Build a magnificent technology park next to a research university; provide incentives for chosen businesses to locate there; add some venture capital. That is the common recipe for harnessing higher education and industry to spur economic growth as prescribed by management consultants touting the "cluster theory" developed by Harvard Business School's Michael E. Porter.
Hundreds of regions all over the world have spent billions on such efforts; practically all have failed. Yet others are following suit—such as Japan, with its Okinawa research-and-development cluster, and Russia, with its Skolkovo project.
To read the full, original article click on this link: A Better Formula for Economic Growth: Connecting Smart Risk Takers - Commentary - The Chronicle of Higher Education
Author: Vivek Wadhwa
