Startups and the Growth of an Industrial Cluster
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Abstract
Cluster growth can be driven by established firms or startups. However, the pattern of the cluster growth in each case is different. This paper compares the pattern of clusters in a short run and long run between clusters that are driven by startups and clusters driven by established firms. The findings show that the number of startups in startup-driven clusters is lower than in the established-firm-driven clusters in a short run. However, in a long run, startup-driven clusters have more startups than the established-firm-driven clusters because innovative people in established-firm-driven clusters face a failure experience and are demotivated.
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