Benefits of Clustering
Business Clusters Increase the Productivity in Which Companies Can Compete
Harvard Business defines ‘business clusters’ in this way: “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.” They go on to point out that clusters should be an important agenda for governments, companies, and other institutions.
Clusters increase the availability of resources, while it strengthens communities by building a strong economy for businesses and individuals. Benefits includes:
- New business
- Innovative ideas
- Sharing facilities
- Sharing ideas
- Sharing administration
- Joint purchasing
- Joint marketing initiatives
- Joint R&D
- Joint service delivery
“The cluster concept has rapidly attracted attention from governments, consultants and academics since it was first proposed in 1990 by Michael Porter in The Competitive Advantage of Nations (1990). Many governments and industry organizations across the globe have turned to this concept in recent years as a means to stimulate urban and regional economic growth.”
Instead of the traditional approach of these businesses being focused solely on their own wellbeing, the emerging approach essentially says “If you focus on the wellbeing of the entire industry or sector, you can grow the ‘whole pie’ while continuing to compete for your own share of the pie.”
Clustering for any regional business sector (even with as little as 2 businesses) can result in a range of outcomes (including new business , innovative ideas. shared administration, shared marketing, shared ordering, shared R&D and so on) – while the individual businesses continue to compete against one another.
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