Industrial clusters, creating a strategy for continued success

Abstract

PurposeThis study aims to describe and propose an effective strategy for an industrial cluster and investigates industrial cluster-promoted growth.Design/Methodology/Approach: A qualitative study was carried out within the Irish Medtech cluster with key stakeholders from the cluster. FindingsThe findings demonstrate significant opportunities for further cluster development and to potentially double the number of spin-outs and value of R&D investments while enhancing an entrepreneurial culture. This study also recommends that multiple agencies collaborate to achieve the future strategic objectives of the cluster. The soft infrastructure of regulatory and intellectual policies is as important as the hard infrastructure of roads and buildings. Practical implicationsThis study has implications for government policy, informing how they align the local needs of compact industrial clusters with policies to make the Irish cluster more unique and gain a sustainable competitive advantage. The approach is applicable and has implications for all industrial clusters.Originality/Value: This is one of the first studies to look at the Irish Medtech cluster in terms of its shortcomings and future opportunities.