Market Driven Clusters as Prerequisites and Consequences of Smart Specialisation
Todeva, E. (2015) ‘Market Driven Clusters as Prerequisites and Consequences of Smart Specialisation’, Journal of the Knowledge Economy,6: 250-269.
19 Pages Posted: 13 Sep 2014 Last revised: 14 Jul 2017
Date Written: 2015
The Strategies for Smart Specialisation platform exhibits an extensive policy framework that aims at stirring regional development and economic growth through integrated efforts of public administration agencies, business leaders and university establishments. Essential elements of the platform are unique clusters of specialised business activities that generate employment and economic growth. The unique blend of cluster activities in each region are among the critical success factors for the longevity and vitality of business clusters.
Clusters are focal points where interactions between industry, government and university take place. Yet cluster research is still lacking coherent theoretical foundations and robust methodologies for comparative empirical investigation. Our research on the health technology cluster in the Greater South East of England (GSE) aims to fill this gap and to demonstrate the advantages of our methodology for cluster mapping and analysis. We engaged in mapping of the research and production activities within the health technology cluster, mapping of the value-chain relationships internalised within mature firms, performance analysis of strategic industry groups, mapping of the geographic distribution of commercial and research establishments, and analysis of the pattern of distribution of public funds to centres of excellence in health technology research. We look at the health technology cluster in the GSE from the perspective of strategic management theory and particularly – decisions made by commercial establishments to diversify in particular segments of the health technology sector, decisions made by universities to develop knowledge potential in the health, medical, and bio-technology fields, and decisions made by the government and public bodies to fund centres of excellence in the region and to support bio-technology and medical research. Our case demonstrates that even under the umbrella of limited government intervention, markets and procurement strategies can drive cluster growth and development.
Keywords: market driven health technology cluster, centres of excellence in research, commercial agglomerations of R&D
JEL Classification: D21, L10, L22
Suggested Citation: Suggested Citation