On November 14, ESI VP and Director Steve Wray presented at Westchester Biotech Project’s Virtual Roundtable: Building the Westchester Biotech Cluster, Innovation Cluster Development in a Dynamic Environment. Wray, a leader in innovation cluster development, shared an in-depth explanation of clusters and their role in today’s economy.
Tradable clusters, those that concentrate in geographic regions but sell their products or services across regions or around the world, are a significant asset because they help to define and power a region’s economy, according to Wray. Both tradeable and local clusters, those that sell primarily to local companies or consumers, intersect in the regional economy.
Wray also shared four keys to developing a healthy innovation cluster. These include research assets, innovation culture, place, and collaboration. Finally, Wray outlined the advantages and challenges of Westchester and provided key strategies for the county, which is number 10 on the U.S. cluster rankings, as it further develops its cluster.
Watch the webinar here.