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Pooling 4 Clusters

 

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Clustering - An opportunity for Industry development in Malta?

Globalisation has a significant impact on the development of industries and their competitiveness. In order to foster economic growth and drive innovation forward, local policy makers will need to rethink their business strategies. Clusters could be one of the instruments in the innovation process to explore new competitive advantages which will allow Malta’s industry to become more competitive and resilient against any future shocks. 

Clusters are geographic concentrations of interconnected companies that collaborate and synergise their respective strengths towards greater profits. Typically a cluster is facilitated by an economic development entity through funding and supportive schemes. Within the group of collaborating partners one also finds universities or other educational institutions that work closely with the industry to research and develop products and services as well as align the educational programmes to the cluster’s skill requirements. 

Clustering therefore requires a well-defined framework that is supported by governments and driven by entrepreneurs and entities that represent the business interests and industries. In addition, according to Bloom – a renowned Social Business Consultancy Firm that specialise in social business strategies, the principle behind a successful business cluster is similar to starting a fire i.e.: the spark of a business or entrepreneur, the oxygen of business conditions such as government grants or venture capitalism and the fuel of talented people. 

 


  

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