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The Nature of ValueHow to Invest in the Adaptive Economy$
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Nick Gogerty

Print publication date: 2014

Print ISBN-13: 9780231162449

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231162449.001.0001

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Cluster Convergence, Maturation, and Death

Cluster Convergence, Maturation, and Death

(p.126) Chapter Eight Cluster Convergence, Maturation, and Death
The Nature of Value

Nick Gogerty

Columbia University Press

This chapter explores the life cycle of clusters, showing how they are born, how they mature, how they die, and what happens to the firms within them throughout these stages. Clusters and economies have a natural pattern to their development and life cycle stages. Early opportunistic offerings based on multiple simple capabilities and strategies develop first. Over time, one set of capabilities starts to dominate, and the cluster converges into a few large mature offerings backed by these dominant robust processes and capabilities. The rate of change in cluster capabilities often seems to follow Gould's punctuated equilibrium model, with short periods of rapid innovation flourishes, followed by long, relatively quiet intervals. And as clusters mature, product innovation decreases, and process and service innovations may become increasingly used to differentiate offerings.

Keywords:   clusters, capital allocation, innovation, maturity, life cycle

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