2. What is a Cluster? “A concentration of companies and industries in a geographic region, which are interconnected by the markets they serve, and the products they produce, as well as the suppliers, trade associations and educational institutions” - Michael Porter
6. Economy Article Example Can BarackObama revive U.S. economy? On the surface, new economic rules hold promise but they have big Wall to clear This article in the Toronto Star has stated that now that the health care reform has made progress, Obama is setting his sights on America’s financial markets. Wall Street was at the center of the global economic meltdown and new measures are being put into place to help America regain and hopefully maintain its financial footing. Interestingly, at the upcoming G8 summit Obama plans to discuss these plans in which a lot of European governments are expected to align their financial systems accordingly in support. Some reforms include “prohibiting commercial banks from betting on derivatives and other high-risk investments” and to have less organizations that oversee companies and banks so there is consistency. http://julianirani.wordpress.com/2010/04/04/wall-street-shake-up/
7. Innovation Is an important step in identifying where clusters are strong or need more development/support. Involves quantitative and qualitative analysis: Quantitative analysis includes statistical or numerical analysis on variables such as employment & output. Qualitative analysis includes entrepreneurship, recognition of potential, information networks, champions, education & R&D institutions, recognition of potential, regional strengths & financial. Source: Professor Rod Shannon, Seneca College
8. Innovation Article Example Focus on Innovation: Umpqua Bank Views Innovation as a Core Value Not looking like any other bank, Umpqua Bank’s newest location in Portland, Oregon is turning heads. Looking more like an internet cafe, Umpqua has an Open Innovation strategy where account holders are able to lounge within their bank while having coffee and cookies available. This bank believes in treating their establishment as a retail stores versus a strict financial institution. For example, “Branch customers can connect with bank experts at other locations, including investment advisers, mortgage lenders and commercial bankers.” This should be an interesting way to see a bank innovate and I wonder if whether or not other larger named banks are to follow suit. http://www.banktech.com/channels/showArticle.jhtml?articleID=222600986
