These networks are regional clusters. Regional Clusters Regional high-tech clusters have proven to be important in fostering innovative economic activity. The network effect achieved by clustering similar high technology companies has helped accelerate at a rapid rate innovation, companies, jobs and improved standards of living. Time to market is paramount in the Digital Economy. Firms need to be able to change course immediately, to react to changes in markets, technology and competition, continuously reinventing themselves.
Intellectual capital is a key source of competitive advantage.
The successful enterprises access, create and use knowledge rapidly. Firms of all sizes develop Webs of relationships, local and remote, to help them achieve competitive advantage quickly. In order for regional economic development to create the best atmosphere for clusters to develop, its infrastructure must accommodate and encourage these characteristics. The ability of the region to grow, attract and retain the necessary spectrum of talent in the correct quantity and quality. Efficient, plentiful venues to connect entrepreneurs, mentors, capital and workforce.