A cluster is defined as geographic concentration of inter-connected companies and institutions working in a common industry. In addition, clusters encompass an array of collaborating and competing services and providers that create a specialized infrastructure, which supports the cluster’s industry. Finally, clusters draw upon a shared talent pool of specialized skilled labor.
However, industry clusters are more than a group of firms within the same industry. The economic cluster model, represents a synergy, a dynamic relationship and a network between not only the companies that comprise a cluster but also the successful partnering of the stakeholders. Government, education, and other supporting organizations vital to a regions economic success represent these stakeholders. Many successful clusters have established a greater competitive advantage and wealth creation for their regions when compared to companies not in a cluster.