Within the Entrepreneurship Ecosystem: Is Innovation Clusters’ Strategic Approach Boosting Businesses’ Sustainable Development?

The article focuses on the creation and the development of the entrepreneurial ecosystem around the innovation clusters. Clusters are believed to have a well-defined strategic approach aimed at boosting businesses’ sustainable development, especially if clusters are centred around small and middle-sized enterprises. Having undertaken a piece of phenomenological qualitative research, we found that large companies were more open to cooperation and sustainability than the small and middle-sized ones, thus initiating and developing innovation clusters around them (particularly in high-technologized industries such as the automotive and Information Technology). Additionally, we highlight that a sustainable entrepreneurial ecosystem is based on strong pillars, of which small companies’ capabilities, including the entrepreneurial ones, are innovation-driven, and place them in the centre of the innovation cluster. This piece of research also provides relevant insights for private and public organisations and policymakers in order to co-create a local innovation and entrepreneurship strategy. Our findings have implications for both cluster literature and the field of entrepreneurship.

Developing an Industry and Innovation Cluster Strategy Through the Parallel and Sequential Real Options Method

Subject. This article considers the issues of formation of an innovation and industrial cluster's strategy through the parallel and sequential real options method. Objectives. The article aims to develop an innovation and industrial cluster's strategy formation methodology using parallel and sequential real options. Methods. For the study, we used the compound real options technique. Results. The article presents an original methodology for developing an innovation and industrial cluster's development strategy, taking into account the assessment of the priorities of the cluster itself and the region where it is located. The process of forming a strategy for the development of a pilot cluster of the electric power industry in the Nizhny Novgorod Oblast, represented by PAO TNS Energo NN, is considered as a case study of the implementation of the presented methodology. Conclusions and Relevance. The presented methodology will help further realize the innovative potential available in the region. The results obtained can be useful to public authorities when planning the development of industrial and innovation clusters and the harmonious development of the country's regions.

THE INNOVATION CLUSTERS ROLE IN THE COUNTRY INDUSTRY

The complication of the general economic situation in the world in recent years has clearly shown that weak countries that haven’t developed industrial policies are unable to cope with the economic growth challenges, and therefore become even poorer. The modern technological diversity basis of the national economy is using of the 3rd and 4th technological systems. Modern science-intensive output is extremely low, which should also be considered as one of the command-administrative economy consequences, which is inefficiency or lack of marketing research in enterprises and as a consequence of low adaptation of their marketing strategies to changes in consumer requirements for product characteristics. In conclusion, Ukraine is also becoming poorer because it neglects its industry and its most high-tech sectors. That is why it is appropriate to say that in Ukraine it is expedient to ECONOMICS AND MANAGEMENT OF NATIONAL ECONOMY Issue I (81), 2021 55 create and develop not just clusters - whose activities will be aimed at optimizing production and marketing of economic processes entities of a particular economy sector, but to create and develop innovative clusters that are especially relevant for Ukrainian industry, as they will ensure the constant production and systematic improvement of hightech products. Therefore, the positive point is the growth of small and medium business activity and its consolidation around regional challenges through the revival of a traditional and powerful tool of regional development through innovation clusters. The differences between concepts of cluster and innovation cluster are consider in the article. The effectiveness of the innovation cluster impact on the country's economy, which is manifested in the possibility of market expansion; concentration of economic activity; formation of competitive advantages and increasing the competitiveness of the business sector; creation of additional value chains. The shortcomings of clustering are also analyzed, where the author highlights: corruption in government agencies, technological backwardness of Ukraine, the business climate low quality, the concept of “clustering”, the psychological unwillingness to cooperate. The development of the main innovation clusters of Ukrainian industry is analyzed. Their role and peculiarities of formation in modern realities are studied. Since a successful innovation cluster basis is the development of innovations in the regions are analyzed the regional economic strategies, of the regions where innovative industrial clusters have been created for the subject of "industrial high-tech". Given the today's Ukrainian economy realities, the study made it possible to prove the need of creating innovative clusters in Ukrainian industry. Improving the entrepreneurship competitiveness at all levels, creating additional value chains, concentrating economic activity, generating collective efficiency, and introducing innovative technologies into industry are just some of the positive changes provided by clustering.

ON THE FAILURE AND SYSTEMIC RISK OF INNOVATION CLUSTER: COPULA APPROACH

In order to assess and parameterize the risk of innovation activity implemented by innovation clusters, it is necessary to determine the reliable tools of measuring of systemic risk. Purpose – to propose an adequate approach to evaluate the systemic risk with regard to the impact of interlinkages between cluster entities and other external factors. Research methodology – general overview of research papers and documents presenting concepts and methodologies of evaluation of systemic risk and performance of networked structures as approach to evaluate the systemic risk with regard to the impact of interlinkages between cluster entities and other external factors, applied research. Findings – it is suggested to develop the further parameterization of intensity. Modelling of the tail dependence and asymmetric dependence between pairs of networked positions remains an important task. Research limitations – the lack of information concerning the structure and types of interactions and relationship between the members of innovation cluster. There are made some additional assumptions related to reduced-form approach of credit risk modelling. Practical implications – proposed conceptual model of evaluation of systemic risk should be useful for understanding and further treatment of measuring risk in a case of innovation management. Originality/Value – the concept of the measuring the systemic risk in innovation cluster as a joint probability of correlated failure of commercialization of innovative activity results is proposed and analysed in this paper.

INNOVATIVE CLUSTER AS AN ELEMENT OF INDUSTRIAL POLICY

The article highlights the theoretical foundations of industrial policy and its elements. The innovation cluster is considered by the authors as one of the instruments of industrial policy. Thisarticle describes the essence of the innovation cluster, its structure and ways of forming and developing them as a part of State industrial policy. The authors analyze the structure of the processed industry in the Republic of Uzbekistan and highlights the prior sectors. The paper also outlines the prospects for the development of system-creative enterprises of the domestic automotive industry within the framework of the innovation cluster

FEATURES OF THE DEVELOPMENT OF EUROPEAN AGRICULTURAL CLUSTERS AND THEIR IMPORTANCE IN THE REGIONAL ECONOMY

The article describes the development characteristics and regional significance of agro-industrial clusters in Europe on the example of French and Spanish agro-industrial clusters. In particular, were investigated the activities of the Vegepolys cluster, the Agri Sud-Owest Innovation cluster, the Burgundy wine cluster in France, and Femac, the Catalan Cluster of agricultural production means in Spain