Showing posts with the label economic networks

Developing Networks for Economic Growth

Companies exist within a wider context of information, finances, resources, and sociological networks that impact their long-term health. Successful companies can formalize and embrace this interconnected nature to develop enhanced levels of performance. They are semi-open systems that can take in information, transform it into something new, and contribute to their environment while ensuring they are retaining healthy profit margins.  Hubs are made of clusters of competencies  that make up the back bone of local human capital. They form when businesses with similarities work in tandem and share common characteristics. We can see how clusters are formed around competencies in science, entrepreneurship, art, manufacturing, or just about any other industry.  Clusters have socialites who foster and push network creation. Socialites pass out cards, attend meetings, make phone calls, and connect resources and finances to create new things. They are the entrepreneurs and pro-s