Michael Porter’s Cluster Development theory has drawn much attention from Policymakers and economic development practitioners since its 1990 inception, being seen as a way to enhance economic and employment growth within urban centers. Yet efforts based on it have had limited success due to the lack of a coherent underlying theoretical framework unifying clusters with venture incubation understanding.
This article by Prof. Michael Ehrlich goes beyond the theory to share a real-life success story: the implementation of a Health IT cluster in Newark, NJ, as a demonstration of the development of a hyper-local cluster in practice. This program, funded by JPMorgan Chase, builds on existing regional strengths: the presence in close proximity of significant healthcare assets including hospitals, health insurers, medical device and pharmaceutical companies, and many other healthcare participants. Specific program details, implementation strategies, and promising early outcomes are shown.
Full article PDF:
Accompanying CIV City Case – Newark, NJ – 2014-2016 – PDF:
This article is part of the upcoming Coller Venture Review Issue 5 – City Venture
About the Author:
|Prof. Michael Ehrlich – Associate Professor and Co-Director of the NJ Innovation Acceleration Center, Martin Tuchman School of Management, New Jersey Institute of Technology.|