Consequently, the Department of Economic and Community Development is making long term commitment to helping businesses become more competitive outside the United States. The Division's mission is to increase the global competitiveness of businesses in Connecticut, by working closely with industry cluster and international trade and investment service providers. The large, medium and small business executives selected to lead the industry clusters will make certain the commitment to international remains strong and practical. The industry cluster concept begins with the view that economic development and the creation of a higher standard of living in a geographic region is driven by business competition and the resulting productivity and the rate of productivity growth in industry. Furthermore, globalization and technological changes are undermining existing competitive advantage, and opening up new opportunities, products, and processes.
Competitiveness is based upon the ability of businesses to continually innovate and upgrade.
Despite today's communications technology, it is advantageous for a business to be near its suppliers, local customers, and rivals. Such a location spurs innovation in everything from product design and customer service to process technology and the development of skilled workers. It also provides for a quicker transfer of ideas and a larger pool of industry-knowledgeable managers and employees. Local businesses are very important. However, the companies selling outside the state, both nationally and internationally, draw wealth into region, and thus support the success of the local businesses.