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“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

Since the 1980s, US universities have greatly increased attention given to innovation and entrepreneurship out of a genuine commitment to enhancing American competitiveness. Although regional innovation and entrepreneurship can be enhanced by universities in multiple ways, the primary metrics of “success” remain patenting, licensing rates, and university spin-outs. While these metrics can be a useful proxy for the entrepreneurial university they tend to understate the many important contributions universities, including non-research intensive universities, make to their regional economies. In this chapter, we introduce a framework of capabilities that are essential to nurturing ecosystems of innovation and entrepreneurship at the regional level. We then describe the varied ways in which universities can support the development of these capabilities. Finally, we provide a framework of metrics, which can more comprehensively capture the value that universities represent to innovation and entrepreneurship in their regions.

Purpose – The purpose of this chapter is to advance understanding of regional industry or innovation clusters and the opportunities that the cluster framework provides policymakers for delivering economic impact, clarifying economic priorities, and coordinating disparate programmatic efforts, and to articulate some basic principles for formulating cluster strategies.

Methodology/approach – As the cluster concept enters its third decade and the body of related literature reaches a new level of maturity a consensus has emerged among academics and policy thinkers on the economic benefits of clusters. In fact, clusters have emerged as major focus of economic and policy discussion just now – in what the authors dub a “cluster moment” – by dint of their demonstrated practical impact, their value in paradigm discussions, and their potential utility in policy reform. The chapter reviews the benefits of clusters and traces their ascendance – and re-emergence post-recession – among policy thinkers.

Findings – New research confirms that strong clusters tend to deliver positive benefits to workers, firms, and regions. As a paradigm, they reflect the nature of the real economy and as a matter of policymaking, clusters provide a framework for rethinking and refocusing economic policy. In pursuing cluster-based economic development strategies, policy leaders should not try to create clusters; use data to target interventions, drive design, and track performance; focus initiatives on addressing discrete gaps in performance or binding constraints on cluster growth; maximize impact by leveraging pre-existing cluster-relevant programs; align efforts vertically as well as horizontally; and let the private sector lead. All three tiers of the nation's federalist system have distinct and complementary roles to play in advancing the cluster paradigm.

Research limitations/implications (if applicable) – The paper includes no new/original data.

Practical implications (if applicable) – Given that clusters have emerged as a major focus of economics and policy, this chapter lays out a core set of general principles for pursuing cluster-based economic development strategies – and for avoiding common pitfalls – to which policymakers can adhere.

Originality/value of paper – The chapter advances cluster thinking and cluster strategies as a paradigm with the potential to accelerate regional economic growth and assist with the nation's needed restructuring and rebalancing toward a more productive post-recession economy.

This chapter considers the role of technology transfer intermediaries (TTIs) in the processes of innovation in networks involving universities, research and development centres, and business firms from an international perspective. A diversity of types of TTIs is recognised in terms of their particular interests in the operation of innovation processes and the conditions they impose in transactions involving intellectual property. It will identify the various objectives of sponsoring stakeholders as differentiating the missions and accountabilities and, in turn, determining the focus and roles of different types of TTIs and the interactions and networking between them, both formal and informal.

In discussion, the chapter will propose that the significance of systemic influence on the processes of technology transfer and innovation should be researched at two levels. At the micro-level of personal interactions, examining how systemic influences shape tacit knowledge transfer between and learning by individuals engaged in research and innovation processes. Second, at the level of national cultures, examining the ways in which the cultural context institutionalises patterns of innovation and technology transfer networking.

The following is an introductory profile of the fastest growing firms over the three-year period of the study listed by corporate reputation ranking order. The business activities in which the firms are engaged are outlined to provide background information for the reader.