A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally. In urban study, the term agglomeration is used.
Business Clusters are geographic concentrations of interconnected companies, specialized suppliers, service providers, and associated institutions in a particular field that are present in a nation or region. Clusters arise because they increase the productivity with which companies can compete.
The development and upgrading of clusters is an important agenda for governments, companies, and other institutions. Cluster development initiatives are an important new direction in economic policy, building on earlier efforts in macroeconomic stabilization, privatization, market opening, and reducing the costs of doing business.
The objective of business clusters is to grow regional industries to exploit attractive markets where the region has existing or potential strengths. Clusters encourage businesses to work together to achieve this.
Businesses collaborate with each other in cluster market exploitation, technology transfer, skills development, supply chain improvement, product development, overseas trade, and strategy planning. In many cases this has led to tangible increases in innovation and sales.
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