Global Best Practices in Innovation Clusters: Lessons from Leading Knowledge Economies

Abstract

This paper analyzes the global best practices on the formation and sustenance of innovation clusters from benchmarking other knowledge economies. Specifically, the study focuses on the cross organizational factors of policy action, success, and structure that are dynamic in innovation ecosystems. The approach is a systematic review of the literature from 2000 to 2022 and case studies of diamonds in the rough Innovation Clusters across the globe. The data shows that some of the most notable innovation clusters in the world have strong linkages from universities to industries, access to venture capital, and specialized skilled workforce, as well as government policy structure. Evaluation of economic growth and patent output against peers, which are lesser cluster managed, show a positive correlation for well governed innovation clusters versus dispersed efforts. The paper describes and defends claims for regions seeking to develop innovation centers with practical guidances