Innovative cluster development across Europe compared to silicon valley

Abstract

Methods. In order to reach the results of the conducted research it was necessary to apply the ensuing scientific methods: abstraction – which was employed to define the essence of the innovative clusters; induction and deduction – which were used to identify the root causes of European innovative clusters lagging behind Silicon Valley; generalization and specification – which om distinguishing between various approaches to evolvement of start-up economy. Results. The study has enabled one to put forward some of the recommendations concerning the remedies to the visible lagging behind of innovative clusters across Europe compared to Silicon Valley. For instance, it is recommended to increase cross-border cooperation and coordinate regulatory actions to promote venture development and scaling throughout Europe. The first step for this is to create a common corporate rulebook, specifically for fast-growing businesses. Another crucial recommendation is to establish fair competition throughout Europe. It will help new start-ups in their goals to rise up alongside giant corporations and compete worldwide. Monitoring competition with foreign businesses will also be essential for providing a safe haven for European start-ups to establish a worldwide presence and lessen the strain of intense fragmentation and rivalry within Europe. Novelty lies in broadening of the term innovative cluster in order to put an emphasis on the factors that exercise influence on evolvement of start-up economy under modern circumstances. Practical value is enshrined in establishing the factors that can have impact on evolvement of the innovative clusters across Europe. This may serve as a foundation for implementation of government policies aimed at ramping up economic growth through start-up economy.