Development of an Innovation Cluster in the Region: Experience of Gwanggyo Technovalley in Korea - Technopolis: Best Practices for Science and Technology Cities - page 451

Fig. 3 Evolution or development pattern of an innovation cluster. Source Yim ( 2002 )

The life cycle and development pattern imply that innovation cluster can be
successful only when certain initial conditions are met. Therefore, it is necessary
to identify such factors. Generally speaking, there are many success factors for
innovation cluster development. First of all, the location is important. It represents
the natural conditions like land, water, weather, and transportation. Then there
comes factors like excellent technological capability, high quality people, access
to market, innovative culture, venture capital, and so on. In the case of government
initiated cluster, the government plays important role in the development of a
cluster. So, good government policy and support are often the most important
factors in the initial development period Fig. 4 .

Fig. 4 Success factors of innovation cluster. Source Yim ( 2002 )