Writing for Bloomberg Businessweek, Harold Sirkin states that "Industry clusters have been around for a very long time, serving as a catalyst for economic growth. Think: Detroit in the U.S. auto industry’s heyday, Pittsburgh when steelmaking was king, Silicon Valley for tech, Research Triangle Park, Wall Street, and even Hollywood. They are all examples -- past or present -- of the phenomenon."

He adds that "What makes clusters unique is not just that companies with similar or complementary interests, competencies, and needs congregate around each other. It’s that an entire value chain exists within a cluster: suppliers, manufacturers, distributors, academic institutions, researchers, and workforce training, as well as those who provide relevant support services."

Regarding Cleveland he notes "The Cleveland area is becoming a hub for the biomedical industry."

Read it all here.