful. It also uncovers those sleeper companies or research that could become clusters as they grow.

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