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An Economic Development Strategy

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An Economic Development Strategy Information Sheet Clusters: An Economic November 2003 Development Strategy Advantages of What are Clusters? Clusters: Clusters are geographic concentrations of · Greater presence in interconnected companies, specialized suppliers, marketplace service providers and associated institutions in a · Cost-effective sharing particular field that are present in a nation or region. Clusters arise because they increase the and pooling of resources productivity with which companies can compete in · Sharing appropriate an increasingly more competitive global market. business development strategies Clusters are industry led. Key private industry stakeholders examine the changes and improvements that need to occur within the cluster and then · Sharing market formulate a strategy that includes industry, government and educational intelligence and ideas institutions. The philosophy behind clusters is that large and small companies in a similar industry achieve more by working together than they would individually. · Guidance from more experienced companies Clusters are export orientated, are of a significant size, experience rapid growth, · Lower vulnerability to have a regional concentration that is higher than the national average and have a business interdependence with competitors, buyers and suppliers. Industry market force conditions clusters are not a “one size fits all” strategy and should be used in conjunction with other economic development strategies. Clusters in Wisconsin? In recent years, states such as Arizona, California, Connecticut, Minnesota and Wisconsin Clusters: Utah have adopted clusters as a new approach to economic development. · Biotechnology Clusters are an attractive economic development strategy because they · Dairy encourage the creation of new companies, new products and new employment opportunities in high-skilled, high-wage type jobs. Clusters may not employ high · Food products and numbers of people, but they have higher paid employees. processing · Information Technology The Wisconsin Department of Commerce also believes that one of the keys to growth in Wisconsin is the implementation of a "cluster-based" approach to · Small engine economic development. Clusters will allow the Department of Commerce to manufacturing shift from assisting one business at a time to working with a collaborative group · Medical devices of businesses in key industry sectors. Commerce will play a role in removing barriers to cluster formation and help provide a forum for businesses in targeted · Paper clusters to voice their concerns. · Plastics The Department of Commerce has identified seven established clusters and · Printing three emerging clusters in the State of Wisconsin. These key clusters represent · Tourism industries that have been the cornerstone of Wisconsin’s economy as well as industries that will play an important role for the future growth of Wisconsin’s economy. Why Cluster? · Reduce transition costs · Specialize · Leverage one another’s specialties · Increase rates of innovation · Pursue joint solutions to common problems Keys to Successful · Build common labor pool, technology and infrastructure Clusters: · Learn collectively what it takes to be competitive · Public research and development Collaborative Activity · Right business climate · Inform– newsletters and cluster directories · Learn– seminars, conferences and training · Improved business · Market– strategic plans for exports and cluster brochures infrastructure · Purchase– buyer-supplier linkages · Entrepreneurial culture · Produce– bid on projects, joint ventures and federal labs · Availability of capital · Build Economic Foundations– technology transfer and telecommunications · Networking– informal and formal Regional Clusters Thinking regionally means thinking beyond political boundaries to the boundaries of those sharing a common interest. Businesses operate beyond the local political boundary that they are located in. A cluster based economic approach demands a new approach that goes beyond these typical political boundaries. Although the State of Wisconsin has identified ten statewide clusters, there also advantages to forming smaller regional clusters. Clustering in it’s simplest form may be informal networking, which all industries can benefit from. However, some formal structure often helps ensure that the combined efforts of the group are harnessed more effectively to achieve common goals. Collaboration enables companies to perform better. Sources: Morgridge, John P. A Regional Economic Growth Strategy: Does This Make Sense for Wisconsin? Presented at the Wisconsin Economic Summit IV, Milwaukee, WI. October 28, 2003 Nettles, Cory L. Fostering Cluster Development in Wisconsin. Wisconsin Department of Commerce. October 27, 2003. http://commerce.wi.gov/MT/MT-PR-ClusterPaper102703.pdf Porter, Michael E. The Competitive Advantages of Clusters, 1990. www.isc.hbs.edu/econ-clusters.htm Waits, Mary Jo. Advantages of the Business Cluster Approach to Economic Development Presented at the “Best Practices for Cluster-Based Economic Development“ conference. April 3, 2003 Wisconsin Department of Commerce. Industry Clusters. www.commerce.wi.gov/MT/MT-IndustrialClusters-Home. html Developed By: Ozaukee County Administration Center Paul Roback– Community Development Educator 121 West Main Street PO Box 994 UW-Extension, Ozaukee County Port Washington, WI 53074-0994 Phone: 262-284-8288 Fax: 262-284-8100 Email: [email protected] .
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