Utah’s Economic Cluster Initiative is designed around proven economic principles where collaboration among organizations offers sustainable advantages to local economies. Based on successful economic models, Utah is capitalizing on its core strengths and facilitating the development of clustered business environments where these strengths will result in a thriving economy and an increased standard of living.
What are Economic Clusters?
Economic clusters are groups of related businesses and organizations within industry sectors whose collective excellence and collaboration provide a sustainable competitive advantage.
What are the benefits of Economic Clusters?
Strong economic clusters translate directly into tangible benefits for Utah’s businesses, citizens and educational institutions. In clustered environments:
- Businesses have instant access to information, new technology and a network of related companies
- Universities can tap into new research funds and a larger pool of potential students as well as flexibility to respond to the market.
- Citizens benefit from arising opportunities and an increase in new businesses.
How will the state facilitate Economic Clusters?
The Governor’s Office of Economic Development serves as a catalyst to align necessary resources and policies that contribute to successful economic clusters. The key is to bring industry, research, capital, talent, technology and government together around industry sectors that possess the greatest return on investment for the State. Businesses which align with clusters are highlighted when applying for State incentives.
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