Model of a regional cluster as an example of the concept for the development of the region
Model of a regional cluster as an example of the concept for the development of the region

Summary/Abstract: Increasing the competitiveness of a region has a significant impact on improving the quality of inhabitants`life. A perfect example of a concept that relates to this idea is a regional cluster. It is the concept specific forregions considered as smart environments, based on business affiliation with academic institutions and creationof a network of mutual relations to facilitate information flow. Cooperation between participants involvedin regional clusters, their mutual contact, carrying out joint studies, research and projects are key elementsdetermining the connections between them. Their relationships are an excellent example of a properly functioningcompetition. Cluster initiatives intensify the implementation of innovation in the economy, thus leading toa long-term economic success of the companies participating in the cluster and stimulate participating regions`economic growth. The economic phenomenon of a free market competition and complex processes of resourceflows, that occur at the regional scale, force local authorities to analyze their management strategies and risk ofinformed decision-making. Such strategy should be based on creating clusters and integrating them with existingprocesses and regional innovation strategies. The prospect of potential benefits from implementing clusterinitiatives encourages companies and local authorities to implement cluster friendly policies.

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